Al Sagr’s Q1 2024 profit drops 26% to SAR 7.4M

13/05/2024 Argaam Exclusive

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Al Sagr Cooperative Insurance Co. reported a profit of SAR 7.4 million in Q1 2024, a 26% decline from SAR 10 million a year before.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	114.02	108.87	(4.5 %)
Insurance Revenues	116.92	118.79	1.6 %
Net Profit Before Zakat & Tax	11.22	8.83	(21.4 %)
Net Income	10.02	7.43	(25.9 %)
Average Shares	21.24	21.24	-
EPS (Riyals)	0.47	0.35	(25.9 %)

Item	Q4 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	106.19	108.87	2.5 %
Insurance Revenues	121.35	118.79	(2.1 %)
Net Profit Before Zakat & Tax	10.31	8.83	(14.4 %)
Net Income	7.31	7.43	1.5 %
Average Shares	21.24	21.24	-
EPS (Riyals)	0.34	0.35	1.5 %

The annual profit slump was attributed mainly to the SAR 4.9 million slip in the insurance service segment’s results due to the SAR 4.3 million drop in the share of surplus from insurance pools.

On the other hand, insurance revenue increased 2% year-on-year (YoY) in Q1 2024, mainly due to higher premiums from the medical business.

Sequentially, the bottom line grew 1.5% from SAR 7.31 million in Q4 2023.

Insurance Operations

Item	3m 2023	3m 2024	Change‬
Gross Written Premium (GWP)	114.02	108.87	(4.5 %)
Insurance Revenues	116.92	118.79	1.6 %
Insurance Services Income	9.45	4.54	(52.0 %)
Investment Income	7.89	8.20	3.9 %
Net Profit of Insurance Services and Investment	18.32	12.94	(29.4 %)

Shareholders' equity, no minority interest, advanced to SAR 205.62 million at the end of Q1 2024, compared with SAR 163.48 million a year earlier.

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