Financial Results : UCA swings to SAR 5M profit in Q1 2024

UCA swings to SAR 5M profit in Q1 2024

13/05/2024 Argaam Exclusive

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United Cooperative Assurance Co. (UCA) turned to a net profit of SAR 5 million in Q1 2024, from a net loss of SAR 10 million a year earlier



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Gross Written Premium (GWP) 409.08 391.80 (4.2 %)
Insurance Revenues 196.65 249.61 26.9 %
Net Profit Before Zakat & Tax (9.88) 5.51 155.8 %
Net Income (9.96) 5.01 150.3 %
Average Shares 40.00 40.00 -
EPS (Riyals) (0.25) 0.13 150.3 %

The higher profit was driven by business growth and prosperity, in addition to an improvement of 71%, or SAR 27.77 million, year-on-year in insurance services results.

 

Net profit from insurance services reached SAR 13.24 million, against a net loss of SAR 13.76 million, supported by business growth and improvement in gross loss ratios.

 

Net investment return rose 33% to SAR 3.62 million in Q1 2024, compared to SAR 2.729 million in Q1 2023.

Insurance Operations

Item 3m 2023 3m 2024 Change‬
Gross Written Premium (GWP) 409.08 391.80 (4.2 %)
Insurance Revenues 196.65 249.61 26.9 %
Insurance Services Income (7.74) 14.49 287.2 %
Investment Income 2.73 3.62 32.6 %
Net Profit of Insurance Services and Investment (3.99) 18.14 554.6 %

Total shareholders’ equity, no minority interest, stood at SAR 270.16 million as of March 31, 2024, compared to SAR 246.19 million in the prior-year period.

 

Accumulated losses reached SAR 175.55 million at the end of the current period, representing 43.89% of the company's capital.

 

View more financial results

 


Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 5.59 599.9 % 0.14 6.59 186.7 %
Q2 2015 16.46 185.8 % 0.41 17.46 198.7 %
Q3 2015 10.57 (45.2 %) 0.26 12.07 (41.9 %)
Q4 2015 (89.09) (5.2 %) (2.23) (89.09) (4.0 %)
Q1 2016 18.24 226.2 % 0.46 19.24 191.9 %
Q2 2016 42.16 156.2 % 1.05 43.16 147.3 %
Q3 2016 23.09 118.5 % 0.58 26.09 116.2 %
Q4 2016 10.28 111.5 % 0.26 11.28 112.7 %
Q1 2017 32.72 79.4 % 0.82 34.22 77.8 %
Q2 2017 25.93 (38.5 %) 0.65 27.43 (36.4 %)
Q3 2017 (3.67) (115.9 %) (0.09) (2.17) (108.3 %)
Q4 2017 (24.38) (337.2 %) (0.61) (22.88) (302.9 %)
Q1 2018 (9.11) (127.8 %) (0.23) (7.61) (122.2 %)
Q2 2018 1.08 (95.8 %) 0.03 3.08 (88.8 %)
Q3 2018 (13.94) (280.4 %) (0.35) (11.94) (451.4 %)
Q4 2018 (42.20) (73.1 %) (1.06) (43.70) (91.0 %)
Q1 2019 (6.53) 28.3 % (0.16) (5.53) 27.3 %
Q2 2019 6.29 480.2 % 0.16 7.29 136.3 %
Q3 2019 6.56 147.1 % 0.16 7.56 163.3 %
Q4 2019 1.22 102.9 % 0.03 6.22 114.2 %
Q1 2020 (5.09) 22.0 % (0.13) (3.09) 44.1 %
Q2 2020 (3.42) (154.3 %) (0.09) (1.42) (119.4 %)
Q3 2020 (15.20) (331.6 %) (0.38) (13.20) (274.6 %)
Q4 2020 (20.18) (1756.6 %) (0.50) 1.82 (70.7 %)
Q1 2021 (28.99) (469.5 %) (0.72) (26.99) (773.5 %)
Q2 2021 (8.53) (149.8 %) (0.21) (6.53) (361.5 %)
Q3 2021 (20.44) (34.5 %) (0.51) (18.44) (39.7 %)
Q4 2021 (15.72) 22.1 % (0.39) (13.72) (852.3 %)
Q1 2022 (21.59) 25.5 % (0.54) (19.59) 27.4 %
Q2 2022 (14.59) (71.0 %) (0.36) (14.59) (123.4 %)
Q3 2022 (14.88) 27.2 % (0.37) (13.88) 24.7 %
Q4 2022 (4.43) 71.8 % (0.11) (4.43) 67.7 %
Q1 2023 (9.96) 53.9 % (0.25) (9.88) 49.6 %
Q2 2023 (1.54) 89.4 % (0.04) (0.05) 99.6 %
Q3 2023 2.07 113.9 % 0.05 2.85 120.6 %
Q4 2023 14.73 432.7 % 0.37 16.64 475.9 %
Q1 2024 5.01 150.3 % 0.13 5.51 155.8 %

