Financial Results : UCA swings to SAR 15.1M loss in 2024; Q4 at SAR 20.1M

UCA swings to SAR 15.1M loss in 2024; Q4 at SAR 20.1M

19/03/2025 Argaam Exclusive

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United Cooperative Assurance Co. (UCA) turned to a net loss of SAR 15.1 million in 2024, against a net profit of SAR 5.3 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Gross Written Premium (GWP) 1,029.42 1,156.69 12.4 %
Insurance Revenues 1,061.77 1,049.58 (1.1 %)
Net Profit Before Zakat & Tax 9.56 11.06 15.6 %
Net Income 5.29 (15.06) (384.5 %)
Average Shares 40.00 40.00 -
Earnings Per Share before unusual items (Riyals) 0.13 (0.38) (384.5 %)
EPS (Riyals) 0.13 (0.38) (384.5 %)

The company attributed the losses in 2024 to a 1% year-on-year (YoY) decline in insurance revenue to SAR 1.04 billion.

 

Net insurance service results fell 39% YoY to SAR 266.44 million, due to a 25% YoY increase in insurance service expenses, driven by business growth.

 

The insurer also noted a 98% YoY fall in other revenues related to the surplus share from the insurance portfolio, dropping to SAR 246,000.

 

This was offset by a 43% YoY hike in net investment results, reaching SAR 14.56 million on higher investment returns.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Gross Written Premium (GWP) 189.10 284.89 50.7 %
Insurance Revenues 304.27 301.93 (0.8 %)
Net Profit Before Zakat & Tax 16.64 4.52 (72.8 %)
Net Income 14.73 (20.09) (236.4 %)
Average Shares 40.00 40.00 -
Earnings Per Share before unusual items 0.37 (0.50) (236.4 %)
EPS (Riyals) 0.37 (0.50) (236.4 %)

Insurance Operations

Item 2023 2024 Change‬
Gross Written Premium (GWP) 1,029.42 1,156.69 12.4 %
Insurance Revenues 1,061.77 1,049.58 (1.1 %)
Insurance Services Income 27.12 21.47 (20.8 %)
Investment Income 10.15 14.56 43.4 %
Net Profit of Insurance Services and Investment 34.58 33.53 (3.0 %)

Fourth-quarter loss stood at SAR 20.1 million in 2024, versus a net profit of SAR 14.73 million in the year-ago period.

 

Sequentially, losses widened from SAR 0.27 million in Q3 2024.

 

Shareholders' equity (no minority interests) reached SAR 268.31 million at the end of December 2024, compared to SAR 265.15 million last year.

 

Accumulated losses at the end of the current period were SAR 195.61 million, representing 48.9% of the capital.

 

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