SAICO swings to SAR 71.1M profit in 2023; Q4 at SAR 11.6M

20/03/2024 Argaam Exclusive

Saudi Arabian Cooperative Insurance Co. (SAICO) reported a net profit of SAR 71.1 million for 2023, versus a net loss of SAR 61.7 million a year earlie



Financials (M)

Item 2022 2023 Change‬
Gross Written Premium (GWP) 1,039.42 1,061.78 2.2 %
Insurance Revenues 911.68 1,044.52 14.6 %
Net Profit Before Zakat & Tax (54.41) 78.33 244.0 %
Net Income (61.65) 71.10 215.3 %
Average Shares 30.00 30.00 -
EPS (Riyals) (2.05) 2.37 215.3 %

This was fueled by 2023 net insurance service results that reached SAR 51.75 million, compared to (SAR 77.84 million) during the year before.

 

Net insurance finance expenses for 2023 decreased to (SAR 2.66 million), compared to (SAR 5.26 million) during the year before.

 

This was offset by a decrease of 21.65% in net investment results while other operating expenses increased by 115%.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Gross Written Premium (GWP) 187.25 206.43 10.2 %
Insurance Revenues 257.13 271.42 5.6 %
Net Profit Before Zakat & Tax (6.68) 13.27 298.8 %
Net Income (7.53) 11.58 253.8 %
Average Shares 30.00 30.00 -
EPS (Riyals) (0.25) 0.39 253.8 %

Q4 2023 net profit stood at SAR 11.6 million, against a net loss of SAR 7.53 million in the prior year period.

 

On a quarterly basis, net profit decreased 47.9%, from SAR 22.22 million.

 

Total shareholders’ equity, no minority interest, stood at SAR 313.60 million by Dec. 31, 2023, compared to SAR 235.43 million a year earlier.

 

Accumulated losses reached SAR 76.2 million by Dec. 31, 2023, representing 25.41% of capital amounting to SAR 300 million.

Insurance Operations

Item 2022 2023 Change‬
Gross Written Premium (GWP) 1,039.42 1,061.78 2.2 %
Insurance Revenues 911.68 1,044.52 14.6 %
Insurance Services Income (77.85) 51.76 166.5 %
Investment Income 26.88 21.06 (21.7 %)
Net Profit of Insurance Services and Investment (56.23) 70.15 224.8 %

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Share Price

Saudi Arabian Cooperative Insurance Co.
14.98
0.20 1.35 %

Saudi Arabian Cooperative Insurance Co. (SAICO)

