Financial Results : Al Sagr profit drops 25% to SAR 31.9M in 2024; Q4 at SAR 10.8M

Al Sagr profit drops 25% to SAR 31.9M in 2024; Q4 at SAR 10.8M

18/03/2025 Argaam Exclusive

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Al Sagr Cooperative Insurance Co. reported a profit of SAR 31.9 million for 2024, down 25% from SAR 42.3 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Gross Written Premium (GWP) 471.50 601.79 27.6 %
Insurance Revenues 486.23 503.66 3.6 %
Net Income 42.30 31.86 (24.7 %)
Average Shares 21.24 25.28 19.1 %
Earnings Per Share before unusual items (Riyals) 1.99 1.26 (36.7 %)
EPS (Riyals) 1.99 1.26 (36.7 %)

The profit drop was mainly attributed to a SAR 10.7 million year-on-year (YoY) decrease in the surplus share from the joint insurance portfolio for Hajj and Umrah in 2024.

 

In addition, investment income declined by SAR 6.5 million YoY, while financing costs increased by SAR 1.5 million YoY. The profit decline was offset by a SAR 9.6 million increase in the insurance services results from the company’s operations compared to last year.

 

Moreover, insurance revenues rose by 4% YoY due to a 28% annual increase in gross written premiums. This increase was primarily driven by the vehicle insurance segment.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Gross Written Premium (GWP) 106.19 179.45 69.0 %
Insurance Revenues 121.35 141.37 16.5 %
Net Income 7.31 10.80 47.6 %
Average Shares 21.24 25.28 19.1 %
Earnings Per Share before unusual items 0.34 0.43 24.0 %
EPS (Riyals) 0.34 0.43 24.0 %

Insurance Operations

Item 2023 2024 Change‬
Gross Written Premium (GWP) 471.50 601.79 27.6 %
Insurance Revenues 486.23 503.66 3.6 %
Insurance Services Income 34.93 33.78 (3.3 %)
Investment Income 33.90 27.38 (19.2 %)
Net Profit of Insurance Services and Investment 69.84 60.63 (13.2 %)

Q4 2024 net profit rose 48% YoY to SAR 10.8 million.

 

On a quarterly basis, net profit soared 245.5% from SAR 3.13 million in Q3 2024.

 

Total shareholders’ equity, no minority interest, surged to SAR 400.9 million by Dec. 31, 2024, compared to SAR 198.19 million a year earlier.

 

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