Financial Results : UCA turns to SAR 5M profit in 9M 2024; Q3 at SAR 270,000

UCA turns to SAR 5M profit in 9M 2024; Q3 at SAR 270,000

05/11/2024 Argaam Exclusive

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United Cooperative Assurance Co. (UCA) reported profits of SAR 5 million at the end of the first nine months of 2024, compared to losses of SAR 9.4 million in the same period in 2023.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Insurance Revenues 757.50 747.65 (1.3 %)
Net Income (9.44) 5.04 153.4 %
Average Shares 40.00 40.00 -
EPS (Riyals) (0.24) 0.13 153.4 %

UCA’s net insurance services enhanced to SAR 12.5 million in 9M 2024.

 

Furthermore, net investment results improved by 50% to SAR 10.96 million due to better investment returns.

 

However, insurance revenues retreated 1% to SAR 747.6 million compared to SAR 757.5 million, driven by the patterns of revenues earned.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Gross Written Premium (GWP) 244.23 - -
Insurance Revenues 321.95 281.25 (12.6 %)
Net Income 2.07 (0.27) (113.1 %)
Average Shares 40.00 40.00 -
EPS (Riyals) 0.05 (0.01) (113.1 %)

In Q3 2024, UCA incurred losses of SAR 0.27 million against profits of SAR 2.07 million in the same quarter last year.

 

UCA’s Q1 2024 profits amounted to SAR 0.30 million.

Insurance Operations

Item 9m 2023 9m 2024 Change‬
Insurance Revenues 757.50 747.65 (1.3 %)
Insurance Services Income 9.00 21.55 139.4 %
Investment Income 7.30 10.96 50.1 %
Net Profit of Insurance Services and Investment 14.36 29.81 107.6 %

Shareholders' equity (after excluding minority interests) reached SAR 270.190 million at the end of 9M 2024, compared to SAR 246.713 million last year.

 

Accumulated losses at the end of the current period were SAR 175.25 million, representing 43.88% of the capital.

 

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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 %
Q2 2024 0.30 119.2 % 0.01 0.80 1601.9 %
Q3 2024 (0.27) (113.1 %) (0.01) - -

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 %
Q2 2024 234.41 25.3 % 8.19 29.5 % 9.71 102.1 %
Q3 2024 - - 0.11 (99.4 %) 3.20 (83.7 %)


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
Q2 2024 40.00 0.55 0.55 6.76
Q3 2024 40.00 0.49 0.49 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
Q2 2024 19.22 19.22
Q3 2024 21.29 21.29

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
Q2 2024 17.23 126.35 - - 90.83


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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