Financial Results : Amana Insurance 9M 2024 profit drops 60% to SAR 11.7M; Q3 at SAR 169,000

Amana Insurance 9M 2024 profit drops 60% to SAR 11.7M; Q3 at SAR 169,000

04/11/2024 Argaam Exclusive

View other reports

Amana Cooperative Insurance Co. reported a net profit of SAR 11.7 million for the first nine months of 2024, down 60% from SAR 29.1 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Insurance Revenues 158.29 155.64 (1.7 %)
Net Profit Before Zakat & Tax 31.47 14.21 (54.9 %)
Net Income 29.13 11.70 (59.8 %)
Average Shares 43.00 43.00 -
EPS (Riyals) 0.68 0.27 (59.8 %)

Revenues dropped by SAR 2.6 million, as gross written premiums (GWP) increased by SAR 24.7 million and the change in unearned premium reserves fell by SAR 27.3 million.

 

The net insurance service results declined by SAR 27 million, and the change in net insurance finance income/expenses fell by SAR 0.5 million. In addition, other operating expenses increased by SAR 3.5 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Insurance Revenues 44.56 59.42 33.3 %
Net Profit Before Zakat & Tax 9.44 2.97 (68.5 %)
Net Income 9.44 0.17 (98.2 %)
Average Shares 43.00 43.00 -
EPS (Riyals) 0.22 0.00 (98.2 %)

Revenues dropped by SAR 2.6 million, as gross written premiums (GWP) increased by SAR 24.7 million and the change in unearned premium reserves fell by SAR 27.3 million.

 

The net insurance service results declined by SAR 27 million, and the change in net insurance finance income/expenses fell by SAR 0.5 million. In addition, other operating expenses increased by SAR 3.5 million.

 

However, the net investment income rose by SAR 5.5 million, and the other operating income grew by SAR 1.2 million. The Zakat provision also fell by SAR 0.1 million.

 

The company's Q3 2024 net profit slumped 98% to SAR 169,000 compared with a year earlier, mainly due to a decline in net insurance results by SAR 0.9 million.

 

Sequentially, the third-quarter earnings dropped 98% from SAR 9.58 million.

Insurance Operations

Item 9m 2023 9m 2024 Change‬
Insurance Revenues 158.29 155.64 (1.7 %)
Insurance Services Income 37.79 10.75 (71.6 %)
Investment Income 6.41 11.94 86.3 %
Net Profit of Insurance Services and Investment 44.20 22.18 (49.8 %)

Shareholders’ equity, no minority interest, grew to SAR 294.18 million as of Sept. 30, 2024, compared to SAR 278.59 million a year earlier.

 

Accumulated losses stood at SAR 174.86 million by the end of 9M 2024, which represents 40.67% of capital.

 

View more financial results

 


Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 (26.30) (201.8 %) (1.70) (25.86) (230.9 %)
Q2 2015 1.27 106.3 % 0.08 1.83 109.5 %
Q3 2015 1.18 102.0 % 0.08 1.56 102.6 %
Q4 2015 8.76 (30.9 %) 0.56 9.71 (27.8 %)
Q1 2016 5.56 121.2 % 0.36 8.21 131.8 %
Q2 2016 (8.01) (731.4 %) (0.52) (8.57) (568.5 %)
Q3 2016 7.62 543.2 % 0.49 7.91 408.5 %
Q4 2016 4.12 (53.0 %) 0.27 4.17 (57.0 %)
Q1 2017 (4.60) (182.6 %) (0.30) (4.45) (154.2 %)
Q2 2017 (2.30) 71.3 % (0.15) (1.80) 79.1 %
Q3 2017 14.54 90.9 % 0.94 14.65 85.3 %
Q4 2017 (10.28) (349.8 %) (0.66) (7.13) (271.0 %)
Q1 2018 (6.24) (35.7 %) (0.40) (6.91) (55.3 %)
Q2 2018 (1.18) 48.7 % (0.08) (0.29) 83.8 %
Q3 2018 (5.62) (138.6 %) (0.36) (4.98) (134.0 %)
Q4 2018 (8.77) 14.7 % (0.57) (8.03) (12.7 %)
Q1 2019 (20.88) (234.7 %) (0.97) (20.78) (200.7 %)
Q2 2019 (4.63) (292.6 %) (0.22) (4.32) (1,389.7 %)
Q3 2019 (7.28) (29.6 %) (0.34) 1.99 139.9 %
Q4 2019 (4.47) 49.1 % (0.21) (4.59) 42.8 %
Q1 2020 2.21 110.6 % 0.10 2.59 112.4 %
Q2 2020 3.65 179.0 % 0.17 4.60 206.6 %
Q3 2020 (30.98) (325.5 %) (1.44) (30.69) (1642.9 %)
Q4 2020 (37.19) (732.8 %) (1.73) (33.77) (635.1 %)
Q1 2021 (20.97) (1047.1 %) (0.98) (23.30) (1001.1 %)
Q2 2021 (39.44) (1179.5 %) (1.84) (39.59) (960.0 %)
Q3 2021 (25.05) 19.2 % (1.17) (25.12) 18.2 %
Q4 2021 (33.68) 9.4 % (1.57) (33.39) 1.1 %
Q1 2022 (29.47) (40.6 %) (1.04) (28.63) (22.8 %)
Q2 2022 7.51 119.0 % 0.27 7.26 118.3 %
Q3 2022 (30.47) (21.7 %) (1.08) (30.47) (21.3 %)
Q4 2022 4.33 112.9 % 0.10 7.11 121.3 %
Q1 2023 9.70 132.9 % 0.23 9.70 133.9 %
Q2 2023 9.99 32.9 % 0.23 12.34 69.9 %
Q3 2023 9.44 131.0 % 0.22 9.44 131.0 %
Q4 2023 (3.69) (185.2 %) (0.09) (0.76) (110.6 %)
Q1 2024 1.95 (79.9 %) 0.05 (0.24) (102.5 %)
Q2 2024 9.58 (4.1 %) 0.22 11.48 (6.9 %)
Q3 2024 0.17 (98.2 %) 0.00 2.97 (68.5 %)

Insurance Operations Performance (M)

