SAICO swings to SAR 71.1M profit in 2023; Q4 at SAR 11.6M

20/03/2024 Argaam Exclusive

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Saudi Arabian Cooperative Insurance Co. (SAICO) reported a net profit of SAR 71.1 million for 2023, versus a net loss of SAR 61.7 million a year earlie

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	1,039.42	1,061.78	2.2 %
Insurance Revenues	911.68	1,044.52	14.6 %
Net Profit Before Zakat & Tax	(54.41)	78.33	244.0 %
Net Income	(61.65)	71.10	215.3 %
Average Shares	30.00	30.00	-
EPS (Riyals)	(2.05)	2.37	215.3 %

This was fueled by 2023 net insurance service results that reached SAR 51.75 million, compared to (SAR 77.84 million) during the year before.

Net insurance finance expenses for 2023 decreased to (SAR 2.66 million), compared to (SAR 5.26 million) during the year before.

This was offset by a decrease of 21.65% in net investment results while other operating expenses increased by 115%.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	187.25	206.43	10.2 %
Insurance Revenues	257.13	271.42	5.6 %
Net Profit Before Zakat & Tax	(6.68)	13.27	298.8 %
Net Income	(7.53)	11.58	253.8 %
Average Shares	30.00	30.00	-
EPS (Riyals)	(0.25)	0.39	253.8 %

Item	Q3 2023	Q4 2023	Change‬
Gross Written Premium (GWP)	161.32	206.43	28.0 %
Insurance Revenues	254.10	271.42	6.8 %
Net Profit Before Zakat & Tax	24.07	13.27	(44.8 %)
Net Income	22.22	11.58	(47.9 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.74	0.39	(47.9 %)

Q4 2023 net profit stood at SAR 11.6 million, against a net loss of SAR 7.53 million in the prior year period.

On a quarterly basis, net profit decreased 47.9%, from SAR 22.22 million.

Total shareholders’ equity, no minority interest, stood at SAR 313.60 million by Dec. 31, 2023, compared to SAR 235.43 million a year earlier.

Accumulated losses reached SAR 76.2 million by Dec. 31, 2023, representing 25.41% of capital amounting to SAR 300 million.

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	1,039.42	1,061.78	2.2 %
Insurance Revenues	911.68	1,044.52	14.6 %
Insurance Services Income	(77.85)	51.76	166.5 %
Investment Income	26.88	21.06	(21.7 %)
Net Profit of Insurance Services and Investment	(56.23)	70.15	224.8 %

