Buruj turns to SAR 20.1M profit in 2023; Q4 at SAR 5.9M

10/03/2024 Argaam Exclusive

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Buruj Cooperative Insurance Co. swung to a net profit of SAR 20.1 million in 2023 against a net loss of SAR 29 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	368.84	422.80	14.6 %
Insurance Revenues	417.10	373.44	(10.5 %)
Net Profit Before Zakat & Tax	(23.88)	25.58	207.1 %
Net Income	(29.00)	20.08	169.3 %
Average Shares	30.00	30.00	-
EPS (Riyals)	(0.97)	0.67	169.3 %

The annual profit was fueled by a positive increase of 14.63% year-on-year (YoY) in gross written premiums (GWPs) to SAR 53.9 million. Buruj reported a surplus of SAR 4.98 million from the insurance services results, against a deficit of SAR 56.5 million in the previous year.

It also recorded a decrease of 23.86% YoY in insurance services expenses to SAR 105.6 million. Total incurred claims also declined by 23.12% YoY, while net investment income grew by 44.47% compared to 2022.

By contrast, revenues decreased in 2023 compared to the previous year, mainly due to a drop in the total earned premiums of 8.67% YoY.

The fourth-quarter net profit jumped 67% to SAR 5.9 million from SAR 3.5 million in Q4 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	71.41	80.33	12.5 %
Insurance Revenues	102.25	106.24	3.9 %
Net Profit Before Zakat & Tax	1.48	3.94	165.8 %
Net Income	3.55	5.92	66.7 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.12	0.20	66.7 %

Item	Q3 2023	Q4 2023	Change‬
Gross Written Premium (GWP)	96.58	80.33	(16.8 %)
Insurance Revenues	98.28	106.24	8.1 %
Net Profit Before Zakat & Tax	4.00	3.94	(1.6 %)
Net Income	1.50	5.92	294.4 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.05	0.20	294.4 %

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	368.84	422.80	14.6 %
Insurance Revenues	417.10	373.44	(10.5 %)
Insurance Services Income	(56.53)	4.99	108.8 %
Investment Income	19.80	28.63	44.6 %
Net Profit of Insurance Services and Investment	(32.20)	31.99	199.3 %

Sequentially, net earnings surged 294.4% from SAR 1.5 million in Q3 2023.

Shareholders’ equity, no minority interest, rose to SAR 441.37 million as of Dec. 31, 2023, from SAR 417.51 million in the year-earlier period.

