Buruj 9M 2024 profit drops 45% to SAR 7.8M; Q3 at SAR 0.61M

05/11/2024 Argaam Exclusive

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Buruj Cooperative Insurance Co. posted a 45% profit decline to SAR 7.8 million in the first nine months of 2024, from SAR 14.2 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Gross Written Premium (GWP)	342.47	267.78	(21.8 %)
Insurance Revenues	267.20	282.71	5.8 %
Net Profit Before Zakat & Tax	21.64	13.58	(37.3 %)
Net Income	14.16	7.78	(45.1 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.47	0.26	(45.1 %)

The lower profit was primarily due to a decline in the company's share of Hajj and Umrah revenues and other revenues, amounting to SAR 9.07 million and SAR 807.614, respectively.

This decline occurred despite an increase in net investment income by SAR 1.65 million, representing a growth rate of 8.84%, as well as a rise in revenue during the current period compared to the year-ago period, primarily driven by an increase in gross earned premiums of SAR 8.83 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Gross Written Premium (GWP)	96.58	87.39	(9.5 %)
Insurance Revenues	98.28	88.42	(10.0 %)
Net Profit Before Zakat & Tax	4.00	2.61	(34.7 %)
Net Income	1.50	0.61	(59.1 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.05	0.02	(59.1 %)

Item	Q2 2024	Q3 2024	Change‬
Gross Written Premium (GWP)	71.52	87.39	22.2 %
Insurance Revenues	88.52	88.42	(0.1 %)
Net Profit Before Zakat & Tax	5.64	2.61	(53.7 %)
Net Income	3.34	0.61	(81.6 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.11	0.02	(81.6 %)

In Q3 2024, the company’s net profit dropped 59.1% to SAR 0.61 million, from SAR 1.5 million in Q3 2023.

Insurance Operations

Item	9m 2023	9m 2024	Change‬
Gross Written Premium (GWP)	342.47	267.78	(21.8 %)
Insurance Revenues	267.20	282.71	5.8 %
Insurance Services Income	3.21	6.74	110.0 %
Investment Income	18.78	20.44	8.8 %
Net Profit of Insurance Services and Investment	20.64	26.21	27.0 %

On a sequential basis, net earnings fell 81.6% from SAR 3.34 million in Q2 2024.

Shareholders’ equity, after minority interest, reached SAR 449.15 million by Sept. 30, 2024, compared to SAR 431.67 million in the prior-year period.

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