Financial Results : Al Sagr Insurance swings to SAR 42.3M profit in 2023; Q4 at SAR 7.3M

Al Sagr Insurance swings to SAR 42.3M profit in 2023; Q4 at SAR 7.3M

19/03/2024 Argaam Exclusive

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Al Sagr Cooperative Insurance Co. reported a net profit of SAR 42.3 million for 2023, versus a net loss of SAR 53.5 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Gross Written Premium (GWP) 475.26 471.50 (0.8 %)
Insurance Revenues 473.35 486.23 2.7 %
Net Profit Before Zakat & Tax (48.86) 49.50 201.3 %
Net Income (53.46) 42.30 179.1 %
Average Shares 21.24 21.24 -
EPS (Riyals) (2.52) 1.99 179.1 %

This was driven by a 3% year-on-year (YoY) rise in insurance revenues as gross earned premium of medical and general accident line of business grew.

 

Insurance service results for 2023 showed a surplus of SAR 34.93 million as compared to a deficit of SAR 20.91 million for the previous year. Net investment income jumped 4,229% YoY, while general and administrative expenses declined 7% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Gross Written Premium (GWP) 117.52 106.19 (9.6 %)
Insurance Revenues 121.80 121.35 (0.4 %)
Net Profit Before Zakat & Tax 6.41 10.31 61.0 %
Net Income 5.41 7.31 35.3 %
Average Shares 21.24 21.24 -
EPS (Riyals) 0.25 0.34 35.3 %

Insurance Operations

Item 2022 2023 Change‬
Gross Written Premium (GWP) 475.26 471.50 (0.8 %)
Insurance Revenues 473.35 486.23 2.7 %
Insurance Services Income (20.91) 34.93 267.0 %
Investment Income 0.78 33.90 4246.2 %
Net Profit of Insurance Services and Investment (19.54) 69.84 457.4 %

Q4 2023 net profit rose 35% YoY to SAR 7.3 million.

 

On a quarterly basis, net profit slumped 59.4% from SAR 18 million.

 

Total shareholders’ equity, no minority interest, stood at SAR 198.19 million by Dec. 31, 2023, compared to SAR 153.45 million a year earlier.

 

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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2014 5.63 (46.6 %) 0.27 7.72 (44.1 %)
Q2 2014 (0.48) (103.0 %) (0.02) 1.58 (90.7 %)
Q3 2014 0.76 (94.5 %) 0.04 2.83 (81.1 %)
Q4 2014 6.81 (35.9 %) 0.32 14.44 20.9 %
Q1 2015 (3.10) (155.1 %) (0.15) 0.83 (89.2 %)
Q2 2015 8.58 1901.9 % 0.40 12.82 713.2 %
Q3 2015 26.12 3341.1 % 1.23 30.49 975.7 %
Q4 2015 54.54 700.7 % 2.57 58.44 304.7 %
Q1 2016 68.35 2303.4 % 3.22 72.55 8620.0 %
Q2 2016 55.10 542.3 % 2.59 58.01 352.4 %
Q3 2016 21.83 (16.4 %) 1.03 26.66 (12.6 %)
Q4 2016 6.36 (88.3 %) 0.30 9.59 (83.6 %)
Q1 2017 1.28 (98.1 %) 0.06 5.09 (93.0 %)
Q2 2017 2.29 (95.8 %) 0.11 6.92 (88.1 %)
Q3 2017 5.12 (76.5 %) 0.24 7.53 (71.7 %)
Q4 2017 0.43 (93.2 %) 0.02 2.66 (72.3 %)
Q1 2018 5.86 359.2 % 0.28 9.27 82.3 %
Q2 2018 (2.20) (196.2 %) (0.10) 1.30 (81.3 %)
Q3 2018 4.13 (19.4 %) 0.19 7.83 3.9 %
Q4 2018 (17.72) (4221.4 %) (0.83) (17.72) (766.7 %)
Q1 2019 (2.52) (143.0 %) (0.12) (0.32) (103.4 %)
Q2 2019 (8.79) (299.2 %) (0.41) (6.39) (593.0 %)
Q3 2019 (28.04) (779.9 %) (1.32) (25.94) (431.6 %)
Q4 2019 (8.90) 49.8 % (0.42) (7.20) 59.3 %
Q1 2020 (60.42) (2,298.5 %) (2.85) (58.42) (18,203.2 %)
Q2 2020 10.27 216.8 % 0.48 12.27 291.9 %
Q3 2020 (30.74) (9.6 %) (1.45) (29.54) (13.8 %)
Q4 2020 (31.59) (254.8 %) (1.49) (30.29) (320.5 %)
Q1 2021 (41.38) 31.5 % (1.95) (39.88) 31.7 %
Q2 2021 (10.52) (202.4 %) (0.50) (9.52) (177.6 %)
Q3 2021 (17.19) 44.1 % (0.81) (18.92) 35.9 %
Q4 2021 (5.38) 83.0 % (0.25) (4.38) 85.5 %
Q1 2022 (27.89) 32.6 % (1.31) (26.69) 33.1 %
Q2 2022 (35.43) (236.9 %) (1.67) (34.23) (259.7 %)
Q3 2022 4.46 125.9 % 0.21 5.66 129.9 %
Q4 2022 5.41 200.4 % 0.25 6.41 246.2 %
Q1 2023 10.02 135.9 % 0.47 11.22 142.1 %
Q2 2023 6.97 119.7 % 0.33 8.97 126.2 %
Q3 2023 18.00 303.8 % 0.85 19.00 235.8 %
Q4 2023 7.31 35.3 % 0.34 10.31 61.0 %
2023 42.30 179.1 % 1.99 49.50 201.3 %