View More Financial Results

Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2014	2.83	339.3 %	0.14	3.19	573.4 %
Q2 2014	4.21	158.3 %	0.21	4.57	167.2 %
Q3 2014	9.24	191.5 %	0.47	9.90	201.1 %
Q4 2014	1.96	123.1 %	0.10	2.57	130.1 %
2014	18.22	167.6 %	0.92	20.22	178.4 %
Q1 2015	4.79	69.4 %	0.24	6.56	105.5 %
Q2 2015	7.59	80.6 %	0.25	8.17	78.9 %
Q3 2015	10.36	12.2 %	0.35	11.15	12.7 %
Q4 2015	9.56	389.1 %	0.32	10.92	325.5 %
2015	32.31	77.3 %	1.08	36.81	82.0 %
Q1 2016	0.30	(93.8 %)	0.01	1.67	(74.6 %)
Q2 2016	19.92	162.3 %	0.66	21.60	164.3 %
Q3 2016	15.46	49.2 %	0.52	17.37	55.8 %
Q4 2016	15.16	58.6 %	0.51	17.53	60.5 %
2016	50.84	57.4 %	1.69	58.17	58.1 %
Q1 2017	7.84	2546.0 %	0.26	9.40	464.1 %
Q2 2017	9.82	(50.7 %)	0.33	11.51	(46.7 %)
Q3 2017	14.39	(6.9 %)	0.48	16.39	(5.6 %)
Q4 2017	11.33	(25.3 %)	0.38	14.62	(16.6 %)
2017	43.37	(14.7 %)	1.45	51.93	(10.7 %)
Q1 2018	(2.10)	(126.8 %)	(0.07)	0.03	(99.6 %)
Q2 2018	(1.97)	(120.0 %)	(0.07)	0.41	(96.4 %)
Q3 2018	(9.61)	(166.8 %)	(0.32)	(7.35)	(144.9 %)
Q4 2018	(8.03)	(170.9 %)	(0.27)	(6.11)	(141.8 %)
2018	(21.72)	(150.1 %)	(0.72)	(13.01)	(125.1 %)
Q1 2019	0.54	125.7 %	0.02	3.01	8784.7 %
Q2 2019	2.48	226.0 %	0.08	4.04	874.5 %
Q3 2019	(0.40)	95.9 %	(0.01)	1.71	123.3 %
Q4 2019	(13.27)	(65.1 %)	(0.44)	(11.16)	(82.7 %)
2019	(10.63)	51.0 %	(0.35)	(2.38)	81.7 %
Q1 2020	(12.15)	(2352.3 %)	(0.41)	(10.04)	(433.5 %)
Q2 2020	35.10	1315.5 %	1.17	37.21	820.6 %
Q3 2020	10.27	2675.1 %	0.34	12.48	629.5 %
Q4 2020	14.11	206.3 %	0.47	17.94	260.8 %
2020	47.32	545.0 %	1.58	57.58	2517.3 %
Q1 2021	(15.20)	(25.1 %)	(0.51)	(15.21)	(51.4 %)
Q2 2021	(17.11)	(148.8 %)	(0.57)	(15.06)	(140.5 %)
Q3 2021	(9.69)	(194.3 %)	(0.32)	(7.64)	(161.2 %)
Q4 2021	(20.64)	(246.3 %)	(0.69)	(17.63)	(198.3 %)
2021	(62.63)	(232.4 %)	(2.09)	(55.54)	(196.4 %)
Q1 2022	2.00	113.2 %	0.07	4.25	127.9 %
Q2 2022	(46.34)	(170.8 %)	(1.54)	(44.81)	(197.5 %)
Q3 2022	(9.77)	(0.9 %)	(0.33)	(7.17)	6.1 %
Q4 2022	(7.53)	63.5 %	(0.25)	(6.68)	62.1 %
2022	(61.65)	1.6 %	(2.05)	(54.41)	2.0 %
Q1 2023	8.23	311.5 %	0.27	10.08	137.1 %
Q2 2023	29.07	162.7 %	0.97	30.92	169.0 %
Q3 2023	22.22	327.4 %	0.74	24.07	435.5 %
Q4 2023	11.58	253.8 %	0.39	13.27	298.8 %
2023	71.10	215.3 %	2.37	78.33	244.0 %

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	18.22	167.6 %	0.92	20.22	178.4 %
2015	32.31	77.3 %	1.08	36.81	82.0 %
2016	50.84	57.4 %	1.69	58.17	58.1 %
2017	43.37	(14.7 %)	1.45	51.93	(10.7 %)
2018	(21.72)	(150.1 %)	(0.72)	(13.01)	(125.1 %)
2019	(10.63)	51.0 %	(0.35)	(2.38)	81.7 %
2020	47.32	545.0 %	1.58	57.58	2517.3 %
2021	(62.63)	(232.4 %)	(2.09)	(55.54)	(196.4 %)
2022	(61.65)	1.6 %	(2.05)	(54.41)	2.0 %
2023	71.10	215.3 %	2.37	78.33	244.0 %