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Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2014	3.07	53.4 %	0.12	3.55	38.1 %
Q2 2014	(0.85)	(170.4 %)	(0.03)	(0.23)	(110.5 %)
Q3 2014	8.16	3863.7 %	0.32	8.91	1207.9 %
Q4 2014	7.28	346.6 %	0.29	7.87	283.1 %
2014	17.67	250.7 %	0.70	20.10	170.0 %
Q1 2015	5.06	64.9 %	0.20	5.79	63.3 %
Q2 2015	12.02	1521.5 %	0.40	14.37	6474.3 %
Q3 2015	2.56	(68.6 %)	0.09	4.05	(54.6 %)
Q4 2015	8.59	17.9 %	0.29	8.98	14.2 %
2015	28.23	59.8 %	0.94	33.19	65.1 %
Q1 2016	10.20	101.6 %	0.34	11.97	106.6 %
Q2 2016	20.55	70.9 %	0.68	22.62	57.4 %
Q3 2016	7.03	174.5 %	0.23	8.55	111.2 %
Q4 2016	45.01	424.1 %	1.50	47.83	432.5 %
2016	82.79	193.2 %	2.76	90.97	174.1 %
Q1 2017	25.21	147.1 %	0.84	28.00	133.9 %
Q2 2017	25.12	22.3 %	0.84	27.79	22.9 %
Q3 2017	21.35	203.6 %	0.71	23.99	180.5 %
Q4 2017	15.59	(65.4 %)	0.52	17.97	(62.4 %)
2017	87.27	5.4 %	2.91	97.75	7.5 %
Q1 2018	19.72	(21.8 %)	0.66	22.89	(18.3 %)
Q2 2018	13.00	(48.3 %)	0.43	16.06	(42.2 %)
Q3 2018	22.20	4.0 %	0.74	25.46	6.1 %
Q4 2018	5.58	(64.2 %)	0.19	8.01	(55.4 %)
2018	60.50	(30.7 %)	2.02	72.42	(25.9 %)
Q1 2019	13.02	(34.0 %)	0.43	16.15	(29.5 %)
Q2 2019	0.03	(99.8 %)	0.00	2.96	(81.6 %)
Q3 2019	(12.49)	(156.2 %)	(0.42)	(9.82)	(138.6 %)
Q4 2019	2.43	(56.5 %)	0.08	4.56	(43.1 %)
2019	4.33	(92.8 %)	0.14	15.19	(79.0 %)
Q1 2020	(16.43)	(226.2 %)	(0.55)	(13.99)	(186.7 %)
Q2 2020	17.02	64614.4 %	0.57	20.03	577.0 %
Q3 2020	(13.07)	(4.6 %)	(0.44)	(10.36)	(5.4 %)
Q4 2020	16.12	563.5 %	0.54	19.28	323.2 %
2020	5.74	32.4 %	0.19	17.06	12.4 %
Q1 2021	(7.64)	53.5 %	(0.25)	(5.08)	63.7 %
Q2 2021	6.13	(64.0 %)	0.20	9.34	(53.4 %)
Q3 2021	(8.17)	37.5 %	(0.27)	(5.80)	44.0 %
Q4 2021	13.99	(13.2 %)	0.47	17.30	(10.3 %)
2021	4.31	(24.8 %)	0.14	15.77	(7.6 %)
Q1 2022	(42.20)	(452.2 %)	(1.41)	(39.52)	(678.4 %)
Q2 2022	(16.68)	(372.0 %)	(0.56)	(14.72)	(257.6 %)
Q3 2022	26.33	422.3 %	0.88	28.89	598.4 %
Q4 2022	3.55	(74.6 %)	0.12	1.48	(91.4 %)
2022	(29.00)	(772.3 %)	(0.97)	(23.88)	(251.4 %)
Q1 2023	(17.85)	57.7 %	(0.59)	(15.35)	61.2 %
Q2 2023	30.71	284.1 %	1.02	33.19	325.4 %
Q3 2023	1.50	(94.3 %)	0.05	4.00	(86.1 %)
Q4 2023	5.92	66.7 %	0.20	3.94	165.8 %
2023	20.08	169.3 %	0.67	25.58	207.1 %

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	17.67	250.7 %	0.70	20.10	170.0 %
2015	28.23	59.8 %	0.94	33.19	65.1 %
2016	82.79	193.2 %	2.76	90.97	174.1 %
2017	87.27	5.4 %	2.91	97.75	7.5 %
2018	60.50	(30.7 %)	2.02	72.42	(25.9 %)
2019	4.33	(92.8 %)	0.14	15.19	(79.0 %)
2020	5.74	32.4 %	0.19	17.06	12.4 %
2021	4.31	(24.8 %)	0.14	15.77	(7.6 %)
2022	(29.00)	(772.3 %)	(0.97)	(23.88)	(251.4 %)
2023	20.08	169.3 %	0.67	25.58	207.1 %

Insurance Operations Performance (M)

