Bupa 9M 2024 net profit rises 34% to SAR 1.12B; Q3 at SAR 356.3M

04/11/2024 Argaam Exclusive

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Bupa Arabia for Cooperative Insurance Co. reported a net profit of SAR 1.12 billion for the first nine months of 2024, an increase of 34% from SAR 835.3 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Gross Written Premium (GWP)	13,905.81	15,047.59	8.2 %
Insurance Revenues	11,728.00	13,488.67	15.0 %
Net Profit Before Zakat & Tax	990.53	1,302.32	31.5 %
Net Income	835.30	1,120.31	34.1 %
Average Shares	150.00	150.00	-
EPS (Riyals)	5.57	7.47	34.1 %

Insurance revenue for the current period increased 15.01% year-on-year (YoY) to SAR 13.4 billion on business growth and increase in the number of insured people.

Q3 2024 net profit stood at SAR 356.3 million, a jump of 29% year-on-year (YoY) from SAR 275.3 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Gross Written Premium (GWP)	4,616.25	4,181.45	(9.4 %)
Insurance Revenues	4,092.58	4,552.20	11.2 %
Net Profit Before Zakat & Tax	328.09	421.39	28.4 %
Net Income	275.35	356.28	29.4 %
Average Shares	150.00	150.00	-
EPS (Riyals)	1.84	2.38	29.4 %

Item	Q2 2024	Q3 2024	Change‬
Gross Written Premium (GWP)	3,616.70	4,181.45	15.6 %
Insurance Revenues	4,562.41	4,552.20	(0.2 %)
Net Profit Before Zakat & Tax	464.81	421.39	(9.3 %)
Net Income	404.60	356.28	(11.9 %)
Average Shares	150.00	150.00	-
EPS (Riyals)	2.70	2.38	(11.9 %)

Q3 insurance revenue amounted to SAR 4.5 million, rising 11.23% YoY. Profit before zakat and income tax amounted rose 28.43% YoY to SAR 421,386.

On a sequential basis, net earnings dropped by 11.9%, from SAR 404.6 million.

Insurance Operations

Item	9m 2023	9m 2024	Change‬
Gross Written Premium (GWP)	13,905.81	15,047.59	8.2 %
Insurance Revenues	11,728.00	13,488.67	15.0 %
Insurance Services Income	797.56	1,042.71	30.7 %
Investment Income	366.85	514.69	40.3 %
Net Profit of Insurance Services and Investment	1,164.41	1,557.40	33.8 %

Total shareholders’ equity (no minority equity) stood at SAR 5.15 billion by Sept. 30, 2024, compared to SAR 4.52 billion a year earlier.

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