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	271.88	0.8 %	-	-	-	-
Q2 2014	150.20	31.5 %	-	-	-	-
Q3 2014	224.60	68.4 %	-	-	-	-
Q4 2014	157.06	47.1 %	-	-	-	-
2014	803.73	28.8 %	-	-	-	-
Q1 2015	454.98	67.3 %	-	-	-	-
Q2 2015	168.50	12.2 %	-	-	-	-
Q3 2015	154.68	(31.1 %)	-	-	-	-
Q4 2015	110.06	(29.9 %)	-	-	-	-
2015	888.22	10.5 %	-	-	-	-
Q1 2016	342.36	(24.8 %)	-	-	-	-
Q2 2016	179.15	6.3 %	-	-	-	-
Q3 2016	160.44	3.7 %	-	-	-	-
Q4 2016	119.87	8.9 %	-	-	-	-
2016	801.81	(9.7 %)	-	-	-	-
Q1 2017	374.92	9.5 %	-	-	-	-
Q2 2017	148.94	(16.9 %)	-	-	-	-
Q3 2017	157.11	(2.1 %)	-	-	-	-
Q4 2017	123.61	3.1 %	-	-	-	-
2017	804.58	0.3 %	-	-	-	-
Q1 2018	370.65	(1.1 %)	-	-	-	-
Q2 2018	212.63	42.8 %	-	-	-	-
Q3 2018	159.55	1.5 %	-	-	-	-
Q4 2018	207.17	67.6 %	-	-	-	-
2018	949.99	18.1 %	-	-	-	-
Q1 2019	359.35	(3.0 %)	-	-	-	-
Q2 2019	194.86	(8.4 %)	-	-	-	-
Q3 2019	141.98	(11.0 %)	-	-	-	-
Q4 2019	138.16	(33.3 %)	-	-	-	-
2019	834.34	(12.2 %)	-	-	-	-
Q1 2020	334.64	(6.9 %)	-	-	-	-
Q2 2020	189.83	(2.6 %)	-	-	-	-
Q3 2020	141.39	(0.4 %)	-	-	-	-
Q4 2020	129.18	(6.5 %)	-	-	-	-
2020	795.04	(4.7 %)	-	-	-	-
Q1 2021	357.00	6.7 %	-	-	-	-
Q2 2021	161.31	(15.0 %)	-	-	-	-
Q3 2021	109.38	(22.6 %)	-	-	-	-
Q4 2021	149.85	16.0 %	-	-	-	-
2021	777.54	(2.2 %)	-	-	-	-
Q1 2022	424.99	19.0 %	(10.19)	-	4.87	-
Q2 2022	249.57	54.7 %	(45.23)	-	(43.78)	-
Q3 2022	177.61	62.4 %	(7.86)	-	(5.83)	-
Q4 2022	187.25	25.0 %	(14.56)	-	(11.49)	-
2022	1,039.42	33.7 %	(77.85)	-	(56.23)	-
Q1 2023	464.70	9.3 %	0.50	104.9 %	4.37	(10.3 %)
Q2 2023	229.34	(8.1 %)	31.25	169.1 %	35.36	180.8 %
Q3 2023	161.32	(9.2 %)	23.19	394.9 %	27.47	571.5 %
Q4 2023	206.43	10.2 %	(3.97)	72.7 %	2.17	118.8 %
2023	1,061.78	2.2 %	51.76	166.5 %	70.15	224.8 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	803.73	28.8 %	-	-	-	-
2015	888.22	10.5 %	-	-	-	-
2016	801.81	(9.7 %)	-	-	-	-
2017	804.58	0.3 %	-	-	-	-
2018	949.99	18.1 %	-	-	-	-
2019	834.34	(12.2 %)	-	-	-	-
2020	795.04	(4.7 %)	-	-	-	-
2021	777.54	(2.2 %)	-	-	-	-
2022	1,039.42	33.7 %	(77.85)	-	(56.23)	-
2023	1,061.78	2.2 %	51.76	166.5 %	70.15	224.8 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	19.73	(1.16)	(1.16)	2.77
Q2 2014	19.73	(0.58)	(0.58)	2.98
Q3 2014	19.73	0.40	0.40	3.45
Q4 2014	19.73	0.92	0.92	3.55
Q1 2015	19.73	1.02	1.02	3.79
Q2 2015	30.00	0.79	0.79	7.59
Q3 2015	30.00	0.82	0.82	7.93
Q4 2015	30.00	1.08	1.08	8.24
Q1 2016	30.00	0.93	0.93	8.25
Q2 2016	30.00	1.34	1.34	8.92
Q3 2016	30.00	1.51	1.51	9.43
Q4 2016	30.00	1.69	1.69	9.94
Q1 2017	30.00	1.95	1.95	10.20
Q2 2017	30.00	1.61	1.61	10.53
Q3 2017	30.00	1.57	1.57	11.01
Q4 2017	30.00	1.45	1.45	11.38
Q1 2018	30.00	1.11	1.11	11.31
Q2 2018	30.00	0.72	0.72	11.25
Q3 2018	30.00	(0.08)	(0.08)	10.93
Q4 2018	30.00	(0.72)	(0.72)	10.69
Q1 2019	30.00	(0.64)	(0.64)	10.68
Q2 2019	30.00	(0.49)	(0.49)	10.76
Q3 2019	30.00	(0.18)	(0.18)	10.75
Q4 2019	30.00	(0.35)	(0.35)	10.35
Q1 2020	30.00	(0.78)	(0.78)	9.95
Q2 2020	30.00	0.31	0.31	11.12
Q3 2020	30.00	0.67	0.67	11.46
Q4 2020	30.00	1.58	1.58	11.88
Q1 2021	30.00	1.48	1.48	11.38
Q2 2021	30.00	(0.26)	(0.26)	10.81
Q3 2021	30.00	(0.93)	(0.93)	10.48
Q4 2021	30.00	(2.09)	(2.09)	9.76
Q1 2022	30.00	(1.51)	(1.51)	9.80
Q2 2022	30.00	(2.49)	(2.49)	8.26
Q3 2022	30.00	(2.49)	(2.49)	7.93
Q4 2022	30.00	(2.05)	(2.05)	7.85
Q1 2023	30.00	(1.85)	(1.85)	8.12
Q2 2023	30.00	0.67	0.67	9.06
Q3 2023	30.00	1.73	1.73	9.80
Q4 2023	30.00	2.37	2.37	10.45