Compared With The

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
Q1 2014	89.93	11.8 %	-	-	-	-
Q2 2014	120.59	73.1 %	-	-	-	-
Q3 2014	109.13	59.6 %	-	-	-	-
Q4 2014	59.65	(1.9 %)	-	-	-	-
2014	379.30	35.8 %	-	-	-	-
Q1 2015	103.72	15.3 %	-	-	-	-
Q2 2015	109.95	(8.8 %)	-	-	-	-
Q3 2015	106.26	(2.6 %)	-	-	-	-
Q4 2015	127.06	113.0 %	-	-	-	-
2015	446.99	17.8 %	-	-	-	-
Q1 2016	126.26	21.7 %	-	-	-	-
Q2 2016	100.89	(8.2 %)	-	-	-	-
Q3 2016	108.56	2.2 %	-	-	-	-
Q4 2016	101.86	(19.8 %)	-	-	-	-
2016	437.57	(2.1 %)	-	-	-	-
Q1 2017	176.92	40.1 %	-	-	-	-
Q2 2017	144.35	43.1 %	-	-	-	-
Q3 2017	94.67	(12.8 %)	-	-	-	-
Q4 2017	95.56	(6.2 %)	-	-	-	-
2017	511.51	16.9 %	-	-	-	-
Q1 2018	98.00	(44.6 %)	-	-	-	-
Q2 2018	84.33	(41.6 %)	-	-	-	-
Q3 2018	71.40	(24.6 %)	-	-	-	-
Q4 2018	66.27	(30.6 %)	-	-	-	-
2018	320.00	(37.4 %)	-	-	-	-
Q1 2019	104.89	7.0 %	-	-	-	-
Q2 2019	84.64	0.4 %	-	-	-	-
Q3 2019	58.57	(18.0 %)	-	-	-	-
Q4 2019	57.44	(13.3 %)	-	-	-	-
2019	305.54	(4.5 %)	-	-	-	-
Q1 2020	67.05	(36.1 %)	-	-	-	-
Q2 2020	42.85	(49.4 %)	-	-	-	-
Q3 2020	68.85	17.6 %	-	-	-	-
Q4 2020	23.50	(59.1 %)	-	-	-	-
2020	202.25	(33.8 %)	-	-	-	-
Q1 2021	35.81	(46.6 %)	-	-	-	-
Q2 2021	35.53	(17.1 %)	-	-	-	-
Q3 2021	95.31	38.4 %	-	-	-	-
Q4 2021	124.08	428.0 %	-	-	-	-
2021	290.71	43.7 %	-	-	-	-
Q1 2022	145.18	305.5 %	(46.74)	-	(37.48)	-
Q2 2022	94.96	167.3 %	(14.14)	-	(15.08)	-
Q3 2022	57.29	(39.9 %)	21.03	-	25.75	-
Q4 2022	71.41	(42.4 %)	(16.68)	-	(5.39)	-
2022	368.84	26.9 %	(56.53)	-	(32.20)	-
Q1 2023	140.09	(3.5 %)	(21.46)	54.1 %	(19.41)	48.2 %
Q2 2023	105.80	11.4 %	22.62	260.0 %	32.10	312.8 %
Q3 2023	96.58	68.6 %	2.06	(90.2 %)	8.15	(68.3 %)
Q4 2023	80.33	12.5 %	1.77	110.6 %	11.35	310.6 %
2023	422.80	14.6 %	4.99	108.8 %	31.99	199.3 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	379.30	35.8 %	-	-	-	-
2015	446.99	17.8 %	-	-	-	-
2016	437.57	(2.1 %)	-	-	-	-
2017	511.51	16.9 %	-	-	-	-
2018	320.00	(37.4 %)	-	-	-	-
2019	305.54	(4.5 %)	-	-	-	-
2020	202.25	(33.8 %)	-	-	-	-
2021	290.71	43.7 %	-	-	-	-
2022	368.84	26.9 %	(56.53)	-	(32.20)	-
2023	422.80	14.6 %	4.99	108.8 %	31.99	199.3 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	25.13	0.24	0.24	2.95
Q2 2014	25.13	0.16	0.16	2.93
Q3 2014	25.13	0.48	0.48	3.28
Q4 2014	25.13	0.70	0.70	3.58
Q1 2015	25.13	0.78	0.78	3.78
Q2 2015	30.00	1.08	1.08	7.45
Q3 2015	30.00	0.90	0.90	7.52
Q4 2015	30.00	0.94	0.94	7.77
Q1 2016	30.00	1.11	1.11	8.14
Q2 2016	30.00	1.40	1.40	8.82
Q3 2016	30.00	1.55	1.55	8.99
Q4 2016	30.00	2.76	2.76	10.50
Q1 2017	30.00	3.26	3.26	11.37
Q2 2017	30.00	3.41	3.41	11.82
Q3 2017	30.00	3.89	3.89	12.74
Q4 2017	30.00	2.91	2.91	13.23
Q1 2018	30.00	2.73	2.73	13.75
Q2 2018	30.00	2.32	2.32	14.14
Q3 2018	30.00	2.35	2.35	14.96
Q4 2018	30.00	2.02	2.02	15.12
Q1 2019	30.00	1.79	1.79	15.51
Q2 2019	30.00	1.36	1.36	15.65
Q3 2019	30.00	0.20	0.20	15.32
Q4 2019	30.00	0.10	0.10	14.61
Q1 2020	30.00	(0.88)	(0.88)	13.55
Q2 2020	30.00	(0.32)	(0.32)	14.38
Q3 2020	30.00	(0.34)	(0.34)	14.22
Q4 2020	30.00	0.12	0.12	14.82
Q1 2021	30.00	0.41	0.41	14.67
Q2 2021	30.00	0.05	0.05	15.11
Q3 2021	30.00	0.21	0.21	14.92
Q4 2021	30.00	0.14	0.14	14.75
Q1 2022	30.00	(1.01)	(1.01)	13.35
Q2 2022	30.00	(1.77)	(1.77)	12.78
Q3 2022	30.00	(0.62)	(0.62)	13.65
Q4 2022	30.00	(0.97)	(0.97)	14.02
Q1 2023	30.00	(0.15)	(0.15)	13.41
Q2 2023	30.00	1.42	1.42	15.04
Q3 2023	30.00	0.60	0.60	14.39
Q4 2023	30.00	0.68	0.68	14.83