Compared With The
Period Gross Written Premium (GWP) Change Insurance Services Income Change Net Profit of Insurance Services and Investment Change
Q1 2015 77.93 (36.4 %) - - - -
Q2 2015 150.72 16.6 % - - - -
Q3 2015 91.09 (0.8 %) - - - -
Q4 2015 94.27 95.5 % - - - -
Q1 2016 71.26 (8.6 %) - - - -
Q2 2016 55.09 (63.4 %) - - - -
Q3 2016 10.95 (88.0 %) - - - -
Q4 2016 32.57 (65.5 %) - - - -
Q1 2017 23.08 (67.6 %) - - - -
Q2 2017 16.13 (70.7 %) - - - -
Q3 2017 8.94 (18.4 %) - - - -
Q4 2017 23.82 (26.9 %) - - - -
Q1 2018 36.04 56.1 % - - - -
Q2 2018 34.75 115.4 % - - - -
Q3 2018 33.39 273.6 % - - - -
Q4 2018 33.27 39.7 % - - - -
Q1 2019 96.75 168.5 % - - - -
Q2 2019 50.15 44.3 % - - - -
Q3 2019 40.85 22.3 % - - - -
Q4 2019 60.30 81.3 % - - - -
Q1 2020 103.40 6.9 % - - - -
Q2 2020 65.49 30.6 % - - - -
Q3 2020 103.72 153.9 % - - - -
Q4 2020 56.91 (5.6 %) - - - -
Q1 2021 77.98 (24.6 %) - - - -
Q2 2021 88.93 35.8 % - - - -
Q3 2021 64.85 (37.5 %) - - - -
Q4 2021 43.73 (23.2 %) - - - -
Q1 2022 76.94 (1.3 %) (23.54) - (22.90) -
Q2 2022 58.28 (34.5 %) 8.59 - 11.59 -
Q3 2022 48.93 (24.6 %) (25.15) - (24.86) -
Q4 2022 46.37 6.0 % (5.43) - (5.58) -
Q1 2023 34.36 (55.3 %) 8.47 136.0 % 6.28 127.4 %
Q2 2023 30.82 (47.1 %) 20.02 133.0 % 24.06 107.6 %
Q3 2023 - - 9.30 137.0 % 13.77 155.4 %
Q4 2023 56.48 21.8 % (20.25) (272.7 %) (21.09) (277.8 %)
Q1 2024 52.30 52.2 % (0.99) (111.7 %) 2.17 (65.5 %)
Q2 2024 41.13 33.5 % 11.40 (43.1 %) 16.51 (31.4 %)
Q3 2024 66.88 - 0.34 (96.3 %) 3.50 (74.6 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 15.50 (6.04) (6.04) 6.44
Q2 2015 15.50 (4.66) (4.66) 6.66
Q3 2015 15.50 (0.72) (0.72) 6.67
Q4 2015 15.50 (0.97) (0.97) 7.18
Q1 2016 15.50 1.08 1.08 7.57
Q2 2016 15.50 0.48 0.48 7.07
Q3 2016 15.50 0.90 0.90 7.57
Q4 2016 15.50 0.60 0.60 7.84
Q1 2017 15.50 (0.06) (0.06) 7.56
Q2 2017 15.50 0.31 0.31 7.41
Q3 2017 15.50 0.76 0.76 8.25
Q4 2017 15.50 (0.17) (0.17) 7.56
Q1 2018 15.50 (0.28) (0.28) 7.16
Q2 2018 15.50 (0.20) (0.20) 7.08
Q3 2018 15.50 (1.50) (1.50) 6.72
Q4 2018 15.50 (1.41) (1.41) 6.16
Q1 2019 21.47 (1.70) (1.70) 8.14
Q2 2019 21.47 (1.86) (1.86) 7.96
Q3 2019 21.47 (1.94) (1.94) 7.64
Q4 2019 21.47 (1.73) (1.73) 7.33
Q1 2020 21.47 (0.66) (0.66) 7.33
Q2 2020 21.47 (0.27) (0.27) 7.53
Q3 2020 21.47 (1.38) (1.38) 6.25
Q4 2020 21.47 (2.90) (2.90) 4.38
Q1 2021 21.47 (3.98) (3.98) 3.40
Q2 2021 21.47 (5.99) (5.99) 1.64
Q3 2021 21.47 (5.71) (5.71) 0.48
Q4 2021 21.47 (5.55) (5.55) (1.15)
Q1 2022 28.33 (4.51) (4.51) (1.02)
Q2 2022 28.33 (2.85) (2.85) 9.70
Q3 2022 28.33 (3.04) (3.04) 8.63
Q4 2022 43.00 (1.12) (1.12) 5.84
Q1 2023 43.00 (0.21) (0.21) 6.06
Q2 2023 43.00 (0.15) (0.15) 6.31
Q3 2023 43.00 0.78 0.78 6.48
Q4 2023 43.00 0.59 0.59 6.57
Q1 2024 43.00 0.41 0.36 6.62
Q2 2024 43.00 0.40 0.35 6.84
Q3 2024 43.00 0.19 0.13 6.84