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	19.73	0.92	0.92	3.55
2015	30.00	1.08	1.08	8.24
2016	30.00	1.69	1.69	9.94
2017	30.00	1.45	1.45	11.38
2018	30.00	(0.72)	(0.72)	10.69
2019	30.00	(0.35)	(0.35)	10.35
2020	30.00	1.58	1.58	11.88
2021	30.00	(2.09)	(2.09)	9.76
2022	30.00	(2.05)	(2.05)	7.85
2023	30.00	2.37	2.37	10.45

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E
Q1 2014	NEG	NEG
Q2 2014	NEG	NEG
Q3 2014	More than 100	More than 100
Q4 2014	24.50	24.50
Q1 2015	31.03	31.03
Q2 2015	25.99	25.99
Q3 2015	17.82	17.82
Q4 2015	13.77	13.77
Q1 2016	15.34	15.34
Q2 2016	9.78	9.78
Q3 2016	6.96	6.96
Q4 2016	9.31	9.31
Q1 2017	9.15	9.15
Q2 2017	9.92	9.92
Q3 2017	10.66	10.66
Q4 2017	10.24	10.24
Q1 2018	14.27	14.27
Q2 2018	21.26	21.26
Q3 2018	NEG	NEG
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	33.28	33.28
Q3 2020	30.22	30.22
Q4 2020	13.06	13.06
Q1 2021	16.59	16.59
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	19.14	19.14
Q3 2023	7.72	7.72
Q4 2023	6.34	6.34

Period	P/E	Adjusted P/E
2014	24.50	24.50
2015	13.77	13.77
2016	9.31	9.31
2017	10.24	10.24
2018	NEG	NEG
2019	NEG	NEG
2020	13.06	13.06
2021	NEG	NEG
2022	NEG	NEG
2023	6.34	6.34

