Amana Insurance H1 2024 profit falls 41% to SAR 11.5M; Q2 at SAR 9.6M

Amana Insurance H1 2024 profit falls 41% to SAR 11.5M; Q2 at SAR 9.6M

05/08/2024 Argaam Exclusive

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Amana Cooperative Insurance Co. reported a 41% profit drop to SAR 11.5 million in the first half of 2024, from SAR 19.7 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 65.18 93.44 43.4 %
Insurance Revenues 113.73 96.23 (15.4 %)
Net Profit Before Zakat & Tax 22.04 11.24 (49.0 %)
Net Income 19.69 11.53 (41.4 %)
Average Shares 43.00 43.00 -
EPS (Riyals) 0.46 0.27 (41.4 %)

Revenues declined to SAR -17.5 million in H1 2024, on higher gross written premiums (GWP) by SAR +14.3 million, a decrease in the change in unearned premium reserves by SAR -25.9 million, as well as lower a decline in premium debtors' provision by SAR -5.9 million.

 

However, net investment income grew by SAR +6.5 million compared with a year earlier, and other operating expenses fell by SAR 0.8 million. The company also reported a reversal (gain) in Zakat provision by SAR +2.6 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 30.82 - -
Insurance Revenues 56.16 50.36 (10.3 %)
Net Profit Before Zakat & Tax 12.34 11.48 (6.9 %)
Net Income 9.99 9.58 (4.1 %)
Average Shares 43.00 43.00 -
EPS (Riyals) 0.23 0.22 (4.1 %)
In Q2 2024, the company’s net profit declined 4% to SAR 9.6 million from SAR 9.9 million in Q2 2023, due to higher GWP by SAR +10.3 million, a decrease in the change in unearned premium reserves by SAR -300,000, as well as a decline in premium debtors' provision by SAR -2.6 million.
 
Compared to Q1 2024, net earnings skyrocketed from SAR 1.9 million.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 65.18 93.44 43.4 %
Insurance Revenues 113.73 96.23 (15.4 %)
Insurance Services Income 28.49 10.41 (63.5 %)
Investment Income 1.94 8.44 335.1 %
Net Profit of Insurance Services and Investment 30.34 18.68 (38.4 %)
Shareholders’ equity, no minority interest, reached SAR 294.03 million by June 30, 2024, compared to SAR 271.12 million in the prior-year period.
 
Accumulated losses reached SAR 175.03 million by the end of the six-month period, representing 40.71% 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 (26.30) (201.8 %) (1.70) (25.86) (230.9 %)
Q2 2015 1.27 106.3 % 0.08 1.83 109.5 %
Q3 2015 1.18 102.0 % 0.08 1.56 102.6 %
Q4 2015 8.76 (30.9 %) 0.56 9.71 (27.8 %)
Q1 2016 5.56 121.2 % 0.36 8.21 131.8 %
Q2 2016 (8.01) (731.4 %) (0.52) (8.57) (568.5 %)
Q3 2016 7.62 543.2 % 0.49 7.91 408.5 %
Q4 2016 4.12 (53.0 %) 0.27 4.17 (57.0 %)
Q1 2017 (4.60) (182.6 %) (0.30) (4.45) (154.2 %)
Q2 2017 (2.30) 71.3 % (0.15) (1.80) 79.1 %
Q3 2017 14.54 90.9 % 0.94 14.65 85.3 %
Q4 2017 (10.28) (349.8 %) (0.66) (7.13) (271.0 %)
Q1 2018 (6.24) (35.7 %) (0.40) (6.91) (55.3 %)
Q2 2018 (1.18) 48.7 % (0.08) (0.29) 83.8 %
Q3 2018 (5.62) (138.6 %) (0.36) (4.98) (134.0 %)
Q4 2018 (8.77) 14.7 % (0.57) (8.03) (12.7 %)
Q1 2019 (20.88) (234.7 %) (0.97) (20.78) (200.7 %)
Q2 2019 (4.63) (292.6 %) (0.22) (4.32) (1,389.7 %)
Q3 2019 (7.28) (29.6 %) (0.34) 1.99 139.9 %
Q4 2019 (4.47) 49.1 % (0.21) (4.59) 42.8 %
Q1 2020 2.21 110.6 % 0.10 2.59 112.4 %
Q2 2020 3.65 179.0 % 0.17 4.60 206.6 %
Q3 2020 (30.98) (325.5 %) (1.44) (30.69) (1642.9 %)
Q4 2020 (37.19) (732.8 %) (1.73) (33.77) (635.1 %)
Q1 2021 (20.97) (1047.1 %) (0.98) (23.30) (1001.1 %)
Q2 2021 (39.44) (1179.5 %) (1.84) (39.59) (960.0 %)
Q3 2021 (25.05) 19.2 % (1.17) (25.12) 18.2 %
Q4 2021 (33.68) 9.4 % (1.57) (33.39) 1.1 %
Q1 2022 (29.47) (40.6 %) (1.04) (28.63) (22.8 %)
Q2 2022 7.51 119.0 % 0.27 7.26 118.3 %
Q3 2022 (30.47) (21.7 %) (1.08) (30.47) (21.3 %)
Q4 2022 4.33 112.9 % 0.10 7.11 121.3 %
Q1 2023 9.70 132.9 % 0.23 9.70 133.9 %
Q2 2023 9.99 32.9 % 0.23 12.34 69.9 %
Q3 2023 9.44 131.0 % 0.22 9.44 131.0 %
Q4 2023 (3.69) (185.2 %) (0.09) (0.76) (110.6 %)
Q1 2024 1.95 (79.9 %) 0.05 (0.24) (102.5 %)
Q2 2024 9.58 (4.1 %) 0.22 11.48 (6.9 %)