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Financial Ratios
Current
Market Cap (M) 449.40
Shares Outstanding (M) 30.00
EPS ( Riyal) (TTM) 1.62
Book Value (BV) ( Riyal) 11.69
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 9.22
P/E (TTM) 9.22
Price/Book 1.28
Return on Average Assets (%) (TTM) 2.8
Return on Average Equity (%) (TTM) 15.1
Return on Market Cap (%) 9.8
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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2014 2.83 339.3 % 0.14 3.19 573.4 %
Q2 2014 4.21 158.3 % 0.21 4.57 167.2 %
Q3 2014 9.24 191.5 % 0.47 9.90 201.1 %
Q4 2014 1.96 123.1 % 0.10 2.57 130.1 %
Q1 2015 4.79 69.4 % 0.24 6.56 105.5 %
Q2 2015 7.59 80.6 % 0.25 8.17 78.9 %
Q3 2015 10.36 12.2 % 0.35 11.15 12.7 %
Q4 2015 9.56 389.1 % 0.32 10.92 325.5 %
Q1 2016 0.30 (93.8 %) 0.01 1.67 (74.6 %)
Q2 2016 19.92 162.3 % 0.66 21.60 164.3 %
Q3 2016 15.46 49.2 % 0.52 17.37 55.8 %
Q4 2016 15.16 58.6 % 0.51 17.53 60.5 %
Q1 2017 7.84 2546.0 % 0.26 9.40 464.1 %
Q2 2017 9.82 (50.7 %) 0.33 11.51 (46.7 %)
Q3 2017 14.39 (6.9 %) 0.48 16.39 (5.6 %)
Q4 2017 11.33 (25.3 %) 0.38 14.62 (16.6 %)
Q1 2018 (2.10) (126.8 %) (0.07) 0.03 (99.6 %)
Q2 2018 (1.97) (120.0 %) (0.07) 0.41 (96.4 %)
Q3 2018 (9.61) (166.8 %) (0.32) (7.35) (144.9 %)
Q4 2018 (8.03) (170.9 %) (0.27) (6.11) (141.8 %)
Q1 2019 0.54 125.7 % 0.02 3.01 8784.7 %
Q2 2019 2.48 226.0 % 0.08 4.04 874.5 %
Q3 2019 (0.40) 95.9 % (0.01) 1.71 123.3 %
Q4 2019 (13.27) (65.1 %) (0.44) (11.16) (82.7 %)
Q1 2020 (12.15) (2352.3 %) (0.41) (10.04) (433.5 %)
Q2 2020 35.10 1315.5 % 1.17 37.21 820.6 %
Q3 2020 10.27 2675.1 % 0.34 12.48 629.5 %
Q4 2020 14.11 206.3 % 0.47 17.94 260.8 %
Q1 2021 (15.20) (25.1 %) (0.51) (15.21) (51.4 %)
Q2 2021 (17.11) (148.8 %) (0.57) (15.06) (140.5 %)
Q3 2021 (9.69) (194.3 %) (0.32) (7.64) (161.2 %)
Q4 2021 (20.64) (246.3 %) (0.69) (17.63) (198.3 %)
Q1 2022 2.00 113.2 % 0.07 4.25 127.9 %
Q2 2022 (46.34) (170.8 %) (1.54) (44.81) (197.5 %)
Q3 2022 (9.77) (0.9 %) (0.33) (7.17) 6.1 %
Q4 2022 (7.53) 63.5 % (0.25) (6.68) 62.1 %
Q1 2023 8.23 311.5 % 0.27 10.08 137.1 %
Q2 2023 29.07 162.7 % 0.97 30.92 169.0 %
Q3 2023 22.22 327.4 % 0.74 24.07 435.5 %
Q4 2023 11.58 253.8 % 0.39 13.27 298.8 %
2023 71.10 215.3 % 2.37 78.33 244.0 %

Insurance Operations Performance (M)

