Arabian Shield reports net profit hike to SAR 15.8M in Q1 2024

09/05/2024 Argaam Exclusive

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Arabian Shield Cooperative Insurance Co. reported a net profit surge to SAR 15.8 million in Q1 2024, from SAR 1.9 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	459.02	616.45	34.3 %
Insurance Revenues	260.54	397.93	52.7 %
Net Profit Before Zakat & Tax	9.33	30.17	223.4 %
Net Income	4.35	24.48	462.3 %
Average Shares	67.84	79.82	17.6 %
EPS (Riyals)	0.06	0.31	378.0 %

Item	Q4 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	376.57	616.45	63.7 %
Insurance Revenues	319.84	397.93	24.4 %
Net Profit Before Zakat & Tax	20.84	30.17	44.8 %
Net Income	15.31	24.48	59.9 %
Average Shares	67.84	79.82	17.6 %
EPS (Riyals)	0.23	0.31	35.9 %

This was spurred by higher insurance service results, increased insurance revenue, higher net investment income, in addition to an increase in insurance service expenses, as well as net expenses from reinsurance contracts.

The insurer also cited an increase in net insurance finance expenses and higher other operating expenses. Moreover, gross written premiums (GWPs) increased 34% annually.

On a quarterly basis, net earnings grew 3.1% from SAR 15.3 million in Q4 2023.

Insurance Operations

Item	3m 2023	3m 2024	Change‬
Gross Written Premium (GWP)	459.02	616.45	34.3 %
Insurance Revenues	260.54	397.93	52.7 %
Insurance Services Income	(0.05)	9.22	18540.0 %
Investment Income	15.25	29.73	95.0 %
Net Profit of Insurance Services and Investment	15.08	36.65	143.0 %

Shareholders’ equity, no minority interest, reached SAR 1.56 billion by March 31, 2024, compared to SAR 1.19 billion in the prior-year period.

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