Tawuniya H1 2024 profit up at SAR 656.5M; Q2 at SAR 459.8M

04/08/2024 Argaam Exclusive

The Company for Cooperative Insurance (Tawuniya) reported a net profit of SAR 656.5 million in H1 2024, compared to SAR 320.3 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 9,992.94 10,292.09 3.0 %
Insurance Revenues 7,104.68 8,798.19 23.8 %
Net Profit Before Zakat & Tax 377.21 721.78 91.3 %
Net Income 320.32 656.51 105.0 %
Average Shares 150.00 150.00 -
EPS (Riyals) 2.14 4.38 105.0 %

The company reported a 23.84% rise in revenues from insurance to SAR 8.7 billion in H1 2024, because of growth in the company's core operating segments.

 

Insurance services saw a sharp rise, reaching SAR 1.3 billion in H1 2024, because of lower claims and better management.

 

Tawuniya saw a 20.51% increase in net profits from insurance results for the current period to SAR 123.9 million.

 

The company's investment portfolio grew in H1 2024, which led to an increase of 88.09% in net investment income to SAR 325.6 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 4,629.22 5,732.09 23.8 %
Insurance Revenues 3,697.38 4,412.23 19.3 %
Net Profit Before Zakat & Tax 275.86 491.70 78.2 %
Net Income 245.85 459.81 87.0 %
Average Shares 150.00 150.00 -
EPS (Riyals) 1.64 3.07 87.0 %

The net profit in Q2 2024 jumped 87% YoY to SAR 459.8 million, on higher insurance revenue and improved insurance services results.

 

Sequentially, net earnings leapt 133.8% from SAR 196.7 million in Q1 2024.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 9,992.94 10,292.09 3.0 %
Insurance Revenues 7,104.68 8,798.19 23.8 %
Insurance Services Income 604.36 728.34 20.5 %
Investment Income (83.12) 179.35 315.8 %
Net Profit of Insurance Services and Investment 469.64 858.13 82.7 %

Total shareholders’ equity at the end of H1 2024 amounted to SAR 4.1 billion, compared to SAR 3.3 billion the previous year.

 

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Share Price

The Company for Cooperative Insurance
141.20
(1.60) (1.12 %)

The Company for Cooperative Insurance (TAWUNIYA)

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Financial Ratios
Current
Market Cap (M) 21,180.00
Shares Outstanding (M) 150.00
EPS ( Riyal) (TTM) 6.29
Book Value (BV) ( Riyal) 28.66
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 22.44
P/E (TTM) 22.44
Price/Book 4.93
Return on Average Assets (%) (TTM) 4.8
Return on Average Equity (%) (TTM) 24.0
Return on Market Cap (%) 4.3
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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 87.79 167.4 % 0.59 - -
Q2 2015 204.65 12.1 % 1.36 - -
Q3 2015 216.62 10.9 % 1.44 - -
Q4 2015 89.38 (40.2 %) 0.60 - -
Q1 2016 47.21 (46.2 %) 0.31 - -
Q2 2016 229.12 12.0 % 1.53 - -
Q3 2016 259.56 19.8 % 1.73 - -
Q4 2016 196.89 120.3 % 1.31 - -
Q1 2017 142.61 202.1 % 0.95 160.30 -
Q2 2017 230.95 0.8 % 1.54 248.76 -
Q3 2017 141.51 (45.5 %) 0.94 159.71 -
Q4 2017 (715.74) (463.5 %) (4.77) (715.78) -
Q1 2018 27.08 (81.0 %) 0.18 41.93 (73.8 %)
Q2 2018 23.46 (89.8 %) 0.16 38.27 (84.6 %)
Q3 2018 (36.52) (125.8 %) (0.24) (22.87) (114.3 %)
Q4 2018 (293.35) 59.0 % (1.96) (270.67) 62.2 %
Q1 2019 29.04 7.3 % 0.19 46.03 9.8 %
Q2 2019 51.55 119.7 % 0.34 70.41 84.0 %
Q3 2019 92.97 354.6 % 0.62 109.11 577.1 %
Q4 2019 154.03 152.5 % 1.03 176.62 165.3 %
Q1 2020 66.85 130.2 % 0.45 85.06 84.8 %
Q2 2020 188.20 265.1 % 1.25 210.11 198.4 %
Q3 2020 94.53 1.7 % 0.63 113.80 4.3 %
Q4 2020 43.75 (71.6 %) 0.29 105.50 (40.3 %)
Q1 2021 59.14 (11.5 %) 0.39 80.81 (5.0 %)
Q2 2021 143.66 (23.7 %) 0.96 165.94 (21.0 %)
Q3 2021 64.37 (31.9 %) 0.43 89.91 (21.0 %)
Q4 2021 (0.61) (101.4 %) 0.00 13.48 (87.2 %)
Q1 2022 (13.67) (123.1 %) (0.09) 7.79 (90.4 %)
Q2 2022 64.47 (55.1 %) 0.43 88.43 (46.7 %)
Q3 2022 18.00 (72.0 %) 0.12 40.48 (55.0 %)
Q4 2022 233.40 38425.6 % 1.56 254.88 1790.5 %
Q1 2023 74.47 644.6 % 0.50 101.35 1201.2 %
Q2 2023 245.85 281.4 % 1.64 275.86 211.9 %
Q3 2023 206.29 1046.2 % 1.38 229.88 467.9 %
Q4 2023 89.82 (61.5 %) 0.60 110.72 (56.6 %)
Q1 2024 196.69 164.1 % 1.31 230.08 127.0 %
Q2 2024 459.81 87.0 % 3.07 491.70 78.2 %

