ACIG H1 2024 profit leaps 98% to SAR 27.9M, Q2 at SAR 2.9M

05/08/2024 Argaam Exclusive

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Allied Cooperative Insurance Group (ACIG) reported a net profit of SAR 27.9 million in H1 2024, leaping 98% compared with SAR 14.1 million a year before

Financials (M)

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	509.91	449.09	(11.9 %)
Insurance Revenues	474.39	447.14	(5.7 %)
Net Profit Before Zakat & Tax	17.56	34.49	96.4 %
Net Income	14.06	27.89	98.3 %
Average Shares	29.10	29.10	-
EPS (Riyals)	0.48	0.96	98.3 %

The profit growth was attributed to higher earnings from insurance services results and net investment income. However, this was offset by a decrease in sales of motor and medical insurance policies.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Gross Written Premium (GWP)	223.06	254.73	14.2 %
Insurance Revenues	247.78	215.72	(12.9 %)
Net Profit Before Zakat & Tax	13.52	7.89	(41.7 %)
Net Income	10.52	2.89	(72.5 %)
Average Shares	29.10	29.10	-
EPS (Riyals)	0.36	0.10	(72.5 %)

Item	Q1 2024	Q2 2024	Change‬
Gross Written Premium (GWP)	194.36	254.73	31.1 %
Insurance Revenues	231.42	215.72	(6.8 %)
Net Profit Before Zakat & Tax	26.59	7.89	(70.3 %)
Net Income	24.99	2.89	(88.4 %)
Average Shares	29.10	29.10	-
EPS (Riyals)	0.86	0.10	(88.4 %)

The insurer's Q2 2024 bottom line dropped 73% to SAR 2.9 million from SAR 10.5 million in Q4 2023.

The second-quarter bottom line also fell 88.4% from SAR 24.9 million in Q1 2024.

Insurance Operations

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	509.91	449.09	(11.9 %)
Insurance Revenues	474.39	447.14	(5.7 %)
Insurance Services Income	13.62	25.89	90.1 %
Investment Income	16.81	20.95	24.6 %
Net Profit of Insurance Services and Investment	31.39	48.34	54.0 %

Shareholders' equity, no minority interest, reached SAR 282.23 million at the end of H1 2024, compared with SAR 200.5 million a year earlier.

Accumulated losses reached SAR 46.1 million in H1 2024, representing 15.8% of the company's capital.

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