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Property & Casualty	Motor	Medical / Health	Protection	Comprehensive Motor Insurance	Medical Insurance	property and others	Fire and burglary	Marine Insurance	Insurance - Engineering	General responsibility	Other classes
Q1 2013	-	-	-	-	48.29	77.07	19.97	90.60	7.62	13.83	5.68	6.55
Q2 2013	-	-	-	-	24.34	59.14	1.22	11.89	7.57	4.85	2.36	2.72
Q3 2013	-	-	-	-	20.62	76.28	10.95	4.53	5.84	9.54	2.43	3.19
Q4 2013	-	-	-	-	29.95	37.48	3.70	12.02	8.34	10.14	3.18	1.95
Q1 2014	-	-	-	-	50.30	95.07	9.76	87.78	6.96	11.64	4.29	6.07
Q2 2014	-	-	-	-	37.66	71.91	1.70	12.48	8.33	11.90	3.52	2.71
Q3 2014	-	-	-	-	71.86	105.33	11.34	5.02	16.70	5.85	3.84	4.66
Q4 2014	-	-	-	-	69.48	43.28	4.92	16.12	5.27	10.91	4.60	2.48
Q1 2015	-	-	-	-	122.58	174.79	8.50	118.53	6.03	8.59	8.27	7.69
Q2 2015	-	-	-	-	47.45	71.46	2.69	12.55	13.69	15.14	2.62	2.90
Q3 2015	-	-	-	-	46.04	68.29	11.67	6.15	10.17	6.17	2.18	4.01
Q4 2015	-	-	-	-	49.52	35.99	2.74	5.08	5.97	3.93	3.05	3.77
Q1 2016	-	-	-	-	89.22	98.22	14.16	118.79	6.26	4.31	6.65	4.75
Q2 2016	-	-	-	-	52.85	82.64	3.96	16.95	8.89	8.13	2.95	2.78
Q3 2016	-	-	-	-	38.86	88.59	8.02	7.73	2.67	9.33	1.77	3.47
Q4 2016	-	-	-	-	35.44	51.50	6.76	3.94	8.41	5.00	5.02	3.80
Q1 2017	-	-	-	-	87.13	118.68	13.06	137.09	5.97	4.44	5.88	2.68
Q2 2017	-	-	-	-	48.63	60.51	7.36	14.06	9.75	3.34	2.62	2.67
Q3 2017	-	-	-	-	24.21	111.95	8.44	3.51	2.42	1.85	1.00	3.74
Q4 2017	-	-	-	-	36.33	62.97	8.04	2.82	4.95	3.90	2.36	2.24
Q1 2018	-	-	-	-	60.87	145.02	164.76	-	-	-	-	-
Q2 2018	-	-	-	-	57.93	124.86	29.85	-	-	-	-	-
Q3 2018	-	-	-	-	34.03	105.06	20.45	-	-	-	-	-
Q4 2018	-	-	-	-	90.15	89.94	27.07	-	-	-	-	-
Q1 2019	-	-	-	-	110.44	94.44	154.47	-	-	-	-	-
Q2 2019	-	-	-	-	67.52	100.52	26.82	-	-	-	-	-
Q3 2019	-	-	-	-	53.56	72.56	15.86	-	-	-	-	-
Q4 2019	-	-	-	-	40.24	62.64	35.28	-	-	-	-	-
Q1 2020	-	-	-	-	66.08	96.47	172.10	-	-	-	-	-
Q2 2020	-	-	-	-	52.22	94.00	43.61	-	-	-	-	-
Q3 2020	-	-	-	-	46.52	70.63	24.24	-	-	-	-	-
Q4 2020	-	-	-	-	54.88	56.34	17.95	-	-	-	-	-
Q1 2021	-	-	-	-	70.55	134.86	151.59	-	-	-	-	-
Q2 2021	-	-	-	-	30.67	102.67	27.98	-	-	-	-	-
Q3 2021	-	-	-	-	22.35	61.10	25.93	-	-	-	-	-
Q4 2021	-	-	-	-	62.35	67.19	20.31	-	-	-	-	-
Q1 2023	231.74	124.39	106.44	2.14	-	-	-	-	-	-	-	-

Period	Property & Casualty	Motor	Medical / Health	Protection	Comprehensive Motor Insurance	Medical Insurance	property and others	Fire and burglary	Marine Insurance	Insurance - Engineering	General responsibility	Other classes
2013	-	-	-	-	123.21	249.98	35.83	119.13	29.38	38.37	13.65	14.41
2014	-	-	-	-	229.30	315.59	27.72	121.41	37.26	40.30	16.24	15.92
2015	-	-	-	-	265.60	350.55	25.59	142.32	35.85	33.82	16.13	18.36
2016	-	-	-	-	216.37	320.95	32.90	147.41	26.24	26.76	16.38	14.80
2017	-	-	-	-	196.29	354.11	36.89	157.48	23.09	13.52	11.86	11.33
2018	-	-	-	-	242.98	464.88	242.13	-	-	-	-	-
2019	-	-	-	-	271.75	330.17	232.42	-	-	-	-	-
2020	-	-	-	-	219.70	317.44	257.90	-	-	-	-	-
2021	-	-	-	-	185.92	365.82	225.80	-	-	-	-	-

Financial Ratios

	Current
Market Cap (M)	468.60
Shares Outstanding (M)	30.00
EPS ( Riyal) (TTM)	2.20
Book Value (BV) ( Riyal)	10.56
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	7.09
P/E (TTM)	7.09
Price/Book	1.48
Return on Average Assets (%) (TTM)	3.8
Return on Average Equity (%) (TTM)	23.6
Return on Market Cap (%)	11.4

Saudi Arabian Cooperative Insurance Co. (SAICO)

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SAICO swings to SAR 71.1M profit in 2023; Q4 at SAR 11.6M

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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) 2023 Q4

Financial Ratios

Share Price

Saudi Arabian Cooperative Insurance Co. (SAICO)

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SAICO swings to SAR 71.1M profit in 2023; Q4 at SAR 11.6M

View other reports

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) Q1 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Saudi Arabian Cooperative Insurance Co. (SAICO)

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Business Segments - Gross Premium Written (Million)