UCA turns to SAR 5M profit in 9M 2024; Q3 at SAR 270,000

05/11/2024 Argaam Exclusive

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United Cooperative Assurance Co. (UCA) reported profits of SAR 5 million at the end of the first nine months of 2024, compared to losses of SAR 9.4 million in the same period in 2023.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Insurance Revenues	757.50	747.65	(1.3 %)
Net Income	(9.44)	5.04	153.4 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.24)	0.13	153.4 %

UCA’s net insurance services enhanced to SAR 12.5 million in 9M 2024.

Furthermore, net investment results improved by 50% to SAR 10.96 million due to better investment returns.

However, insurance revenues retreated 1% to SAR 747.6 million compared to SAR 757.5 million, driven by the patterns of revenues earned.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Gross Written Premium (GWP)	244.23	-	-
Insurance Revenues	321.95	281.25	(12.6 %)
Net Income	2.07	(0.27)	(113.1 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.05	(0.01)	(113.1 %)

Item	Q2 2024	Q3 2024	Change‬
Gross Written Premium (GWP)	234.41	-	-
Insurance Revenues	216.79	281.25	29.7 %
Net Income	0.30	(0.27)	(191.2 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.01	(0.01)	(191.2 %)

In Q3 2024, UCA incurred losses of SAR 0.27 million against profits of SAR 2.07 million in the same quarter last year.

UCA’s Q1 2024 profits amounted to SAR 0.30 million.

Insurance Operations

Item	9m 2023	9m 2024	Change‬
Insurance Revenues	757.50	747.65	(1.3 %)
Insurance Services Income	9.00	21.55	139.4 %
Investment Income	7.30	10.96	50.1 %
Net Profit of Insurance Services and Investment	14.36	29.81	107.6 %

Shareholders' equity (after excluding minority interests) reached SAR 270.190 million at the end of 9M 2024, compared to SAR 246.713 million last year.

Accumulated losses at the end of the current period were SAR 175.25 million, representing 43.88% of the capital.

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