Al Sagr Insurance profit up 6% to SAR 17.9M in H1 2024; Q2 at SAR 10.5M

Al Sagr Cooperative Insurance Co. (Al Sagr Insurance) reported a profit of SAR 17.9 million for H1 2024, rising 6% from SAR 17 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	239.81	255.54	6.6 %
Insurance Revenues	235.97	234.26	(0.7 %)
Net Profit Before Zakat & Tax	20.19	20.73	2.7 %
Net Income	16.99	17.93	5.6 %
Average Shares	21.24	21.24	-
EPS (Riyals)	0.80	0.84	5.6 %

The higher earnings were driven by a decrease in insurance service expenses, primarily in property and vehicle insurance activities. This resulted in a positive impact on profit, offset by a lower surplus share from insurance premiums and investment income.

Conversely, insurance revenues declined by 1% year-on-year (YoY), primarily due to a decline in total premiums underwritten in medical insurance.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Gross Written Premium (GWP)	125.79	146.67	16.6 %
Insurance Revenues	119.05	115.47	(3.0 %)
Net Profit Before Zakat & Tax	8.97	11.91	32.8 %
Net Income	6.97	10.51	50.9 %
Average Shares	21.24	21.24	-
EPS (Riyals)	0.33	0.49	50.9 %

Item	Q1 2024	Q2 2024	Change‬
Gross Written Premium (GWP)	108.87	146.67	34.7 %
Insurance Revenues	118.79	115.47	(2.8 %)
Net Profit Before Zakat & Tax	8.83	11.91	34.9 %
Net Income	7.43	10.51	41.5 %
Average Shares	21.24	21.24	-
EPS (Riyals)	0.35	0.49	41.5 %

Profit increased by 51% to SAR 10.51 million in Q2 2024 from SAR 6.97 million in Q2 2023. Sequentially, earnings increased by 41.5% from SAR 7.43 million in Q1 2024.

Insurance Operations

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	239.81	255.54	6.6 %
Insurance Revenues	235.97	234.26	(0.7 %)
Insurance Services Income	15.10	16.77	11.1 %
Investment Income	16.50	11.70	(29.1 %)
Net Profit of Insurance Services and Investment	32.83	28.45	(13.3 %)

Total shareholders’ equity, no minority interest, stood at SAR 216.13 million by June 30, 2024, compared to SAR 170.44 million a year earlier.

View More Financial Results

View other reports

Share Price

Al Sagr Cooperative Insurance Co. (ALSAGR INSURANCE)

	Current
Market Cap (M)	501.00
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)	17.66
P/E (TTM)	17.66
Price/Book	1.35
Return on Average Assets (%) (TTM)	4.4
Return on Average Equity (%) (TTM)	10.1
Return on Market Cap (%)	4.9

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
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 %
2015	86.14	576.9 %	4.06	102.58	286.1 %
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 %)
2016	151.44	75.8 %	7.13	166.81	62.6 %
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 %)
2017	7.76	(94.9 %)	0.37	20.85	(87.5 %)
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 %)
2018	(9.79)	(226.1 %)	(0.46)	0.82	(96.1 %)
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 %
2019	(48.26)	(392.8 %)	(2.27)	(39.86)	(4975.4 %)
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 %)
2020	(112.48)	(133.1 %)	(5.30)	(105.98)	(165.9 %)
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 %
2021	(74.47)	33.8 %	(3.51)	(72.70)	31.4 %
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 %
2022	(53.46)	28.2 %	(2.52)	(48.86)	32.8 %
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 %
Q1 2024	7.43	(25.9 %)	0.35	8.83	(21.4 %)
Q2 2024	10.51	50.9 %	0.49	11.91	32.8 %

