Walaa profit falls 18% to SAR 84.4M in 9M 2024; Q3 at SAR 20.1M

03/11/2024 Argaam Exclusive

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Walaa Cooperative Insurance Co. posted a net profit of SAR 84.4 million in the first nine months of 2024, declining 18% from SAR 102.7 million a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Gross Written Premium (GWP)	2,465.95	2,779.96	12.7 %
Insurance Revenues	2,106.49	2,460.68	16.8 %
Net Profit Before Zakat & Tax	112.73	73.09	(35.2 %)
Net Income	102.73	84.40	(17.8 %)
Average Shares	85.06	85.06	-
EPS (Riyals)	1.21	0.99	(17.8 %)

The decline in profits was due to a loss in insurance services results in the current period, amounting to SAR 13.56 million, compared to a profit of SAR 21.90 million a year ago.

The company also reported a decline in insurance services results due to weaker performance across medical, protection and savings, and engineering insurance segments compared to the same period last year.

Other operating expenses for the current period increased to SAR 27.486 million, up from SAR 14.932 million in the same period last year, representing an 84.1% rise.

Net finance costs from insurance rose to SAR 7.7 million in the current period, compared to SAR 4.14 million in the same period last year, marking an 85.9% increase.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Gross Written Premium (GWP)	760.63	1,188.82	56.3 %
Insurance Revenues	741.67	897.43	21.0 %
Net Profit Before Zakat & Tax	44.78	23.85	(46.7 %)
Net Income	39.78	20.10	(49.5 %)
Average Shares	85.06	85.06	-
EPS (Riyals)	0.47	0.24	(49.5 %)

Item	Q2 2024	Q3 2024	Change‬
Gross Written Premium (GWP)	943.12	1,188.82	26.1 %
Insurance Revenues	796.18	897.43	12.7 %
Net Profit Before Zakat & Tax	26.94	23.85	(11.5 %)
Net Income	24.44	20.10	(17.7 %)
Average Shares	85.06	85.06	-
EPS (Riyals)	0.29	0.24	(17.7 %)

In Q3 2024, the insurance services provider's profit fell 49.5% to SAR 20.10 million, from SAR 39.78 million in Q3 2023.

On a quarterly basis, the company’s profit declined 17.7%, from SAR 24.44 million in Q2 2024.

Shareholders’ equity, no minority interest, amounted to SAR 1.35 billion as of Sept. 30, 2024, compared to SAR 1.21 billion in the same period a year ago.

Insurance Operations

Item	9m 2023	9m 2024	Change‬
Gross Written Premium (GWP)	2,465.95	2,779.96	12.7 %
Insurance Revenues	2,106.49	2,460.68	16.8 %
Insurance Services Income	21.90	(13.56)	(161.9 %)
Investment Income	101.96	119.68	17.4 %
Net Profit of Insurance Services and Investment	119.72	98.41	(17.8 %)

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 %
2015	7.16	0.0 %	0.08	(56.27)	(1263.0 %)
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 %
2016	7.16	0.0 %	0.08	117.32	308.5 %
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 %
2017	7.16	0.0 %	0.08	141.73	20.8 %
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 %)
2018	7.16	0.0 %	0.08	100.37	(29.2 %)
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 %
2019	7.16	0.0 %	0.08	23.16	(76.9 %)
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 %
2020	7.16	0.0 %	0.08	72.63	213.6 %
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 %)
2021	7.16	0.0 %	0.08	(112.80)	(255.3 %)
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 %
2022	(68.08)	(1050.5 %)	(0.80)	(56.44)	50.0 %
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 %
2023	147.98	317.4 %	1.74	162.98	388.8 %
Q1 2024	39.86	64.0 %	0.47	22.30	(16.8 %)
Q2 2024	24.44	(36.8 %)	0.29	26.94	(34.5 %)
Q3 2024	20.10	(49.5 %)	0.24	23.85	(46.7 %)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	7.16	0.0 %	0.13	4.84	(80.4 %)
2015	7.16	0.0 %	0.08	(56.27)	(1263.0 %)
2016	7.16	0.0 %	0.08	117.32	308.5 %
2017	7.16	0.0 %	0.08	141.73	20.8 %
2018	7.16	0.0 %	0.08	100.37	(29.2 %)
2019	7.16	0.0 %	0.08	23.16	(76.9 %)
2020	7.16	0.0 %	0.08	72.63	213.6 %
2021	7.16	0.0 %	0.08	(112.80)	(255.3 %)
2022	(68.08)	(1050.5 %)	(0.80)	(56.44)	50.0 %
2023	147.98	317.4 %	1.74	162.98	388.8 %