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 51.63 (46.5 %) - - - -
Q2 2014 75.72 13.5 % - - - -
Q3 2014 59.35 (9.3 %) - - - -
Q4 2014 53.24 54.6 % - - - -
Q1 2015 126.68 145.4 % - - - -
Q2 2015 265.90 251.2 % - - - -
Q3 2015 207.02 248.8 % - - - -
Q4 2015 264.24 396.4 % - - - -
Q1 2016 69.49 (45.1 %) - - - -
Q2 2016 49.64 (81.3 %) - - - -
Q3 2016 12.70 (93.9 %) - - - -
Q4 2016 44.18 (83.3 %) - - - -
Q1 2017 92.83 33.6 % - - - -
Q2 2017 93.18 87.7 % - - - -
Q3 2017 60.98 380.0 % - - - -
Q4 2017 82.32 86.3 % - - - -
Q1 2018 64.14 (30.9 %) - - - -
Q2 2018 77.64 (16.7 %) - - - -
Q3 2018 93.80 53.8 % - - - -
Q4 2018 114.79 39.5 % - - - -
Q1 2019 105.28 64.1 % - - - -
Q2 2019 94.00 21.1 % - - - -
Q3 2019 118.08 25.9 % - - - -
Q4 2019 138.34 20.5 % - - - -
Q1 2020 97.51 (7.4 %) - - - -
Q2 2020 96.99 3.2 % - - - -
Q3 2020 107.79 (8.7 %) - - - -
Q4 2020 76.82 (44.5 %) - - - -
Q1 2021 68.76 (29.5 %) - - - -
Q2 2021 84.48 (12.9 %) - - - -
Q3 2021 161.84 50.1 % - - - -
Q4 2021 123.21 60.4 % - - - -
Q1 2022 113.05 64.4 % (28.19) - (23.04) -
Q2 2022 112.16 32.8 % (23.21) - (27.03) -
Q3 2022 132.53 (18.1 %) (0.24) - 3.45 -
Q4 2022 117.52 (4.6 %) 30.72 - 27.08 -
Q1 2023 114.02 0.9 % 9.45 133.5 % 18.32 179.5 %
Q2 2023 125.79 12.2 % 5.65 124.3 % 14.50 153.7 %
Q3 2023 125.49 (5.3 %) 19.22 8280.0 % 25.58 641.4 %
Q4 2023 106.19 (9.6 %) 0.61 (98.0 %) 11.43 (57.8 %)
2023 471.50 (0.8 %) 34.93 267.0 % 69.84 457.3 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 21.24 2.15 2.15 15.98
Q2 2014 21.24 1.39 1.39 15.39
Q3 2014 21.24 0.78 0.78 15.40
Q4 2014 21.24 0.60 0.60 15.71
Q1 2015 21.24 0.19 0.19 15.54
Q2 2015 21.24 0.61 0.61 15.41
Q3 2015 21.24 1.81 1.81 16.50
Q4 2015 21.24 4.06 4.06 19.10
Q1 2016 21.24 7.42 7.42 22.25
Q2 2016 21.24 9.61 9.61 24.82
Q3 2016 21.24 9.41 9.41 25.86
Q4 2016 21.24 7.14 7.14 23.96
Q1 2017 21.24 3.98 3.98 24.02
Q2 2017 21.24 1.50 1.50 21.84
Q3 2017 21.24 0.71 0.71 22.09
Q4 2017 21.24 0.43 0.43 22.01
Q1 2018 21.24 0.65 0.65 22.38
Q2 2018 21.24 0.43 0.43 21.45
Q3 2018 21.24 0.39 0.39 21.63
Q4 2018 21.24 (0.47) (0.47) 20.81
Q1 2019 21.24 (0.86) (0.86) 20.77
Q2 2019 21.24 (1.17) (1.17) 20.38
Q3 2019 21.24 (2.69) (2.69) 18.91
Q4 2019 21.24 (2.27) (2.27) 18.56
Q1 2020 21.24 (5.00) (5.00) 15.50
Q2 2020 21.24 (4.10) (4.10) 16.14
Q3 2020 21.24 (4.23) (4.23) 14.89
Q4 2020 21.24 (5.30) (5.30) 13.37
Q1 2021 21.24 (4.40) (4.40) 11.52
Q2 2021 21.24 (5.38) (5.38) 11.20
Q3 2021 21.24 (4.74) (4.74) 10.47
Q4 2021 21.24 (3.51) (3.51) 9.85
Q1 2022 21.24 (2.87) (2.87) 8.23
Q2 2022 21.24 (4.04) (4.04) 6.56
Q3 2022 21.24 (3.03) (3.03) 6.77
Q4 2022 21.24 (2.52) (2.52) 7.23
Q1 2023 21.24 (0.73) (0.73) 7.70
Q2 2023 21.24 1.26 1.26 8.03
Q3 2023 21.24 1.90 1.90 8.87
Q4 2023 21.24 1.99 1.99 9.33