Compared With The
Period Gross Written Premium (GWP) Change Insurance Services Income Change Net Profit of Insurance Services and Investment Change
Q1 2014 271.88 0.8 % - - - -
Q2 2014 150.20 31.5 % - - - -
Q3 2014 224.60 68.4 % - - - -
Q4 2014 157.06 47.1 % - - - -
Q1 2015 454.98 67.3 % - - - -
Q2 2015 168.50 12.2 % - - - -
Q3 2015 154.68 (31.1 %) - - - -
Q4 2015 110.06 (29.9 %) - - - -
Q1 2016 342.36 (24.8 %) - - - -
Q2 2016 179.15 6.3 % - - - -
Q3 2016 160.44 3.7 % - - - -
Q4 2016 119.87 8.9 % - - - -
Q1 2017 374.92 9.5 % - - - -
Q2 2017 148.94 (16.9 %) - - - -
Q3 2017 157.11 (2.1 %) - - - -
Q4 2017 123.61 3.1 % - - - -
Q1 2018 370.65 (1.1 %) - - - -
Q2 2018 212.63 42.8 % - - - -
Q3 2018 159.55 1.5 % - - - -
Q4 2018 207.17 67.6 % - - - -
Q1 2019 359.35 (3.0 %) - - - -
Q2 2019 194.86 (8.4 %) - - - -
Q3 2019 141.98 (11.0 %) - - - -
Q4 2019 138.16 (33.3 %) - - - -
Q1 2020 334.64 (6.9 %) - - - -
Q2 2020 189.83 (2.6 %) - - - -
Q3 2020 141.39 (0.4 %) - - - -
Q4 2020 129.18 (6.5 %) - - - -
Q1 2021 357.00 6.7 % - - - -
Q2 2021 161.31 (15.0 %) - - - -
Q3 2021 109.38 (22.6 %) - - - -
Q4 2021 149.85 16.0 % - - - -
Q1 2022 424.99 19.0 % (10.19) - 4.87 -
Q2 2022 249.57 54.7 % (45.23) - (43.78) -
Q3 2022 177.61 62.4 % (7.86) - (5.83) -
Q4 2022 187.25 25.0 % (14.56) - (11.49) -
Q1 2023 464.70 9.3 % 0.50 104.9 % 4.37 (10.3 %)
Q2 2023 228.64 (8.4 %) 28.13 162.2 % 32.24 173.6 %
Q3 2023 - - 25.35 422.4 % 29.63 608.6 %
Q4 2023 206.43 10.2 % (3.97) 72.7 % 2.17 118.8 %
2023 1,061.78 2.2 % 51.76 166.5 % 70.15 224.8 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 19.73 (1.16) (1.16) 2.77
Q2 2014 19.73 (0.58) (0.58) 2.98
Q3 2014 19.73 0.40 0.40 3.45
Q4 2014 19.73 0.92 0.92 3.55
Q1 2015 19.73 1.02 1.02 3.79
Q2 2015 30.00 0.79 0.79 7.59
Q3 2015 30.00 0.82 0.82 7.93
Q4 2015 30.00 1.08 1.08 8.24
Q1 2016 30.00 0.93 0.93 8.25
Q2 2016 30.00 1.34 1.34 8.92
Q3 2016 30.00 1.51 1.51 9.43
Q4 2016 30.00 1.69 1.69 9.94
Q1 2017 30.00 1.95 1.95 10.20
Q2 2017 30.00 1.61 1.61 10.53
Q3 2017 30.00 1.57 1.57 11.01
Q4 2017 30.00 1.45 1.45 11.38
Q1 2018 30.00 1.11 1.11 11.31
Q2 2018 30.00 0.72 0.72 11.25
Q3 2018 30.00 (0.08) (0.08) 10.93
Q4 2018 30.00 (0.72) (0.72) 10.69
Q1 2019 30.00 (0.64) (0.64) 10.68
Q2 2019 30.00 (0.49) (0.49) 10.76
Q3 2019 30.00 (0.18) (0.18) 10.75
Q4 2019 30.00 (0.35) (0.35) 10.35
Q1 2020 30.00 (0.78) (0.78) 9.95
Q2 2020 30.00 0.31 0.31 11.12
Q3 2020 30.00 0.67 0.67 11.46
Q4 2020 30.00 1.58 1.58 11.88
Q1 2021 30.00 1.48 1.48 11.38
Q2 2021 30.00 (0.26) (0.26) 10.81
Q3 2021 30.00 (0.93) (0.93) 10.48
Q4 2021 30.00 (2.09) (2.09) 9.76
Q1 2022 30.00 (1.51) (1.51) 9.80
Q2 2022 30.00 (2.49) (2.49) 8.26
Q3 2022 30.00 (2.49) (2.49) 7.93
Q4 2022 30.00 (2.05) (2.05) 7.85
Q1 2023 30.00 (1.85) (1.85) 8.12
Q2 2023 30.00 0.67 0.67 9.09
Q3 2023 30.00 1.73 1.73 9.80
Q4 2023 30.00 2.37 2.37 10.45

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2014 NEG NEG
Q2 2014 NEG NEG
Q3 2014 More than 100 More than 100
Q4 2014 24.50 24.50
Q1 2015 31.03 31.03
Q2 2015 25.99 25.99
Q3 2015 17.82 17.82
Q4 2015 13.77 13.77
Q1 2016 15.34 15.34
Q2 2016 9.78 9.78
Q3 2016 6.96 6.96
Q4 2016 9.31 9.31
Q1 2017 9.15 9.15
Q2 2017 9.92 9.92
Q3 2017 10.66 10.66
Q4 2017 10.24 10.24
Q1 2018 14.27 14.27
Q2 2018 21.26 21.26
Q3 2018 NEG NEG
Q4 2018 NEG NEG
Q1 2019 NEG NEG
Q2 2019 NEG NEG
Q3 2019 NEG NEG
Q4 2019 NEG NEG
Q1 2020 NEG NEG
Q2 2020 33.28 33.28
Q3 2020 30.22 30.22
Q4 2020 13.06 13.06
Q1 2021 16.59 16.59
Q2 2021 NEG NEG
Q3 2021 NEG NEG
Q4 2021 NEG NEG
Q1 2022 NEG NEG
Q2 2022 NEG NEG
Q3 2022 NEG NEG
Q4 2022 NEG NEG
Q1 2023 NEG NEG
Q2 2023 19.14 19.14
Q3 2023 7.72 7.72
Q4 2023 6.34 6.34

