Al Sagr Insurance profit up 6% to SAR 17.9M in H1 2024; Q2 at SAR 10.5M

05/08/2024 Argaam Exclusive

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Al Sagr Cooperative Insurance Co. (Al Sagr Insurance) reported a profit of SAR 17.9 million for H1 2024, rising 6% from SAR 17 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	239.81	255.54	6.6 %
Insurance Revenues	235.97	234.26	(0.7 %)
Net Profit Before Zakat & Tax	20.19	20.73	2.7 %
Net Income	16.99	17.93	5.6 %
Average Shares	21.24	21.24	-
EPS (Riyals)	0.80	0.84	5.6 %

The higher earnings were driven by a decrease in insurance service expenses, primarily in property and vehicle insurance activities. This resulted in a positive impact on profit, offset by a lower surplus share from insurance premiums and investment income.

Conversely, insurance revenues declined by 1% year-on-year (YoY), primarily due to a decline in total premiums underwritten in medical insurance.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Gross Written Premium (GWP)	125.79	146.67	16.6 %
Insurance Revenues	119.05	115.47	(3.0 %)
Net Profit Before Zakat & Tax	8.97	11.91	32.8 %
Net Income	6.97	10.51	50.9 %
Average Shares	21.24	21.24	-
EPS (Riyals)	0.33	0.49	50.9 %

Item	Q1 2024	Q2 2024	Change‬
Gross Written Premium (GWP)	108.87	146.67	34.7 %
Insurance Revenues	118.79	115.47	(2.8 %)
Net Profit Before Zakat & Tax	8.83	11.91	34.9 %
Net Income	7.43	10.51	41.5 %
Average Shares	21.24	21.24	-
EPS (Riyals)	0.35	0.49	41.5 %

Profit increased by 51% to SAR 10.51 million in Q2 2024 from SAR 6.97 million in Q2 2023. Sequentially, earnings increased by 41.5% from SAR 7.43 million in Q1 2024.

Insurance Operations

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	239.81	255.54	6.6 %
Insurance Revenues	235.97	234.26	(0.7 %)
Insurance Services Income	15.10	16.77	11.1 %
Investment Income	16.50	11.70	(29.1 %)
Net Profit of Insurance Services and Investment	32.83	28.45	(13.3 %)

Total shareholders’ equity, no minority interest, stood at SAR 216.13 million by June 30, 2024, compared to SAR 170.44 million a year earlier.

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