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 77.93 (36.4 %) - - - -
Q2 2015 150.72 16.6 % - - - -
Q3 2015 91.09 (0.8 %) - - - -
Q4 2015 94.27 95.5 % - - - -
Q1 2016 71.26 (8.6 %) - - - -
Q2 2016 55.09 (63.4 %) - - - -
Q3 2016 10.95 (88.0 %) - - - -
Q4 2016 32.57 (65.5 %) - - - -
Q1 2017 23.08 (67.6 %) - - - -
Q2 2017 16.13 (70.7 %) - - - -
Q3 2017 8.94 (18.4 %) - - - -
Q4 2017 23.82 (26.9 %) - - - -
Q1 2018 36.04 56.1 % - - - -
Q2 2018 34.75 115.4 % - - - -
Q3 2018 33.39 273.6 % - - - -
Q4 2018 33.27 39.7 % - - - -
Q1 2019 96.75 168.5 % - - - -
Q2 2019 50.15 44.3 % - - - -
Q3 2019 40.85 22.3 % - - - -
Q4 2019 60.30 81.3 % - - - -
Q1 2020 103.40 6.9 % - - - -
Q2 2020 65.49 30.6 % - - - -
Q3 2020 103.72 153.9 % - - - -
Q4 2020 56.91 (5.6 %) - - - -
Q1 2021 77.98 (24.6 %) - - - -
Q2 2021 88.93 35.8 % - - - -
Q3 2021 64.85 (37.5 %) - - - -
Q4 2021 43.73 (23.2 %) - - - -
Q1 2022 76.94 (1.3 %) (23.54) - (22.90) -
Q2 2022 58.28 (34.5 %) 8.59 - 11.59 -
Q3 2022 48.93 (24.6 %) (25.15) - (24.86) -
Q4 2022 46.37 6.0 % (5.43) - (5.58) -
Q1 2023 34.36 (55.3 %) 8.47 136.0 % 6.28 127.4 %
Q2 2023 30.82 (47.1 %) 20.02 133.0 % 24.06 107.6 %
Q3 2023 - - 9.30 137.0 % 13.77 155.4 %
Q4 2023 56.48 21.8 % (20.25) (272.7 %) (21.09) (277.8 %)
Q1 2024 52.30 52.2 % (0.99) (111.7 %) 2.17 (65.5 %)
Q2 2024 - - 11.40 (43.1 %) 16.51 (31.4 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 15.50 (6.04) (6.04) 6.44
Q2 2015 15.50 (4.66) (4.66) 6.66
Q3 2015 15.50 (0.72) (0.72) 6.67
Q4 2015 15.50 (0.97) (0.97) 7.18
Q1 2016 15.50 1.08 1.08 7.57
Q2 2016 15.50 0.48 0.48 7.07
Q3 2016 15.50 0.90 0.90 7.57
Q4 2016 15.50 0.60 0.60 7.84
Q1 2017 15.50 (0.06) (0.06) 7.56
Q2 2017 15.50 0.31 0.31 7.41
Q3 2017 15.50 0.76 0.76 8.25
Q4 2017 15.50 (0.17) (0.17) 7.56
Q1 2018 15.50 (0.28) (0.28) 7.16
Q2 2018 15.50 (0.20) (0.20) 7.08
Q3 2018 15.50 (1.50) (1.50) 6.72
Q4 2018 15.50 (1.41) (1.41) 6.16
Q1 2019 21.47 (1.70) (1.70) 8.14
Q2 2019 21.47 (1.86) (1.86) 7.96
Q3 2019 21.47 (1.94) (1.94) 7.64
Q4 2019 21.47 (1.73) (1.73) 7.33
Q1 2020 21.47 (0.66) (0.66) 7.33
Q2 2020 21.47 (0.27) (0.27) 7.53
Q3 2020 21.47 (1.38) (1.38) 6.25
Q4 2020 21.47 (2.90) (2.90) 4.38
Q1 2021 21.47 (3.98) (3.98) 3.40
Q2 2021 21.47 (5.99) (5.99) 1.64
Q3 2021 21.47 (5.71) (5.71) 0.48
Q4 2021 21.47 (5.55) (5.55) (1.15)
Q1 2022 28.33 (4.51) (4.51) (1.02)
Q2 2022 28.33 (2.85) (2.85) 9.70
Q3 2022 28.33 (3.04) (3.04) 8.63
Q4 2022 43.00 (1.12) (1.12) 5.84
Q1 2023 43.00 (0.21) (0.21) 6.06
Q2 2023 43.00 (0.15) (0.15) 6.31
Q3 2023 43.00 0.78 0.78 6.48
Q4 2023 43.00 0.59 0.59 6.57
Q1 2024 43.00 0.41 0.36 6.62
Q2 2024 43.00 0.40 0.35 6.84

