Financial Results : Bupa Arabia 2024 profit up 24% to SAR 1.16B; Q4 drops to SAR 45.7M

Bupa Arabia 2024 profit up 24% to SAR 1.16B; Q4 drops to SAR 45.7M

29/01/2025 Argaam Exclusive

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Bupa Arabia for Cooperative Insurance Co.’s net profit for 2024 rose by 24% to SAR 1.16 billion from SAR 940.2 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Gross Written Premium (GWP) 16,668.74 18,394.13 10.4 %
Insurance Revenues 15,887.72 18,101.52 13.9 %
Net Profit Before Zakat & Tax 1,116.68 1,372.63 22.9 %
Net Income 940.16 1,166.00 24.0 %
Average Shares 150.00 150.00 -
EPS (Riyals) 6.27 7.77 24.0 %

In addition, insurance services jumped 19.57% to SAR 1.06 billion from SAR 893.28 million in 2023.

 

Net insurance services rose 15.38% to SAR 998.09 million in 2024 from SAR 865.03 million a year ago.

 

Meanwhile, other operating expenses increased in 2024 by 10.05% to SAR 348.64 million from SAR 316.81 million in 2023, due to higher expenditures to support business growth.

 

Q4 2024 net profit fell to SAR 45.67 million, a drop of 56% from SAR 104.87 million.

 

Quarter-on-quarter, net income slumped 87.2% from SAR 356.28 million in Q3.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Gross Written Premium (GWP) 2,762.93 3,346.54 21.1 %
Insurance Revenues 4,159.71 4,612.85 10.9 %
Net Profit Before Zakat & Tax 126.15 70.31 (44.3 %)
Net Income 104.87 45.69 (56.4 %)
Average Shares 150.00 150.00 -
EPS (Riyals) 0.70 0.30 (56.4 %)

Insurance Operations

Item 2023 2024 Change‬
Gross Written Premium (GWP) 16,668.74 18,394.13 10.4 %
Insurance Revenues 15,887.72 18,101.52 13.9 %
Insurance Services Income 865.04 998.10 15.4 %
Investment Income 513.28 672.37 31.0 %
Net Profit of Insurance Services and Investment 1,378.31 1,670.47 21.2 %

Total shareholders’ equity (no minority interest) stood at SAR 5.15 billion by Dec. 31, 2024, compared to SAR 4.65 billion a year earlier.

 

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Quarterly Actuals vs Estimates 30/01/2025

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