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 335.79 (13.4 %) - - - -
Q2 2015 271.76 40.9 % - - - -
Q3 2015 313.53 26.6 % - - - -
Q4 2015 350.66 4.1 % - - - -
Q1 2016 347.60 3.5 % - - - -
Q2 2016 260.93 (4.0 %) - - - -
Q3 2016 63.73 (79.7 %) - - - -
Q4 2016 147.34 (58.0 %) - - - -
Q1 2017 108.91 (68.7 %) - - - -
Q2 2017 251.43 (3.6 %) - - - -
Q3 2017 116.29 82.5 % - - - -
Q4 2017 103.93 (29.5 %) - - - -
Q1 2018 104.02 (4.5 %) - - - -
Q2 2018 88.76 (64.7 %) - - - -
Q3 2018 120.93 4.0 % - - - -
Q4 2018 78.27 (24.7 %) - - - -
Q1 2019 114.41 10.0 % - - - -
Q2 2019 86.22 (2.9 %) - - - -
Q3 2019 66.95 (44.6 %) - - - -
Q4 2019 152.71 95.1 % - - - -
Q1 2020 240.65 110.3 % - - - -
Q2 2020 148.51 72.3 % - - - -
Q3 2020 128.75 92.3 % - - - -
Q4 2020 98.95 (35.2 %) - - - -
Q1 2021 116.14 (51.7 %) - - - -
Q2 2021 91.12 (38.6 %) - - - -
Q3 2021 106.94 (16.9 %) - - - -
Q4 2021 95.56 (3.4 %) - - - -
Q1 2022 308.47 165.6 % (16.50) - (13.30) -
Q2 2022 176.94 94.2 % (19.58) - (3.57) -
Q3 2022 227.85 113.1 % (2.48) - (12.07) -
Q4 2022 108.58 13.6 % (4.41) - (5.46) -
Q1 2023 409.08 32.6 % (7.74) 53.1 % (3.99) 70.0 %
Q2 2023 187.02 5.7 % 6.33 132.3 % 4.80 234.8 %
Q3 2023 244.23 7.2 % 16.44 763.4 % 19.57 262.1 %
Q4 2023 189.10 74.2 % 18.12 510.7 % 20.22 470.4 %
Q1 2024 391.80 (4.2 %) 14.49 287.0 % 18.14 554.2 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 40.00 (1.98) (1.98) 9.14
Q2 2015 40.00 (1.09) (1.09) 9.51
Q3 2015 40.00 (1.30) (1.30) 9.68
Q4 2015 40.00 (1.41) (1.41) 7.37
Q1 2016 40.00 (1.10) (1.10) 7.77
Q2 2016 40.00 (0.45) (0.45) 8.87
Q3 2016 40.00 (0.14) (0.14) 9.40
Q4 2016 40.00 2.34 2.34 9.74
Q1 2017 40.00 2.71 2.71 10.58
Q2 2017 40.00 2.30 2.30 11.24
Q3 2017 40.00 1.63 1.63 11.15
Q4 2017 40.00 0.77 0.77 10.53
Q1 2018 40.00 (0.28) (0.28) 10.35
Q2 2018 40.00 (0.90) (0.90) 10.40
Q3 2018 40.00 (1.16) (1.16) 10.05
Q4 2018 40.00 (1.60) (1.60) 9.02
Q1 2019 40.00 (1.54) (1.54) 8.87
Q2 2019 40.00 (1.41) (1.41) 9.02
Q3 2019 40.00 (0.90) (0.90) 9.19
Q4 2019 40.00 0.19 0.19 9.39
Q1 2020 40.00 0.22 0.22 9.36
Q2 2020 40.00 (0.02) (0.02) 9.27
Q3 2020 40.00 (0.56) (0.56) 8.89
Q4 2020 40.00 (1.10) (1.10) 8.32
Q1 2021 40.00 (1.69) (1.69) 7.54
Q2 2021 40.00 (1.82) (1.82) 7.31
Q3 2021 40.00 (1.95) (1.95) 6.63
Q4 2021 40.00 (1.84) (1.84) 6.25
Q1 2022 40.00 (1.66) (1.66) 7.15
Q2 2022 40.00 (1.81) (1.81) 6.79
Q3 2022 40.00 (1.67) (1.67) 6.42
Q4 2022 40.00 (1.39) (1.39) 6.40
Q1 2023 40.00 (1.10) (1.10) 6.15
Q2 2023 40.00 (0.77) (0.77) 6.12
Q3 2023 40.00 (0.35) (0.35) 6.17
Q4 2023 40.00 0.13 0.13 6.63
Q1 2024 40.00 0.51 0.51 6.75