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	25.13	0.70	0.70	3.58
2015	30.00	0.94	0.94	7.77
2016	30.00	2.76	2.76	10.50
2017	30.00	2.91	2.91	13.23
2018	30.00	2.02	2.02	15.12
2019	30.00	0.14	0.14	14.61
2020	30.00	0.19	0.19	14.82
2021	30.00	0.14	0.14	14.75
2022	30.00	(0.97)	(0.97)	14.02
2023	30.00	0.67	0.67	14.83

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E
Q1 2014	More than 100	More than 100
Q2 2014	More than 100	More than 100
Q3 2014	More than 100	More than 100
Q4 2014	29.28	29.28
Q1 2015	37.57	37.57
Q2 2015	20.48	20.48
Q3 2015	17.55	17.55
Q4 2015	15.86	15.86
Q1 2016	16.40	16.40
Q2 2016	10.00	10.00
Q3 2016	7.79	7.79
Q4 2016	7.28	7.28
Q1 2017	7.94	7.94
Q2 2017	6.69	6.69
Q3 2017	7.29	7.29
Q4 2017	9.49	9.49
Q1 2018	10.58	10.58
Q2 2018	11.23	11.23
Q3 2018	8.46	8.46
Q4 2018	10.58	10.58
Q1 2019	12.04	12.04
Q2 2019	14.71	14.71
Q3 2019	More than 100	More than 100
Q4 2019	More than 100	More than 100
Q1 2020	NEG	NEG
Q2 2020	NEG	NEG
Q3 2020	NEG	NEG
Q4 2020	More than 100	More than 100
Q1 2021	More than 100	More than 100
Q2 2021	More than 100	More than 100
Q3 2021	More than 100	More than 100
Q4 2021	More than 100	More than 100
Q1 2022	NEG	NEG
Q2 2022	NEG	NEG
Q3 2022	NEG	NEG
Q4 2022	NEG	NEG
Q1 2023	NEG	NEG
Q2 2023	13.38	13.38
Q3 2023	34.13	34.13
Q4 2023	28.31	28.31