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 %	-	-	-	-
2015	752.99	15.9 %	-	-	-	-
Q1 2016	262.06	32.9 %	-	-	-	-
Q2 2016	222.33	11.5 %	-	-	-	-
Q3 2016	268.44	17.8 %	-	-	-	-
Q4 2016	263.78	105.2 %	-	-	-	-
2016	1,016.61	35.0 %	-	-	-	-
Q1 2017	299.76	14.4 %	-	-	-	-
Q2 2017	217.64	(2.1 %)	-	-	-	-
Q3 2017	284.37	5.9 %	-	-	-	-
Q4 2017	300.56	13.9 %	-	-	-	-
2017	1,102.33	8.4 %	-	-	-	-
Q1 2018	310.53	3.6 %	-	-	-	-
Q2 2018	248.07	14.0 %	-	-	-	-
Q3 2018	256.94	(9.6 %)	-	-	-	-
Q4 2018	289.41	(3.7 %)	-	-	-	-
2018	1,104.96	0.2 %	-	-	-	-
Q1 2019	275.64	(11.2 %)	-	-	-	-
Q2 2019	298.12	20.2 %	-	-	-	-
Q3 2019	282.72	10.0 %	-	-	-	-
Q4 2019	358.92	24.0 %	-	-	-	-
2019	1,215.39	10.0 %	-	-	-	-
Q1 2020	333.98	21.2 %	-	-	-	-
Q2 2020	298.07	0.0 %	-	-	-	-
Q3 2020	412.57	45.9 %	-	-	-	-
Q4 2020	428.09	19.3 %	-	-	-	-
2020	1,472.70	21.2 %	-	-	-	-
Q1 2021	343.36	2.8 %	-	-	-	-
Q2 2021	842.56	182.7 %	-	-	-	-
Q3 2021	548.31	32.9 %	-	-	-	-
Q4 2021	604.60	41.2 %	-	-	-	-
2021	2,338.83	58.8 %	-	-	-	-
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)	-
2022	2,641.93	13.0 %	(120.00)	-	(48.11)	-
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 %
2023	3,346.16	26.7 %	28.12	123.4 %	188.75	492.3 %
Q1 2024	648.02	38.9 %	(14.35)	(431.0 %)	27.61	(18.1 %)
Q2 2024	943.12	(23.9 %)	5.79	48.7 %	39.33	(14.8 %)
Q3 2024	1,188.82	56.3 %	(5.00)	(136.5 %)	31.48	(21.0 %)

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	649.61	87.1 %	-	-	-	-
2015	752.99	15.9 %	-	-	-	-
2016	1,016.61	35.0 %	-	-	-	-
2017	1,102.33	8.4 %	-	-	-	-
2018	1,104.96	0.2 %	-	-	-	-
2019	1,215.39	10.0 %	-	-	-	-
2020	1,472.70	21.2 %	-	-	-	-
2021	2,338.83	58.8 %	-	-	-	-
2022	2,641.93	13.0 %	(120.00)	-	(48.11)	-
2023	3,346.16	26.7 %	28.12	123.4 %	188.75	492.3 %

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
Q2 2024	85.06	1.76	1.52	15.67
Q3 2024	85.06	1.52	1.29	15.91

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	54.48	0.13	(0.07)	(0.58)
2015	85.06	0.08	(0.71)	(0.91)
2016	85.06	0.08	1.27	0.42
2017	85.06	0.08	1.53	2.01
2018	85.06	0.08	1.01	2.71
2019	85.06	0.08	0.25	1.66
2020	85.06	0.08	0.60	3.17
2021	85.06	0.08	(1.43)	1.93
2022	85.06	(0.80)	(0.80)	13.13
2023	85.06	1.74	1.74	14.91

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
Q2 2024	16.46	19.05
Q3 2024	14.33	16.99

Period	P/E	Adjusted P/E
2014	More than 100	NEG
2015	More than 100	NEG
2016	More than 100	13.32
2017	More than 100	15.98
2018	More than 100	17.90
2019	More than 100	More than 100
2020	More than 100	36.47
2021	More than 100	NEG
2022	NEG	NEG
2023	10.90	10.90

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
Q2 2024	126.76	90.63	17.94	58.40	77.28	85.70	486.41
Q3 2024	150.24	232.32	462.93	29.80	64.61	186.93	62.00

Period	Medical Insurance	Comprehensive Motor Insurance	Property & casualty	Insurance - Engineering	Protection & Saving	Other classes	insurance energy
2014	47.26	240.49	186.44	115.43	-	60.00	-
2015	68.81	421.25	122.51	76.81	-	63.62	-
2016	148.90	572.26	161.36	48.40	-	85.68	-
2017	103.30	706.60	93.94	87.21	-	111.28	-
2018	95.57	612.21	197.56	73.07	-	126.55	-
2019	96.37	622.25	240.02	102.51	-	154.24	-
2020	120.41	699.41	301.80	122.15	11.38	217.55	-
2021	362.40	610.55	306.01	89.39	154.89	306.89	508.70
2022	656.84	440.65	207.20	173.00	213.08	310.47	640.70
2023	680.12	795.22	298.81	244.90	283.89	465.48	577.75

Financial Ratios

	Current
Market Cap (M)	1,884.71
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)	17.24
P/E (TTM)	14.54
Price/Book	1.39
Return on Average Assets (%) (TTM)	3.2
Return on Average Equity (%) (TTM)	10.1
Return on Market Cap (%)	7.0

Walaa Cooperative Insurance Co. (WALAA)

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Walaa profit falls 18% to SAR 84.4M in 9M 2024; Q3 at SAR 20.1M

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Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million)

Revenue by Business Segment (Latest) 2024 Q3

Financial Ratios

Share Price

Walaa Cooperative Insurance Co. (WALAA)

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Walaa profit falls 18% to SAR 84.4M in 9M 2024; Q3 at SAR 20.1M

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Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million) Q3 2024

Revenue by Business Segment (Latest) 2024 Q3

Financial Ratios

Share Price

Walaa Cooperative Insurance Co. (WALAA)

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Business Segments - Gross Premium Written (Million)