Amana Insurance profit drops 53% to SAR 12M in 2024; Q4 at SAR 328,000

19/03/2025 Argaam Exclusive

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Amana Cooperative Insurance Co.'s net profit dropped 53 percent to SAR 12 million for 2024, compared to SAR 25.4 million a year earlier.

Financials (M)

Item	2023	2024	Change‬
Insurance Revenues	184.64	212.60	15.1 %
Net Income	25.44	12.03	(52.7 %)
Average Shares	43.00	43.00	-
Earnings Per Share before unusual items (Riyals)	0.59	0.23	(61.1 %)
EPS (Riyals)	0.59	0.28	(52.7 %)

The profit drop was driven by a SAR 20.6 million year-on-year (YoY) decrease in other revenues on lower surplus share from the joint insurance portfolio for Hajj and Umrah, as well as a SAR 5.9 million YoY fall in net insurance service results.

However, revenue rose to SAR 27.9 million, mainly backed by a SAR 52.8 million YoY increase in gross written premiums, a SAR 22.3 million YoY fall on changes in unearned premium reserves, and a SAR 2.6 million YoY drop in premium debtors' provision.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Insurance Revenues	26.35	56.96	116.2 %
Net Income	(3.69)	0.33	108.9 %
Average Shares	43.00	43.00	-
Earnings Per Share before unusual items	(0.09)	0.01	108.5 %
EPS (Riyals)	(0.09)	0.01	108.9 %

Item	Q3 2024	Q4 2024	Change‬
Insurance Revenues	59.42	56.96	(4.1 %)
Net Income	0.17	0.33	94.1 %
Average Shares	43.00	43.00	-
Earnings Per Share before unusual items	0.00	0.01	94.1 %
EPS (Riyals)	0.00	0.01	94.1 %

The company swung to a net profit of SAR 328,000 in Q4 2024, against a net loss of SAR 3.69 million in Q4 2023.

Quarter-on-quarter, net profit rose by 94% from SAR 170,000 in Q3 2024.

Insurance Operations

Item	2023	2024	Change‬
Insurance Revenues	184.64	212.60	15.1 %
Insurance Services Income	17.55	11.68	(33.4 %)
Investment Income	7.25	16.89	133.0 %
Net Profit of Insurance Services and Investment	23.11	27.91	20.8 %

Shareholders’ equity, no minority interest, grew to SAR 314.5 million as of Dec. 31, 2024, from SAR 285.1 million a year earlier.

Accumulated losses stood at SAR 174.5 million by the end of 2024, which represents 41% of the company’s capital.

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