Amana Insurance H1 2024 profit falls 41% to SAR 11.5M; Q2 at SAR 9.6M

05/08/2024 Argaam Exclusive

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Amana Cooperative Insurance Co. reported a 41% profit drop to SAR 11.5 million in the first half of 2024, from SAR 19.7 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	65.18	93.44	43.4 %
Insurance Revenues	113.73	96.23	(15.4 %)
Net Profit Before Zakat & Tax	22.04	11.24	(49.0 %)
Net Income	19.69	11.53	(41.4 %)
Average Shares	43.00	43.00	-
EPS (Riyals)	0.46	0.27	(41.4 %)

Revenues declined to SAR -17.5 million in H1 2024, on higher gross written premiums (GWP) by SAR +14.3 million, a decrease in the change in unearned premium reserves by SAR -25.9 million, as well as lower a decline in premium debtors' provision by SAR -5.9 million.

However, net investment income grew by SAR +6.5 million compared with a year earlier, and other operating expenses fell by SAR 0.8 million. The company also reported a reversal (gain) in Zakat provision by SAR +2.6 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Gross Written Premium (GWP)	30.82	41.13	33.5 %
Insurance Revenues	56.16	50.36	(10.3 %)
Net Profit Before Zakat & Tax	12.34	11.48	(6.9 %)
Net Income	9.99	9.58	(4.1 %)
Average Shares	43.00	43.00	-
EPS (Riyals)	0.23	0.22	(4.1 %)

Item	Q1 2024	Q2 2024	Change‬
Gross Written Premium (GWP)	52.30	41.13	(21.4 %)
Insurance Revenues	45.87	50.36	9.8 %
Net Profit Before Zakat & Tax	(0.24)	11.48	4862.7 %
Net Income	1.95	9.58	390.7 %
Average Shares	43.00	43.00	-
EPS (Riyals)	0.05	0.22	390.7 %

In Q2 2024, the company’s net profit declined 4% to SAR 9.6 million from SAR 9.9 million in Q2 2023, due to higher GWP by SAR +10.3 million, a decrease in the change in unearned premium reserves by SAR -300,000, as well as a decline in premium debtors' provision by SAR -2.6 million.

Compared to Q1 2024, net earnings skyrocketed from SAR 1.9 million.

Insurance Operations

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	65.18	93.44	43.4 %
Insurance Revenues	113.73	96.23	(15.4 %)
Insurance Services Income	28.49	10.41	(63.5 %)
Investment Income	1.94	8.44	335.1 %
Net Profit of Insurance Services and Investment	30.34	18.68	(38.4 %)

Shareholders’ equity, no minority interest, reached SAR 294.03 million by June 30, 2024, compared to SAR 271.12 million in the prior-year period.

Accumulated losses reached SAR 175.03 million by the end of the six-month period, representing 40.71% of the company’s capital.

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