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	12.73	(74.9 %)	0.60	26.57	(53.9 %)
2015	86.14	576.9 %	4.06	102.58	286.1 %
2016	151.44	75.8 %	7.13	166.81	62.6 %
2017	7.76	(94.9 %)	0.37	20.85	(87.5 %)
2018	(9.79)	(226.1 %)	(0.46)	0.82	(96.1 %)
2019	(48.26)	(392.8 %)	(2.27)	(39.86)	(4975.4 %)
2020	(112.48)	(133.1 %)	(5.30)	(105.98)	(165.9 %)
2021	(74.47)	33.8 %	(3.51)	(72.70)	31.4 %
2022	(53.46)	28.2 %	(2.52)	(48.86)	32.8 %
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 2015	126.68	145.4 %	-	-	-	-
Q2 2015	265.90	251.2 %	-	-	-	-
Q3 2015	207.02	248.8 %	-	-	-	-
Q4 2015	264.24	396.4 %	-	-	-	-
2015	863.84	260.0 %	-	-	-	-
Q1 2016	69.49	(45.1 %)	-	-	-	-
Q2 2016	49.64	(81.3 %)	-	-	-	-
Q3 2016	12.70	(93.9 %)	-	-	-	-
Q4 2016	44.18	(83.3 %)	-	-	-	-
2016	176.01	(79.6 %)	-	-	-	-
Q1 2017	92.83	33.6 %	-	-	-	-
Q2 2017	93.18	87.7 %	-	-	-	-
Q3 2017	60.98	380.0 %	-	-	-	-
Q4 2017	82.32	86.3 %	-	-	-	-
2017	329.31	87.1 %	-	-	-	-
Q1 2018	64.14	(30.9 %)	-	-	-	-
Q2 2018	77.64	(16.7 %)	-	-	-	-
Q3 2018	93.80	53.8 %	-	-	-	-
Q4 2018	114.79	39.5 %	-	-	-	-
2018	350.38	6.4 %	-	-	-	-
Q1 2019	105.28	64.1 %	-	-	-	-
Q2 2019	94.00	21.1 %	-	-	-	-
Q3 2019	118.08	25.9 %	-	-	-	-
Q4 2019	138.34	20.5 %	-	-	-	-
2019	455.70	30.1 %	-	-	-	-
Q1 2020	97.51	(7.4 %)	-	-	-	-
Q2 2020	96.99	3.2 %	-	-	-	-
Q3 2020	107.79	(8.7 %)	-	-	-	-
Q4 2020	76.82	(44.5 %)	-	-	-	-
2020	379.11	(16.8 %)	-	-	-	-
Q1 2021	68.76	(29.5 %)	-	-	-	-
Q2 2021	84.48	(12.9 %)	-	-	-	-
Q3 2021	161.84	50.1 %	-	-	-	-
Q4 2021	123.21	60.4 %	-	-	-	-
2021	438.30	15.6 %	-	-	-	-
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	-
2022	475.26	8.4 %	(20.91)	-	(19.54)	-
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 %
Q1 2024	108.87	(4.5 %)	4.54	(51.9 %)	12.94	(29.4 %)
Q2 2024	146.67	16.6 %	12.23	116.4 %	15.51	7.0 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	239.93	(8.8 %)	-	-	-	-
2015	863.84	260.0 %	-	-	-	-
2016	176.01	(79.6 %)	-	-	-	-
2017	329.31	87.1 %	-	-	-	-
2018	350.38	6.4 %	-	-	-	-
2019	455.70	30.1 %	-	-	-	-
2020	379.11	(16.8 %)	-	-	-	-
2021	438.30	15.6 %	-	-	-	-
2022	475.26	8.4 %	(20.91)	-	(19.54)	-
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 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
Q1 2024	21.24	1.87	1.87	9.68
Q2 2024	21.24	2.04	2.04	10.18

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	21.24	0.60	0.60	15.71
2015	21.24	4.06	4.06	19.10
2016	21.24	7.13	7.13	23.96
2017	21.24	0.37	0.37	22.01
2018	21.24	(0.46)	(0.46)	20.81
2019	21.24	(2.27)	(2.27)	18.56
2020	21.24	(5.30)	(5.30)	13.37
2021	21.24	(3.51)	(3.51)	9.85
2022	21.24	(2.52)	(2.52)	7.23
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 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
Q1 2024	15.94	15.94
Q2 2024	12.36	12.36

Period	P/E	Adjusted P/E
2014	More than 100	More than 100
2015	12.77	12.77
2016	9.23	9.23
2017	More than 100	More than 100
2018	NEG	NEG
2019	NEG	NEG
2020	NEG	NEG
2021	NEG	NEG
2022	NEG	NEG
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 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	-
Q1 2024	47.42	47.72	13.73	-
Q2 2024	41.84	92.76	12.07	-

Period	Medical Insurance	Comprehensive Motor Insurance	Property & casualty	Other classes
2014	126.23	59.79	-	53.91
2015	749.71	57.65	15.75	40.73
2016	83.76	48.61	11.35	32.29
2017	257.47	35.82	10.09	25.92
2018	273.81	39.22	15.33	22.02
2019	367.50	51.36	36.84	-
2020	209.51	123.99	45.61	-
2021	151.89	233.84	52.56	-
2022	232.19	191.14	51.93	-
2023	217.76	184.51	69.23	-

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Al Sagr Insurance profit up 6% to SAR 17.9M in H1 2024; Q2 at SAR 10.5M

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

View other reports

Share Price

Al Sagr Cooperative Insurance Co. (ALSAGR INSURANCE)

Financial Ratios

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) 2024 Q2

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

Popular Links

Quick Links

About Us

Join Us

Follow Us

Al Sagr Insurance profit up 6% to SAR 17.9M in H1 2024; Q2 at SAR 10.5M

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

View other reports

Share Price

Al Sagr Cooperative Insurance Co. (ALSAGR INSURANCE)

Financial Ratios

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) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

Popular Links

Quick Links

About Us

Join Us

Follow Us

Business Segments - Gross Premium Written (Million)