Financial Results : Walaa Q1 2024 earnings leap 64% to SAR 39.9M

Walaa Q1 2024 earnings leap 64% to SAR 39.9M

12/05/2024 Argaam Exclusive

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Walaa Cooperative Insurance Co. posted a net profit of SAR 39.9 million in Q1 2024, soaring 64% compared with SAR 24.3 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Gross Written Premium (GWP) 466.68 648.02 38.9 %
Insurance Revenues 659.64 767.07 16.3 %
Net Profit Before Zakat & Tax 26.81 22.30 (16.8 %)
Net Income 24.31 39.86 64.0 %
Average Shares 85.06 85.06 -
EPS (Riyals) 0.29 0.47 64.0 %

Insurance revenues amounted to SAR 767.07 million, up 16.29% year-on-year (YoY) from SAR 659.63 million, mainly driven by business growth in motor, property, and engineering insurance segments.

 

Net investment results amounted to SAR 44.36 million, leaping 48.8% from SAR 29.81 million a year earlier.

 

Other income reached SAR 21.01 million, soaring from SAR 1.13 million in Q1 2023.

 

Meanwhile, other operating expenses fell 25% YoY to SAR 6 million.

Insurance Operations

Item 3m 2023 3m 2024 Change‬
Gross Written Premium (GWP) 466.68 648.02 38.9 %
Insurance Revenues 659.64 767.07 16.3 %
Insurance Services Income 4.34 (14.35) (430.6 %)
Investment Income 29.81 44.36 48.8 %
Net Profit of Insurance Services and Investment 33.69 27.61 (18.0 %)

In Q1 2024, the insurance services provider's profit fell 11.9% from SAR 45.25 million in Q4 2023, owing primarily to a 1.8% fall in revenues to SAR 767.07 million.

 

Shareholders’ equity, no minority interest, amounted to SAR 1.31 billion as of March 31, 2024, compared to SAR 1.14 billion in the same period a year ago.

 

View More Financial Results

 


Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 1.56 0.0 % 0.03 (8.97) 53.3 %
Q2 2015 3.75 0.0 % 0.04 (40.41) (364.5 %)
Q3 2015 2.18 0.0 % 0.03 (18.57) (144.5 %)
Q4 2015 (0.33) 0.0 % 0.00 11.69 230.1 %
Q1 2016 1.56 0.0 % 0.02 20.41 327.5 %
Q2 2016 3.75 0.0 % 0.04 30.59 175.7 %
Q3 2016 2.18 0.0 % 0.03 39.99 315.3 %
Q4 2016 (0.33) 0.0 % 0.00 26.32 125.2 %
Q1 2017 1.56 0.0 % 0.02 32.23 57.9 %
Q2 2017 3.75 0.0 % 0.04 35.59 16.3 %
Q3 2017 2.18 0.0 % 0.03 44.38 11.0 %
Q4 2017 (0.33) 0.0 % 0.00 32.05 21.8 %
Q1 2018 1.56 0.0 % 0.02 38.74 20.2 %
Q2 2018 3.75 0.0 % 0.04 34.33 (3.5 %)
Q3 2018 2.18 0.0 % 0.03 22.57 (49.1 %)
Q4 2018 (0.33) 0.0 % 0.00 4.73 (85.2 %)
Q1 2019 1.56 0.0 % 0.02 15.32 (60.4 %)
Q2 2019 3.75 0.0 % 0.04 (15.83) (146.1 %)
Q3 2019 2.18 0.0 % 0.03 7.94 (64.8 %)
Q4 2019 (0.33) 0.0 % 0.00 13.87 192.9 %
Q1 2020 1.56 0.0 % 0.02 (10.82) (170.6 %)
Q2 2020 3.75 0.0 % 0.04 28.35 279.1 %
Q3 2020 2.18 0.0 % 0.03 25.27 218.2 %
Q4 2020 (0.33) 0.0 % 0.00 29.82 115.1 %
Q1 2021 1.56 0.0 % 0.02 (23.86) (120.5 %)
Q2 2021 3.75 0.0 % 0.04 10.54 (62.8 %)
Q3 2021 2.18 0.0 % 0.03 (33.12) (231.0 %)
Q4 2021 (0.33) 0.0 % 0.00 (66.36) (322.5 %)
Q1 2022 (19.61) (1354.5 %) (0.23) (15.11) 36.7 %
Q2 2022 (48.10) (1381.9 %) (0.57) (46.10) (537.5 %)
Q3 2022 11.03 405.9 % 0.13 12.53 137.8 %
Q4 2022 (11.41) (3,315.9 %) (0.13) (7.77) 88.3 %
Q1 2023 24.31 224.0 % 0.29 26.81 277.5 %
Q2 2023 38.65 180.3 % 0.45 41.15 189.3 %
Q3 2023 39.78 260.5 % 0.47 44.78 257.2 %
Q4 2023 45.25 496.6 % 0.53 50.25 746.7 %
Q1 2024 39.86 64.0 % 0.47 22.30 (16.8 %)