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 1,505.50 0.8 % - - - -
Q2 2015 1,802.26 21.9 % - - - -
Q3 2015 1,473.14 7.3 % - - - -
Q4 2015 2,764.36 48.5 % - - - -
Q1 2016 1,701.34 13.0 % - - - -
Q2 2016 2,135.50 18.5 % - - - -
Q3 2016 1,241.06 (15.8 %) - - - -
Q4 2016 2,977.23 7.7 % - - - -
Q1 2017 2,028.38 19.2 % - - - -
Q2 2017 2,104.24 (1.5 %) - - - -
Q3 2017 1,421.12 14.5 % - - - -
Q4 2017 2,852.93 (4.2 %) - - - -
Q1 2018 2,095.71 3.3 % - - - -
Q2 2018 1,755.86 (16.6 %) - - - -
Q3 2018 1,207.78 (15.0 %) - - - -
Q4 2018 2,581.89 (9.5 %) - - - -
Q1 2019 2,457.03 17.2 % - - - -
Q2 2019 1,999.51 13.9 % - - - -
Q3 2019 1,422.64 17.8 % - - - -
Q4 2019 2,496.68 (3.3 %) - - - -
Q1 2020 2,572.71 4.7 % - - - -
Q2 2020 2,469.83 23.5 % - - - -
Q3 2020 1,319.89 (7.2 %) - - - -
Q4 2020 2,699.35 8.1 % - - - -
Q1 2021 2,920.72 13.5 % - - - -
Q2 2021 2,265.05 (8.3 %) - - - -
Q3 2021 1,864.71 41.3 % - - - -
Q4 2021 3,168.13 17.4 % - - - -
Q1 2022 3,508.69 20.1 % 50.71 - 20.45 -
Q2 2022 3,224.59 42.4 % 179.27 - 127.85 -
Q3 2022 2,921.78 56.7 % 54.00 - 80.11 -
Q4 2022 4,700.45 48.4 % 33.15 - 275.04 -
Q1 2023 5,364.12 52.9 % 162.31 220.1 % 126.19 517.2 %
Q2 2023 4,629.22 43.6 % 459.71 156.4 % 343.45 168.6 %
Q3 2023 3,219.95 10.2 % 146.04 170.4 % 321.10 300.8 %
Q4 2023 5,497.19 17.0 % (34.94) (205.4 %) 235.19 (14.5 %)
Q1 2024 4,560.00 (15.0 %) 255.71 57.5 % 395.73 213.6 %
Q2 2024 5,732.09 23.8 % 491.95 7.0 % 608.69 77.2 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 150.00 4.10 4.10 13.40
Q2 2015 150.00 4.25 4.25 14.43
Q3 2015 150.00 4.39 4.39 15.03
Q4 2015 150.00 3.99 3.99 15.39
Q1 2016 150.00 3.72 3.72 14.99
Q2 2016 150.00 3.88 3.88 16.60
Q3 2016 150.00 4.17 4.17 18.20
Q4 2016 150.00 4.89 4.89 19.52
Q1 2017 150.00 5.52 5.52 17.63
Q2 2017 150.00 5.53 5.53 19.04
Q3 2017 150.00 4.75 4.75 20.00
Q4 2017 150.00 (1.34) (1.34) 14.75
Q1 2018 150.00 (2.11) (2.11) 15.23
Q2 2018 150.00 (3.49) (3.49) 14.74
Q3 2018 150.00 (4.68) (4.68) 14.41
Q4 2018 150.00 (1.86) (1.86) 12.66
Q1 2019 150.00 (1.85) (1.85) 13.54
Q2 2019 150.00 (1.66) (1.66) 14.09
Q3 2019 150.00 (0.80) (0.80) 14.82
Q4 2019 150.00 2.18 2.18 16.00
Q1 2020 150.00 2.44 2.44 16.23
Q2 2020 150.00 3.35 3.35 17.37
Q3 2020 150.00 3.36 3.36 18.23
Q4 2020 150.00 2.62 2.62 18.89
Q1 2021 150.00 2.57 2.57 19.18
Q2 2021 150.00 2.27 2.27 19.70
Q3 2021 150.00 2.07 2.07 19.62
Q4 2021 150.00 1.78 1.78 19.69
Q1 2022 150.00 1.29 1.29 19.04
Q2 2022 150.00 0.76 0.76 19.46
Q3 2022 150.00 0.45 0.45 19.56
Q4 2022 150.00 2.01 2.01 20.88
Q1 2023 150.00 2.60 2.60 21.39
Q2 2023 150.00 3.81 3.81 22.32
Q3 2023 150.00 5.07 5.07 23.69
Q4 2023 150.00 4.11 4.11 24.15
Q1 2024 150.00 4.92 4.92 25.46
Q2 2024 150.00 6.35 6.35 27.41

