Al Sagr Insurance posts 40% drop in 9M 2024 profit to SAR 21.1M; Q3 at SAR 3.1M

05/11/2024 Argaam Exclusive

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Al Sagr Cooperative Insurance Co. reported a net profit of SAR 21.1 million for 9M 2024, dropping 40% from SAR 35 million a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Insurance Revenues	364.88	362.29	(0.7 %)
Net Income	34.99	21.06	(39.8 %)
Average Shares	21.24	21.24	-
EPS (Riyals)	1.65	0.99	(39.8 %)

Insurance revenue decreased by 1% year-on-year (YoY), mainly due to the decrease in earned premiums from the medical insurance business.

The insurer also cited a reduction in share of surplus from the insurance pool by SAR 9.9 million, an increase in net finance cost by SAR 2.2 million, and a fall in investment income by SAR 1.5 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Gross Written Premium (GWP)	125.49	-	-
Insurance Revenues	128.90	128.03	(0.7 %)
Net Income	18.00	3.13	(82.6 %)
Average Shares	21.24	21.24	-
EPS (Riyals)	0.85	0.15	(82.6 %)

Item	Q2 2024	Q3 2024	Change‬
Gross Written Premium (GWP)	146.67	-	-
Insurance Revenues	115.47	128.03	10.9 %
Net Income	10.51	3.13	(70.3 %)
Average Shares	21.24	21.24	-
EPS (Riyals)	0.49	0.15	(70.3 %)

In Q3 2024, net earnings plunged 83% to SAR 3.1 million, compared with SAR 18 million a year earlier, mainly due to a 1% fall YoY in insurance revenue.

Insurance Operations

Item	9m 2023	9m 2024	Change‬
Insurance Revenues	364.88	362.29	(0.7 %)
Insurance Services Income	34.32	17.54	(48.9 %)
Investment Income	22.46	20.89	(7.0 %)
Net Profit of Insurance Services and Investment	58.40	37.80	(35.3 %)

On a quarterly basis, Q3 net profit slumped 70.3% from SAR 10.51 million.

Total shareholders’ equity, no minority interest, stood at SAR 372.2 million by Sept. 30, 2024, compared to SAR 188.4 million a year earlier.

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