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2015 NEG NEG
Q2 2015 NEG NEG
Q3 2015 NEG NEG
Q4 2015 NEG NEG
Q1 2016 NEG NEG
Q2 2016 NEG NEG
Q3 2016 NEG NEG
Q4 2016 6.81 6.81
Q1 2017 6.36 6.36
Q2 2017 7.26 7.26
Q3 2017 10.90 10.90
Q4 2017 20.61 20.61
Q1 2018 NEG NEG
Q2 2018 NEG NEG
Q3 2018 NEG NEG
Q4 2018 NEG NEG
Q1 2019 NEG NEG
Q2 2019 NEG NEG
Q3 2019 NEG NEG
Q4 2019 48.34 48.34
Q1 2020 36.53 36.53
Q2 2020 NEG NEG
Q3 2020 NEG NEG
Q4 2020 NEG NEG
Q1 2021 NEG NEG
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 NEG NEG
Q3 2023 NEG NEG
Q4 2023 More than 100 More than 100
Q1 2024 20.41 20.41

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Comprehensive Motor Insurance energy-insurance Engineering Other classes
Q1 2015 31.70 207.02 - - 97.07
Q2 2015 16.54 164.98 41.33 - 48.90
Q3 2015 51.39 160.54 41.33 - 60.27
Q4 2015 23.96 262.03 41.33 - 23.34
Q1 2016 23.23 263.08 (1.43) - 62.72
Q2 2016 6.54 152.18 30.20 - 72.01
Q3 2016 17.96 5.24 30.28 - 10.25
Q4 2016 17.94 71.30 30.28 - 27.81
Q1 2017 18.95 5.65 25.87 - 58.44
Q2 2017 2.39 91.16 26.32 - 131.56
Q3 2017 9.04 61.60 26.32 - 19.33
Q4 2017 45.26 15.39 26.32 - 16.96
Q1 2018 25.10 21.09 30.60 (8.65) 35.88
Q2 2018 11.14 37.09 24.65 6.52 9.36
Q3 2018 16.28 37.55 24.65 36.06 6.38
Q4 2018 6.40 19.42 24.65 18.19 9.61
Q1 2019 10.35 11.35 39.09 11.16 42.47
Q2 2019 3.78 11.99 30.90 28.45 11.10
Q3 2019 7.59 6.54 30.90 5.99 15.93
Q4 2019 7.86 10.67 30.90 89.42 13.86
Q1 2020 8.16 64.79 33.93 85.58 48.17
Q2 2020 9.21 75.99 29.20 13.02 21.10
Q3 2020 16.81 60.18 29.20 5.13 17.43
Q4 2020 7.33 33.64 29.20 16.37 12.42
Q1 2021 30.48 32.10 25.46 6.10 22.00
Q2 2021 15.61 16.02 24.15 4.30 31.04
Q3 2021 29.14 17.70 24.15 22.85 13.09
Q4 2021 25.74 37.35 24.15 4.48 3.83
Q1 2022 31.39 107.02 - - 170.06
Q2 2022 21.49 67.50 - - 87.95
Q3 2022 16.76 58.78 - - 152.31
Q4 2022 11.21 88.65 - - 8.72
Q1 2023 58.46 274.90 - - 75.72
Q2 2023 11.13 110.40 - - 65.49
Q3 2023 15.19 145.21 - - 83.82
Q4 2023 19.25 129.51 - - 40.34
Q1 2024 54.52 200.10 - - 137.18


Financial Ratios
Current
Market Cap (M) 369.60
Shares Outstanding (M) 40.00
EPS ( Riyal) (TTM) 0.49
Book Value (BV) ( Riyal) 6.75
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 18.70
P/E (TTM) 18.70
Price/Book 1.37
Return on Average Assets (%) (TTM) 2.7
Return on Average Equity (%) (TTM) 7.6
Return on Market Cap (%) 4.7
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Share Price

United Cooperative Assurance Co.
9.24
(0.12) (1.28 %)

United Cooperative Assurance Co. (UCA)

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