Business Segments - Gross Premium Written (Million)

Compared With The
Period Property & Casualty Motor Medical / Health Protection Comprehensive Motor Insurance Medical Insurance property and others Fire and burglary Marine Insurance Insurance - Engineering General responsibility Other classes
Q1 2013 - - - - 48.29 77.07 19.97 90.60 7.62 13.83 5.68 6.55
Q2 2013 - - - - 24.34 59.14 1.22 11.89 7.57 4.85 2.36 2.72
Q3 2013 - - - - 20.62 76.28 10.95 4.53 5.84 9.54 2.43 3.19
Q4 2013 - - - - 29.95 37.48 3.70 12.02 8.34 10.14 3.18 1.95
Q1 2014 - - - - 50.30 95.07 9.76 87.78 6.96 11.64 4.29 6.07
Q2 2014 - - - - 37.66 71.91 1.70 12.48 8.33 11.90 3.52 2.71
Q3 2014 - - - - 71.86 105.33 11.34 5.02 16.70 5.85 3.84 4.66
Q4 2014 - - - - 69.48 43.28 4.92 16.12 5.27 10.91 4.60 2.48
Q1 2015 - - - - 122.58 174.79 8.50 118.53 6.03 8.59 8.27 7.69
Q2 2015 - - - - 47.45 71.46 2.69 12.55 13.69 15.14 2.62 2.90
Q3 2015 - - - - 46.04 68.29 11.67 6.15 10.17 6.17 2.18 4.01
Q4 2015 - - - - 49.52 35.99 2.74 5.08 5.97 3.93 3.05 3.77
Q1 2016 - - - - 89.22 98.22 14.16 118.79 6.26 4.31 6.65 4.75
Q2 2016 - - - - 52.85 82.64 3.96 16.95 8.89 8.13 2.95 2.78
Q3 2016 - - - - 38.86 88.59 8.02 7.73 2.67 9.33 1.77 3.47
Q4 2016 - - - - 35.44 51.50 6.76 3.94 8.41 5.00 5.02 3.80
Q1 2017 - - - - 87.13 118.68 13.06 137.09 5.97 4.44 5.88 2.68
Q2 2017 - - - - 48.63 60.51 7.36 14.06 9.75 3.34 2.62 2.67
Q3 2017 - - - - 24.21 111.95 8.44 3.51 2.42 1.85 1.00 3.74
Q4 2017 - - - - 36.33 62.97 8.04 2.82 4.95 3.90 2.36 2.24
Q1 2018 - - - - 60.87 145.02 164.76 - - - - -
Q2 2018 - - - - 57.93 124.86 29.85 - - - - -
Q3 2018 - - - - 34.03 105.06 20.45 - - - - -
Q4 2018 - - - - 90.15 89.94 27.07 - - - - -
Q1 2019 - - - - 110.44 94.44 154.47 - - - - -
Q2 2019 - - - - 67.52 100.52 26.82 - - - - -
Q3 2019 - - - - 53.56 72.56 15.86 - - - - -
Q4 2019 - - - - 40.24 62.64 35.28 - - - - -
Q1 2020 - - - - 66.08 96.47 172.10 - - - - -
Q2 2020 - - - - 52.22 94.00 43.61 - - - - -
Q3 2020 - - - - 46.52 70.63 24.24 - - - - -
Q4 2020 - - - - 54.88 56.34 17.95 - - - - -
Q1 2021 - - - - 70.55 134.86 151.59 - - - - -
Q2 2021 - - - - 30.67 102.67 27.98 - - - - -
Q3 2021 - - - - 22.35 61.10 25.93 - - - - -
Q4 2021 - - - - 62.35 67.19 20.31 - - - - -
Q1 2023 231.74 124.39 106.44 2.14 - - - - - - - -
Q2 2023 44.56 83.44 99.95 0.70 - - - - - - - -
Q3 2023 34.68 68.70 58.24 0.39 - - - - - - - -

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