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 2015 197.23 8.9 % - - - -
Q2 2015 199.44 13.6 % - - - -
Q3 2015 227.81 19.4 % - - - -
Q4 2015 128.52 25.8 % - - - -
Q1 2016 262.06 32.9 % - - - -
Q2 2016 222.33 11.5 % - - - -
Q3 2016 268.44 17.8 % - - - -
Q4 2016 263.78 105.2 % - - - -
Q1 2017 299.76 14.4 % - - - -
Q2 2017 217.64 (2.1 %) - - - -
Q3 2017 284.37 5.9 % - - - -
Q4 2017 300.56 13.9 % - - - -
Q1 2018 310.53 3.6 % - - - -
Q2 2018 248.07 14.0 % - - - -
Q3 2018 256.94 (9.6 %) - - - -
Q4 2018 289.41 (3.7 %) - - - -
Q1 2019 275.64 (11.2 %) - - - -
Q2 2019 298.12 20.2 % - - - -
Q3 2019 282.72 10.0 % - - - -
Q4 2019 358.92 24.0 % - - - -
Q1 2020 333.98 21.2 % - - - -
Q2 2020 298.07 0.0 % - - - -
Q3 2020 412.57 45.9 % - - - -
Q4 2020 428.09 19.3 % - - - -
Q1 2021 343.36 2.8 % - - - -
Q2 2021 842.56 182.7 % - - - -
Q3 2021 548.31 32.9 % - - - -
Q4 2021 604.60 41.2 % - - - -
Q1 2022 394.29 14.8 % (57.45) - (11.92) -
Q2 2022 1,006.97 19.5 % (1.31) - (29.84) -
Q3 2022 596.17 8.7 % 0.70 - 8.35 -
Q4 2022 644.51 6.6 % (61.94) - (14.70) -
Q1 2023 466.68 18.4 % 4.34 107.5 % 33.69 382.6 %
Q2 2023 1,238.64 23.0 % 3.89 396.0 % 46.16 254.7 %
Q3 2023 760.63 27.6 % 13.68 1848.3 % 39.86 377.4 %
Q4 2023 880.21 36.6 % 6.22 110.0 % 69.04 569.5 %
Q1 2024 648.02 38.9 % (14.35) (431.0 %) 27.61 (18.1 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 54.48 0.13 0.12 (0.70)
Q2 2015 85.06 0.08 (0.30) (0.51)
Q3 2015 85.06 0.08 (1.01) (0.97)
Q4 2015 85.06 0.08 (0.71) (0.91)
Q1 2016 85.06 0.08 (0.37) (0.77)
Q2 2016 85.06 0.08 0.45 (0.39)
Q3 2016 85.06 0.08 1.12 (0.07)
Q4 2016 85.06 0.08 1.27 0.42
Q1 2017 85.06 0.08 1.40 0.76
Q2 2017 85.06 0.08 1.44 1.19
Q3 2017 85.06 0.08 1.48 1.72
Q4 2017 85.06 0.08 1.56 2.01
Q1 2018 85.06 0.08 1.62 2.51
Q2 2018 85.06 0.08 1.60 2.47
Q3 2018 85.06 0.08 1.34 2.66
Q4 2018 85.06 0.08 1.01 2.71
Q1 2019 85.06 0.08 0.73 3.05
Q2 2019 85.06 0.08 0.14 1.28
Q3 2019 85.06 0.08 0.01 1.28
Q4 2019 85.06 0.08 0.23 1.66
Q1 2020 85.06 0.08 (0.06) 1.66
Q2 2020 85.06 0.08 0.48 2.15
Q3 2020 85.06 0.08 0.56 2.79
Q4 2020 85.06 0.08 0.60 3.17
Q1 2021 85.06 0.08 0.43 2.91
Q2 2021 85.06 0.08 0.20 3.11
Q3 2021 85.06 0.08 (0.40) 2.62
Q4 2021 85.06 0.08 (1.43) 1.93
Q1 2022 85.06 (0.16) (1.34) 10.19
Q2 2022 85.06 (0.77) (1.99) 9.64
Q3 2022 85.06 (0.67) (1.42) 9.78
Q4 2022 85.06 (0.80) (0.80) 13.13
Q1 2023 85.06 (0.28) (0.28) 13.41
Q2 2023 85.06 0.74 0.74 13.86
Q3 2023 85.06 1.07 1.07 14.33
Q4 2023 85.06 1.74 1.74 14.91
Q1 2024 85.06 1.92 1.68 15.38

