Financial Results : ACIG posts 16.5M loss in 2024, SAR 47.3M in Q4

ACIG posts 16.5M loss in 2024, SAR 47.3M in Q4

19/03/2025 Argaam Exclusive

View other reports

Allied Cooperative Insurance Group (ACIG) reported a net loss of SAR 16.5 million in 2024, compared with a net profit of SAR 63.4 million a year before.



Financials (M)

Item 2023 2024 Change‬
Insurance Revenues 974.68 883.35 (9.4 %)
Net Income 63.41 (16.48) (126.0 %)
Average Shares 29.10 29.10 -
Earnings Per Share before unusual items (Riyals) 2.18 (0.57) (126.0 %)
EPS (Riyals) 2.18 (0.57) (126.0 %)

The insurer cited a decline in revenues due to a decrease in motor insurance and health insurance sales.

 

The company also reported a fall in insurance revenues and results of insurance services, leading to net losses from insurance operations because of increasing technical provisions and an increase in the doubtful debt provision.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Insurance Revenues 244.10 184.37 (24.5 %)
Net Income 17.04 (47.30) (377.5 %)
Average Shares 29.10 29.10 -
Earnings Per Share before unusual items 0.59 (1.63) (377.5 %)
EPS (Riyals) 0.59 (1.63) (377.5 %)

ACIG swung to a net loss of SAR 47.3 million from net earnings of SAR 17.04 million a year earlier.

 

Sequentially, the insurer also turned to a loss from earnings of SAR 2.93 million in Q3 2024.

 

Shareholders' equity, no minority interest, reached SAR 253.15 million at the end of 2024, compared with SAR 254.34 million a year earlier.

Insurance Operations

Item 2023 2024 Change‬
Insurance Revenues 974.68 883.35 (9.4 %)
Insurance Services Income 47.07 (26.80) (156.9 %)
Investment Income 38.25 42.68 11.6 %
Net Profit of Insurance Services and Investment 85.50 16.73 (80.4 %)

Accumulated losses reached SAR 92.38 million at the end of the current period, representing 31.75% of the company's 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.