ACIG 9M 2024 profit down 34% to SAR 30.8M, Q3 at SAR 2.9M

05/11/2024 Argaam Exclusive

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Allied Cooperative Insurance Group (ACIG) reported a net profit of SAR 30.8 million in the first nine months of 2024, declining 34% compared with SAR 46.4 million a year before.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Gross Written Premium (GWP)	771.26	707.13	(8.3 %)
Insurance Revenues	730.58	698.98	(4.3 %)
Net Profit Before Zakat & Tax	52.16	34.42	(34.0 %)
Net Income	46.36	30.82	(33.5 %)
Average Shares	29.10	29.10	-
EPS (Riyals)	1.59	1.06	(33.5 %)

The decline in profit was attributed to lower revenue during the nine-month period compared to the year-earlier period, primarily due to a decrease in motor insurance product sales and a drop in net profits from insurance services.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Gross Written Premium (GWP)	261.34	258.04	(1.3 %)
Insurance Revenues	256.18	251.84	(1.7 %)
Net Profit Before Zakat & Tax	34.60	(0.07)	(100.2 %)
Net Income	32.30	2.93	(90.9 %)
Average Shares	29.10	29.10	-
EPS (Riyals)	1.11	0.10	(90.9 %)

Item	Q2 2024	Q3 2024	Change‬
Gross Written Premium (GWP)	254.73	258.04	1.3 %
Insurance Revenues	215.72	251.84	16.7 %
Net Profit Before Zakat & Tax	7.89	(0.07)	(100.9 %)
Net Income	2.89	2.93	1.4 %
Average Shares	29.10	29.10	-
EPS (Riyals)	0.10	0.10	1.4 %

The insurer's Q3 2024 bottom line dropped 91% to SAR 2.93 million from SAR 32.3 million in Q3 2023, mainly due to lower revenues.

Meanwhile, the third-quarter bottom line rose 1.3% from SAR 2.89 million in Q2 2024.

Insurance Operations

Item	9m 2023	9m 2024	Change‬
Gross Written Premium (GWP)	771.26	707.13	(8.3 %)
Insurance Revenues	730.58	698.98	(4.3 %)
Insurance Services Income	43.21	18.36	(57.5 %)
Investment Income	26.57	33.14	24.7 %
Net Profit of Insurance Services and Investment	71.97	51.94	(27.8 %)

Shareholders' equity, no minority interest, reached SAR 285.16 million at the end of the nine-month period, compared with SAR 235.3 million a year earlier.

Accumulated losses reached SAR 43.18 million in the current period, representing 14.84% of the company's capital.

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