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2014 22.41 22.41
Q2 2014 48.80 48.80
Q3 2014 More than 100 More than 100
Q4 2014 More than 100 More than 100
Q1 2015 More than 100 More than 100
Q2 2015 More than 100 More than 100
Q3 2015 19.05 19.05
Q4 2015 12.77 12.77
Q1 2016 6.07 6.07
Q2 2016 6.01 6.01
Q3 2016 5.91 5.91
Q4 2016 9.22 9.22
Q1 2017 15.73 15.73
Q2 2017 31.15 31.15
Q3 2017 More than 100 More than 100
Q4 2017 More than 100 More than 100
Q1 2018 More than 100 More than 100
Q2 2018 More than 100 More than 100
Q3 2018 More than 100 More than 100
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 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 13.33 13.33
Q3 2023 11.66 11.66
Q4 2023 11.80 11.80

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Comprehensive Motor Insurance Property & casualty Other classes
Q1 2014 23.69 14.51 - 13.44
Q2 2014 32.06 14.94 - 28.71
Q3 2014 37.46 17.58 - 4.32
Q4 2014 33.03 12.77 - 7.44
Q1 2015 88.35 25.27 4.55 8.50
Q2 2015 224.18 13.14 10.31 18.27
Q3 2015 195.57 4.44 0.47 6.54
Q4 2015 241.61 14.80 0.41 7.41
Q1 2016 41.38 20.65 1.78 5.68
Q2 2016 8.90 14.44 9.12 17.18
Q3 2016 3.32 5.30 0.17 3.91
Q4 2016 30.15 8.21 0.29 5.52
Q1 2017 71.85 14.64 1.35 4.98
Q2 2017 64.31 6.08 8.35 14.44
Q3 2017 52.15 6.19 0.19 2.45
Q4 2017 69.17 8.90 0.20 4.04
Q1 2018 42.20 16.48 1.67 3.80
Q2 2018 51.83 9.77 6.70 9.34
Q3 2018 74.85 7.08 6.28 5.60
Q4 2018 104.92 5.89 0.69 3.28
Q1 2019 84.81 12.49 7.98 -
Q2 2019 74.60 11.67 7.73 -
Q3 2019 96.37 7.74 13.97 -
Q4 2019 111.73 19.46 7.16 -
Q1 2020 59.97 28.52 9.02 -
Q2 2020 27.75 61.64 7.60 -
Q3 2020 66.34 18.16 23.29 -
Q4 2020 55.45 15.67 5.70 -
Q1 2021 28.45 36.26 4.04 -
Q2 2021 19.35 58.68 6.46 -
Q3 2021 36.81 99.76 25.26 -
Q4 2021 67.28 39.14 16.79 -
Q1 2022 56.87 50.90 5.28 -
Q2 2022 52.76 49.25 10.15 -
Q3 2022 68.09 35.56 28.87 -
Q4 2022 54.47 55.42 7.63 -
Q1 2023 59.71 45.13 9.18 -
Q2 2023 40.71 67.56 17.52 -
Q3 2023 68.74 23.33 33.42 -
Q4 2023 48.59 48.49 9.11 -


Financial Ratios
Current
Market Cap (M) 535.80
Shares Outstanding (M) 30.00
EPS ( Riyal) (TTM) 0.95
Book Value (BV) ( Riyal) 12.41
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 18.88
P/E (TTM) 18.88
Price/Book 1.44
Return on Average Assets (%) (TTM) 4.4
Return on Average Equity (%) (TTM) 10.1
Return on Market Cap (%) 4.9
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Share Price

Al Sagr Cooperative Insurance Co.
17.74
0.08 0.45 %

Al Sagr Cooperative Insurance Co. (ALSAGR INSURANCE)

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