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2015 14.21 14.21
Q2 2015 14.82 14.82
Q3 2015 13.14 13.14
Q4 2015 13.24 13.24
Q1 2016 14.34 14.34
Q2 2016 15.49 15.49
Q3 2016 13.16 13.16
Q4 2016 14.80 14.80
Q1 2017 14.12 14.12
Q2 2017 15.51 15.51
Q3 2017 17.18 17.18
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 29.27 29.27
Q1 2020 20.73 20.73
Q2 2020 17.70 17.70
Q3 2020 21.57 21.57
Q4 2020 25.33 25.33
Q1 2021 25.44 25.44
Q2 2021 30.34 30.34
Q3 2021 34.77 34.77
Q4 2021 36.34 36.34
Q1 2022 46.58 46.58
Q2 2022 More than 100 More than 100
Q3 2022 More than 100 More than 100
Q4 2022 33.30 33.30
Q1 2023 33.69 33.69
Q2 2023 30.61 30.61
Q3 2023 24.87 24.87
Q4 2023 31.68 31.68
Q1 2024 31.92 31.92
Q2 2024 21.92 21.92

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Medical - omra Comprehensive Motor Insurance Property Sector and accident victims general accedient - omra saving and investment Travel & COVID-19
Q1 2021 2,499.81 0.46 146.01 272.40 0.29 1.76 -
Q2 2021 1,563.48 0.81 154.01 506.77 0.66 15.03 24.30
Q3 2021 1,244.91 2.03 140.82 435.24 1.75 3.45 36.51
Q4 2021 2,511.51 15.81 177.78 395.60 13.65 15.49 38.29
Q1 2022 2,781.71 68.46 243.51 310.04 59.13 7.02 37.17
Q2 2022 2,154.96 105.43 219.86 554.06 148.32 1.99 38.31
Q3 2022 1,640.47 101.89 223.67 782.48 104.79 17.36 49.88
Q4 2022 3,341.10 267.43 354.81 486.91 230.96 17.92 -
Q1 2023 4,025.23 218.61 510.69 501.66 104.93 3.00 -
Q2 2023 3,080.88 68.96 729.27 683.45 65.23 1.04 -
Q4 2023 3,958.29 170.26 697.66 575.81 58.76 36.41 -
Q1 2024 3,174.39 17.43 703.00 636.07 6.02 23.08 -
Q2 2024 4,194.18 0.03 553.75 963.34 0.01 20.79 -

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