Financial Results : Buruj turns to profits of SAR 3.8M in Q1 2024

Buruj turns to profits of SAR 3.8M in Q1 2024

13/05/2024 Argaam Exclusive

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Buruj Cooperative Insurance Co. swung to a net profit of SAR 3.8 million in Q1 2024 against a net loss of SAR 17.8 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Gross Written Premium (GWP) 140.09 108.87 (22.3 %)
Insurance Revenues 81.70 105.77 29.5 %
Net Profit Before Zakat & Tax (15.35) 5.32 134.7 %
Net Income (17.85) 3.82 121.4 %
Average Shares 30.00 30.00 -
EPS (Riyals) (0.59) 0.13 121.4 %

The company reported a positive increase in revenues in Q1 2024, on a 19.83% rise in the total earned premiums to SAR 17.2 million. This is despite a 22.29% retreat in gross written premiums (GWPs) to SAR 31.2 million.

 

It realized a surplus in the insurance services of SAR 2.4 million, against a deficit of SAR 21.4 million in Q1 2023.

 

This is due to a 29.46% increase in insurance revenues to SAR 24 million, in addition to a 61.79% hike in net investment income to SAR 2.4 million in Q1 2024.

 

Sequentially, net earnings dropped 35.5% from SAR 5.92 million in Q4 2023.

Insurance Operations

Item 3m 2023 3m 2024 Change‬
Gross Written Premium (GWP) 140.09 108.87 (22.3 %)
Insurance Revenues 81.70 105.77 29.5 %
Insurance Services Income (21.46) 2.42 111.3 %
Investment Income 3.87 6.26 61.8 %
Net Profit of Insurance Services and Investment (19.41) 8.81 145.4 %

Shareholders’ equity, with no minority interest, rose to SAR 445.2 million as of March 31, 2024, from SAR 399.6 million in the year-earlier period.

 

Total comprehensive income for the current period amounted to SAR 3.8 million against a total comprehensive loss of SAR 17.8 million for the same period of the previous year.

 

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