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2015 More than 100 More than 100
Q2 2015 More than 100 NEG
Q3 2015 More than 100 NEG
Q4 2015 More than 100 NEG
Q1 2016 More than 100 NEG
Q2 2016 More than 100 23.34
Q3 2016 More than 100 10.39
Q4 2016 More than 100 13.32
Q1 2017 More than 100 15.06
Q2 2017 More than 100 14.27
Q3 2017 More than 100 14.01
Q4 2017 More than 100 15.67
Q1 2018 More than 100 15.32
Q2 2018 More than 100 14.66
Q3 2018 More than 100 14.67
Q4 2018 More than 100 17.90
Q1 2019 More than 100 26.63
Q2 2019 More than 100 More than 100
Q3 2019 More than 100 More than 100
Q4 2019 More than 100 More than 100
Q1 2020 More than 100 NEG
Q2 2020 More than 100 28.39
Q3 2020 More than 100 41.66
Q4 2020 More than 100 36.47
Q1 2021 More than 100 More than 100
Q2 2021 More than 100 More than 100
Q3 2021 More than 100 NEG
Q4 2021 More than 100 NEG
Q1 2022 NEG NEG
Q2 2022 NEG NEG
Q3 2022 NEG NEG
Q4 2022 NEG NEG
Q1 2023 NEG NEG
Q2 2023 24.63 24.63
Q3 2023 16.39 16.39
Q4 2023 10.90 10.90
Q1 2024 14.04 16.03

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Comprehensive Motor Insurance Property & casualty Insurance - Engineering Protection & Saving Other classes insurance energy
Q1 2015 10.63 143.25 12.49 13.09 - 17.76 -
Q2 2015 19.55 106.20 17.32 43.40 - 12.97 -
Q3 2015 17.36 93.07 88.91 10.22 - 18.26 -
Q4 2015 21.28 78.73 3.79 10.10 - 14.63 -
Q1 2016 43.18 147.42 5.78 26.60 - 39.09 -
Q2 2016 51.32 134.83 18.24 4.43 - 13.52 -
Q3 2016 32.80 147.48 53.89 13.31 - 20.97 -
Q4 2016 21.61 142.54 83.46 4.07 - 12.10 -
Q1 2017 13.43 225.76 6.37 15.49 - 38.71 -
Q2 2017 26.55 139.02 21.55 6.49 - 24.02 -
Q3 2017 29.87 130.79 58.79 42.07 - 22.86 -
Q4 2017 33.45 211.03 7.61 22.79 - 25.68 -
Q1 2018 24.15 213.42 5.53 15.04 - 52.38 -
Q2 2018 24.89 109.27 64.90 22.72 - 26.29 -
Q3 2018 31.90 123.38 66.25 9.05 - 26.36 -
Q4 2018 14.62 166.14 60.87 26.26 - 21.51 -
Q1 2019 17.60 185.16 20.23 19.02 - 33.64 -
Q2 2019 12.73 159.64 72.56 21.19 - 32.00 -
Q3 2019 23.81 118.66 87.52 14.77 - 37.96 -
Q4 2019 42.24 158.81 59.71 47.52 - 50.64 -
Q1 2020 26.80 206.82 17.72 34.94 0.66 47.05 -
Q2 2020 24.58 162.30 43.54 20.05 1.33 46.26 -
Q3 2020 15.60 156.08 162.36 28.46 3.41 46.67 -
Q4 2020 53.43 174.22 78.19 38.70 5.98 77.58 -
Q1 2021 56.59 164.10 10.52 29.41 18.67 64.06 -
Q2 2021 94.19 134.23 33.74 14.34 52.45 60.72 452.90
Q3 2021 98.02 163.05 77.56 27.31 35.23 98.65 48.49
Q4 2021 113.60 149.17 184.19 18.33 48.55 83.46 7.31
Q1 2022 174.07 113.96 13.47 12.87 16.30 39.54 24.10
Q2 2022 191.81 138.85 45.69 21.37 60.76 69.00 479.49
Q3 2022 175.00 94.81 74.86 61.94 37.92 112.59 39.06
Q4 2022 115.96 93.03 73.18 76.83 98.10 89.35 98.05
Q1 2023 123.56 104.55 25.27 42.62 86.72 66.90 17.07
Q2 2023 246.47 130.89 27.95 86.68 67.77 198.70 480.18
Q3 2023 130.22 264.70 96.88 63.56 69.27 116.99 18.97
Q4 2023 179.87 295.08 148.71 52.05 60.12 82.89 61.53
Q1 2024 147.14 126.94 25.73 188.57 67.10 68.34 24.21


Financial Ratios
Current
Market Cap (M) 1,883.01
Shares Outstanding (M) 85.06
EPS ( Riyal) (TTM) 1.52
Book Value (BV) ( Riyal) 15.91
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 17.22
P/E (TTM) 14.52
Price/Book 1.39
Return on Average Assets (%) (TTM) 3.2
Return on Average Equity (%) (TTM) 10.1
Return on Market Cap (%) 7.0
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Share Price

Walaa Cooperative Insurance Co.
22.14
(0.04) (0.18 %)

Walaa Cooperative Insurance Co. (WALAA)

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