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2015 NEG NEG
Q2 2015 NEG NEG
Q3 2015 NEG NEG
Q4 2015 NEG NEG
Q1 2016 43.85 43.85
Q2 2016 More than 100 More than 100
Q3 2016 39.55 39.55
Q4 2016 More than 100 More than 100
Q1 2017 NEG NEG
Q2 2017 More than 100 More than 100
Q3 2017 More than 100 More than 100
Q4 2017 NEG NEG
Q1 2018 NEG NEG
Q2 2018 NEG NEG
Q3 2018 NEG NEG
Q4 2018 NEG NEG
Q1 2019 NEG NEG
Q2 2019 NEG NEG
Q3 2019 NEG NEG
Q4 2019 NEG NEG
Q1 2020 NEG NEG
Q2 2020 NEG NEG
Q3 2020 NEG NEG
Q4 2020 NEG NEG
Q1 2021 NEG NEG
Q2 2021 NEG NEG
Q3 2021 NEG NEG
Q4 2021 NEG NEG
Q1 2022 NEG NEG
Q2 2022 NEG NEG
Q3 2022 NEG NEG
Q4 2022 NEG NEG
Q1 2023 NEG NEG
Q2 2023 NEG NEG
Q3 2023 15.78 15.78
Q4 2023 22.11 22.27
Q1 2024 32.33 37.34
Q2 2024 30.16 34.97
Q3 2024 More than 100 More than 100

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Comprehensive Motor Insurance Property & casualty Insurance - Engineering Marine Insurance General Accidents & Others
Q1 2015 51.58 24.15 0.86 0.76 0.24 0.35
Q2 2015 138.50 7.42 2.29 2.08 0.25 0.18
Q3 2015 81.15 6.42 2.38 0.57 0.22 0.36
Q4 2015 83.29 8.60 0.63 0.91 0.40 0.44
Q1 2016 37.26 25.96 3.14 0.38 3.16 1.36
Q2 2016 42.79 6.99 3.55 1.88 (0.27) 0.15
Q3 2016 (0.43) 9.87 (0.17) 0.43 1.00 0.25
Q4 2016 (0.21) 28.37 1.08 1.79 1.00 0.56
Q1 2017 - 21.00 0.79 0.23 0.37 0.69
Q2 2017 0.49 13.50 0.83 0.25 0.77 0.30
Q3 2017 6.04 1.91 0.31 0.50 0.09 0.09
Q4 2017 18.76 1.14 0.68 2.50 0.18 0.57
Q1 2018 23.45 5.95 6.64 - - -
Q2 2018 29.17 3.44 2.13 - - -
Q3 2018 30.32 1.12 1.95 - - -
Q4 2018 28.43 2.21 2.62 - - -
Q1 2019 89.08 5.31 2.36 - - -
Q2 2019 42.45 1.77 5.93 - - -
Q3 2019 36.66 1.16 3.03 - - -
Q4 2019 56.24 2.19 1.87 - - -
Q1 2020 90.50 6.88 6.02 - - -
Q2 2020 58.83 5.74 0.93 - - -
Q3 2020 98.01 4.64 1.07 - - -
Q4 2020 43.86 12.44 0.60 - - -
Q1 2021 41.29 34.47 2.22 - - -
Q2 2021 40.98 47.10 0.85 - - -
Q3 2021 38.20 25.17 1.49 - - -
Q4 2021 29.74 12.49 1.50 - - -
Q1 2022 40.77 34.26 1.92 - - -
Q2 2022 35.80 22.28 0.21 - - -
Q3 2022 33.11 13.60 2.21 - - -
Q4 2022 34.73 11.51 0.13 - - -
Q1 2023 27.99 5.84 0.53 - - -
Q2 2023 24.76 5.05 1.00 - - -
Q3 2023 47.57 4.18 0.17 - - -
Q4 2023 49.21 7.24 0.04 - - -
Q1 2024 45.56 6.52 0.23 - - -
Q2 2024 36.28 4.28 0.57 - - -

Current
Market Cap (M) 467.84
Shares Outstanding (M) 43.00
EPS ( Riyal) (TTM) 0.19
Book Value (BV) ( Riyal) 6.84
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/Book 1.59
Return on Average Assets (%) (TTM) 1.8
Return on Average Equity (%) (TTM) 2.8
Return on Market Cap (%) 1.5

Share Price

Amana Cooperative Insurance Co. (AMANA INSURANCE)


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.