Financial Results : Buruj H1 2024 profit falls 44% to SAR 7.2M; Q2 at SAR 3.3M

Buruj H1 2024 profit falls 44% to SAR 7.2M; Q2 at SAR 3.3M

05/08/2024 Argaam Exclusive

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Buruj Cooperative Insurance Co. posted a 44% profit drop to SAR 7.2 million in H1 2024, from SAR 12.9 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 245.90 180.39 (26.6 %)
Insurance Revenues 168.92 194.29 15.0 %
Net Profit Before Zakat & Tax 17.84 10.96 (38.6 %)
Net Income 12.86 7.16 (44.3 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.43 0.24 (44.3 %)

The lower profit was mainly attributed to a decrease in other income of SAR 10.22 million, compared to same period of 2023 despite the favorable increase in net insurance service results of SAR 4.85 million, compared to H1 2023.

 

Buruj also reported an increase in gross written premiums (GWPs) of SAR 19.89 million. The company reversed loan provisions of SAR 90,907 in H1 2024, against expenses of SAR 5.33 million in H1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 105.80 71.52 (32.4 %)
Insurance Revenues 87.22 88.52 1.5 %
Net Profit Before Zakat & Tax 33.19 5.64 (83.0 %)
Net Income 30.71 3.34 (89.1 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 1.02 0.11 (89.1 %)

In Q2 2024, the company’s net profit plunged 89% to SAR 3.3 million, from SAR 30.7 million in Q2 2023. Net insurance service results dropped by SAR 19.03 million in the three-month period, as insurance service expenses increased by 33.81% year-on-year (YoY).

 

Other income fell by 100% YoY, while GWPs grew 3.07% on an annual basis.

 

Compared to Q1 2024, net earnings dropped 12.6% from SAR 3.82 million as revenue decreased on a decline in total earned premiums of SAR 14.13 million quarter-on-quarter (QoQ).

 

Net investment income also decreased by SAR 1.34 million QoQ despite better net insurance service results.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 245.90 180.39 (26.6 %)
Insurance Revenues 168.92 194.29 15.0 %
Insurance Services Income 1.16 6.01 418.1 %
Investment Income 12.42 11.18 (10.0 %)
Net Profit of Insurance Services and Investment 12.68 17.12 35.0 %

Shareholders’ equity, after minority interest, reached SAR 448.54 million by June 30, 2024, compared to SAR 448.22 million in the prior-year period.

 

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