Wataniya Insurance profit up 33% to SAR 70.6M in 9M 2024; Q3 at SAR 14.9M

05/11/2024 Argaam Exclusive

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Wataniya Insurance Co. reported a net profit of SAR 70.6 million for the first nine months of 2024, an increase of 33% from SAR 53.1 million a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Insurance Revenues	938.69	1,309.53	39.5 %
Net Profit Before Zakat & Tax	61.49	82.96	34.9 %
Net Income	53.08	70.56	32.9 %
Average Shares	40.00	40.00	-
EPS (Riyals)	1.33	1.76	32.9 %

The profit was driven by an increase in insurance revenue to SAR 1.3 billion, or 39.51%, compared to 9M 2023. In addition, the company’s insurance services results increased 28.47% year-on-year (YoY). Investment revenue rose 81.33% YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Insurance Revenues	367.28	466.23	26.9 %
Net Profit Before Zakat & Tax	37.38	18.63	(50.2 %)
Net Income	33.99	14.88	(56.2 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.85	0.37	(56.2 %)

Item	Q2 2024	Q3 2024	Change‬
Gross Written Premium (GWP)	527.32	363.09	(31.1 %)
Insurance Revenues	433.47	466.23	7.6 %
Net Profit Before Zakat & Tax	32.80	18.63	(43.2 %)
Net Income	28.40	14.88	(47.6 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.71	0.37	(47.6 %)

In Q3 2024, the insurer’s profit fell 56% to SAR 14.9 million from SAR 33.99 million in the year-earlier period.

The third-quarter net profit declined 47.6% from SAR 28.40 million in Q2 2024.

Insurance Operations

Item	9m 2023	9m 2024	Change‬
Insurance Revenues	938.69	1,309.53	39.5 %
Insurance Services Income	39.67	50.96	28.5 %
Investment Income	28.53	51.71	81.2 %
Net Profit of Insurance Services and Investment	63.73	96.37	51.2 %

Total shareholder equity (no minority interest) at the end of September 2024 amounted to SAR 559.11 million compared to SAR 453.37 million a year earlier.

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