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 43.85 43.85
Q2 2016 More than 100 More than 100
Q3 2016 39.55 39.55
Q4 2016 More than 100 More than 100
Q1 2017 NEG NEG
Q2 2017 More than 100 More than 100
Q3 2017 More than 100 More than 100
Q4 2017 NEG NEG
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 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 NEG NEG
Q3 2023 15.78 15.78
Q4 2023 22.11 22.27
Q1 2024 32.33 37.34
Q2 2024 30.16 34.97

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Comprehensive Motor Insurance Property & casualty Insurance - Engineering Marine Insurance General Accidents & Others
Q1 2015 51.58 24.15 0.86 0.76 0.24 0.35
Q2 2015 138.50 7.42 2.29 2.08 0.25 0.18
Q3 2015 81.15 6.42 2.38 0.57 0.22 0.36
Q4 2015 83.29 8.60 0.63 0.91 0.40 0.44
Q1 2016 37.26 25.96 3.14 0.38 3.16 1.36
Q2 2016 42.79 6.99 3.55 1.88 (0.27) 0.15
Q3 2016 (0.43) 9.87 (0.17) 0.43 1.00 0.25
Q4 2016 (0.21) 28.37 1.08 1.79 1.00 0.56
Q1 2017 - 21.00 0.79 0.23 0.37 0.69
Q2 2017 0.49 13.50 0.83 0.25 0.77 0.30
Q3 2017 6.04 1.91 0.31 0.50 0.09 0.09
Q4 2017 18.76 1.14 0.68 2.50 0.18 0.57
Q1 2018 23.45 5.95 6.64 - - -
Q2 2018 29.17 3.44 2.13 - - -
Q3 2018 30.32 1.12 1.95 - - -
Q4 2018 28.43 2.21 2.62 - - -
Q1 2019 89.08 5.31 2.36 - - -
Q2 2019 42.45 1.77 5.93 - - -
Q3 2019 36.66 1.16 3.03 - - -
Q4 2019 56.24 2.19 1.87 - - -
Q1 2020 90.50 6.88 6.02 - - -
Q2 2020 58.83 5.74 0.93 - - -
Q3 2020 98.01 4.64 1.07 - - -
Q4 2020 43.86 12.44 0.60 - - -
Q1 2021 41.29 34.47 2.22 - - -
Q2 2021 40.98 47.10 0.85 - - -
Q3 2021 38.20 25.17 1.49 - - -
Q4 2021 29.74 12.49 1.50 - - -
Q1 2022 40.77 34.26 1.92 - - -
Q2 2022 35.80 22.28 0.21 - - -
Q3 2022 33.11 13.60 2.21 - - -
Q4 2022 34.73 11.51 0.13 - - -
Q1 2023 27.99 5.84 0.53 - - -
Q2 2023 24.76 5.05 1.00 - - -
Q3 2023 47.57 4.18 0.17 - - -
Q4 2023 49.21 7.24 0.04 - - -
Q1 2024 45.56 6.52 0.23 - - -
Q2 2024 36.28 4.28 0.57 - - -


Financial Ratios
Current
Market Cap (M) 457.52
Shares Outstanding (M) 43.00
EPS ( Riyal) (TTM) 0.19
Book Value (BV) ( Riyal) 6.84
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/Book 1.56
Return on Average Assets (%) (TTM) 1.8
Return on Average Equity (%) (TTM) 2.8
Return on Market Cap (%) 1.5
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Share Price

Amana Cooperative Insurance Co.
10.64
0.08 0.76 %

Amana Cooperative Insurance Co. (AMANA INSURANCE)

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