Period	P/E	Adjusted P/E
2014	29.28	29.28
2015	15.86	15.86
2016	7.28	7.28
2017	9.49	9.49
2018	10.58	10.58
2019	More than 100	More than 100
2020	More than 100	More than 100
2021	More than 100	More than 100
2022	NEG	NEG
2023	28.59	28.59

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Comprehensive Motor Insurance	Medical Insurance	Property & casualty	Marine Insurance
Q1 2014	64.72	6.58	7.96	4.70
Q2 2014	49.24	54.66	8.93	5.08
Q3 2014	54.33	41.61	5.04	3.64
Q4 2014	49.98	1.52	2.81	3.62
Q1 2015	80.93	3.08	7.82	4.65
Q2 2015	68.97	22.77	9.10	4.17
Q3 2015	58.39	34.76	5.86	2.70
Q4 2015	80.09	37.04	4.66	2.69
Q1 2016	64.63	47.36	4.45	2.91
Q2 2016	49.68	36.67	5.09	2.20
Q3 2016	65.83	27.59	5.08	2.00
Q4 2016	58.36	35.76	1.58	1.57
Q1 2017	118.50	43.86	3.43	2.82
Q2 2017	62.44	73.05	3.64	1.99
Q3 2017	47.98	33.23	5.59	2.23
Q4 2017	47.99	40.15	1.61	1.78
Q1 2018	65.82	23.32	8.86	-
Q2 2018	46.21	22.59	15.53	-
Q3 2018	42.43	19.37	9.60	-
Q4 2018	36.48	22.60	7.19	-
Q1 2019	55.02	39.21	10.66	-
Q2 2019	30.23	35.13	19.28	-
Q3 2019	32.57	14.13	11.87	-
Q4 2019	30.24	11.70	15.50	-
Q1 2020	49.34	10.24	7.47	-
Q2 2020	25.57	4.80	12.47	-
Q3 2020	39.90	15.42	13.53	-
Q4 2020	9.16	8.27	6.07	-
Q1 2021	22.35	7.48	5.98	-
Q2 2021	9.64	9.79	16.09	-
Q3 2021	53.71	28.61	12.99	-
Q4 2021	80.71	35.37	8.00	-
Q1 2022	108.37	30.12	6.70	-
Q2 2022	53.86	21.96	19.14	-
Q3 2022	29.60	13.73	13.95	-
Q4 2022	49.41	10.61	11.40	-
Q1 2023	103.53	28.84	7.73	-
Q2 2023	71.19	28.54	6.08	-
Q3 2023	54.24	21.05	21.28	-
Q4 2023	52.56	19.05	8.71	-

Period	Comprehensive Motor Insurance	Medical Insurance	Property & casualty	Marine Insurance
2014	218.27	104.37	24.74	17.04
2015	288.37	97.64	27.44	14.21
2016	238.50	147.37	16.20	8.68
2017	276.90	190.28	14.27	8.82
2018	190.94	87.89	41.17	-
2019	148.06	100.17	57.31	-
2020	123.98	38.73	39.54	-
2021	166.41	81.24	43.06	-
2022	241.24	76.42	51.19	-
2023	281.52	97.48	43.80	-

Financial Ratios

	Current
Market Cap (M)	542.40
Shares Outstanding (M)	30.00
EPS ( Riyal) (TTM)	0.46
Book Value (BV) ( Riyal)	15.09
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	39.59
P/E (TTM)	39.59
Price/Book	1.20
Return on Average Assets (%) (TTM)	1.7
Return on Average Equity (%) (TTM)	3.1
Return on Market Cap (%)	2.2

Buruj Cooperative Insurance Co. (BURUJ)

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Buruj turns to SAR 20.1M profit in 2023; Q4 at SAR 5.9M

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Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million)

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Buruj Cooperative Insurance Co. (BURUJ)

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Buruj turns to SAR 20.1M profit in 2023; Q4 at SAR 5.9M

View other reports

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Buruj Cooperative Insurance Co. (BURUJ)

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Business Segments - Gross Premium Written (Million)