Financial Results : Arabian Shield 9M 2024 profit grows to SAR 76.9M; Q3 at SAR 23M

Arabian Shield 9M 2024 profit grows to SAR 76.9M; Q3 at SAR 23M

05/11/2024 Argaam Exclusive

View other reports

Arabian Shield Cooperative Insurance Co. recorded net income of SAR 76.9 million in 9M 2024, soaring 100.9% from SAR 38.3 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Gross Written Premium (GWP) 920.56 1,331.10 44.6 %
Insurance Revenues 825.88 1,180.02 42.9 %
Net Profit Before Zakat & Tax 44.30 94.59 113.5 %
Net Income 38.30 76.94 100.9 %
Average Shares 67.84 79.82 17.6 %
EPS (Riyals) 0.56 0.96 70.7 %

The profit growth was driven by insurance revenue that increased by 43% year-on-year (YoY) to SAR 1.1 billion and net investment income that rose by 42% (SAR 20.5 million) YoY.

 

In addition, gross written premiums (GWP) increased by 45% (SAR 410,533) YoY.

 

However, insurance service expenses for the period went up 37%, or SAR 272.87 million, and net expenses from reinsurance contracts soared by 80%, or SAR 53.21 million.

 

Also, other operating expenses (OpEx) rose by 26%, or SAR 3.3 million, compared with a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Gross Written Premium (GWP) 248.16 409.11 64.9 %
Insurance Revenues 290.66 403.63 38.9 %
Net Profit Before Zakat & Tax 9.16 29.31 220.1 %
Net Income 6.23 23.01 269.3 %
Average Shares 67.84 79.82 17.6 %
EPS (Riyals) 0.09 0.29 213.9 %

In Q3 2024, the company’s net profit surged 269.3% to SAR 23 million, from SAR 6.23 million in Q3 2023, supported by higher insurance revenues.

 

Compared to Q2 2024, net income dropped by 21.9% from SAR 29.4 million.

Insurance Operations

Item 9m 2023 9m 2024 Change‬
Gross Written Premium (GWP) 920.56 1,331.10 44.6 %
Insurance Revenues 825.88 1,180.02 42.9 %
Insurance Services Income 17.71 45.76 158.4 %
Investment Income 49.58 70.17 41.5 %
Net Profit of Insurance Services and Investment 66.53 110.71 66.4 %

Shareholders’ equity, no minority interest, reached SAR 1.61 billion by Sept. 30, 2024, compared to SAR 1.22 billion in the prior-year period.

 

View More Financial Results

 

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.