Financial Results : UCA turns to SAR 5.3M profit in H1 2024; Q2 at SAR 296,000

UCA turns to SAR 5.3M profit in H1 2024; Q2 at SAR 296,000

05/08/2024 Argaam Exclusive

View other reports

United Cooperative Assurance Co. (UCA) reported profits of SAR 5.3 million at the end of the first half of 2024, compared to losses of SAR 11.5 million in the same period in 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 596.10 626.20 5.1 %
Insurance Revenues 435.56 466.40 7.1 %
Net Profit Before Zakat & Tax (9.93) 6.31 163.5 %
Net Income (11.50) 5.31 146.1 %
Average Shares 40.00 40.00 -
EPS (Riyals) (0.29) 0.13 146.1 %

Insurance revenues rose by 7% to SAR 466.4 million due to business growth. Additionally, insurance service results increased by SAR 28.87 million, driven by a rise in insurance revenues by SAR 30.84 million. Furthermore, net investment results improved by 52% to SAR 7.22 million due to better investment returns.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 187.02 234.41 25.3 %
Insurance Revenues 238.91 216.79 (9.3 %)
Net Profit Before Zakat & Tax (0.05) 0.80 1601.9 %
Net Income (1.54) 0.30 119.2 %
Average Shares 40.00 40.00 -
EPS (Riyals) (0.04) 0.01 119.2 %

In Q2 2024, UCA achieved profits of SAR 296,000 compared to losses SAR 1.54 million in the same quarter last year. This improvement was due to an increase in insurance service results by SAR 1.86 million and a 78% rise in net investment results. However, this was offset by a 9% decrease in insurance revenues due to a decline in earned revenues.

 

UCA’s Q2 earnings were 94.1% lower than a profit of SAR 5.01 million in Q1 2024.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 596.10 626.20 5.0 %
Insurance Revenues 435.56 466.40 7.1 %
Insurance Services Income (7.44) 21.14 384.1 %
Investment Income 4.75 7.23 52.2 %
Net Profit of Insurance Services and Investment (5.21) 26.31 605.0 %

Shareholders' equity (no minority interests) reached SAR 270.46 million at the end of H1 2024, compared to SAR 244.647 million last year.

 

Accumulated losses at the end of the current period were SAR 175.25 million, representing 43.81% of the capital.

 

View More Financial Results

 

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
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.