Walaa turns SAR 148M profit in 2023; Q4 at SAR 45.3M

13/03/2024 Argaam Exclusive

Walaa Cooperative Insurance Co. swung to SAR 148 million net profit in 2023, from a loss of SAR 68.1 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Gross Written Premium (GWP) 2,641.93 3,346.16 26.7 %
Insurance Revenues 2,572.34 2,887.64 12.3 %
Net Profit Before Zakat & Tax (56.44) 162.98 388.8 %
Net Income (68.08) 147.98 317.4 %
Average Shares 85.06 85.06 -
EPS (Riyals) (0.80) 1.74 317.4 %

Insurance revenues rose 12.26% year-on-year (YoY) to SAR 2.88 billion in 2023, driven by business growth in medical, engineering, protection & savings, and other general insurance segments.

 

Insurance services results posted a profit of SAR 28.12 million, compared to a loss of SAR 119.99 million, backed by business growth and improvement in the loss ratios in certain lines.

 

Net investment results jumped 110.53% YoY due to an increase in unrealized gains on investments and commission income on deposits.

 

Meanwhile, other operating expenses grew 76.90% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Gross Written Premium (GWP) 644.51 880.21 36.6 %
Insurance Revenues 699.72 781.15 11.6 %
Net Profit Before Zakat & Tax (7.77) 50.25 746.7 %
Net Income (11.41) 45.25 496.6 %
Average Shares 85.06 85.06 0.0 %
EPS (Riyals) (0.13) 0.53 496.6 %

Insurance Operations

Item 2022 2023 Change‬
Gross Written Premium (GWP) 2,641.93 3,346.16 26.7 %
Insurance Revenues 2,572.34 2,887.64 12.3 %
Insurance Services Income (120.00) 28.12 123.4 %
Investment Income 78.37 164.98 110.5 %
Net Profit of Insurance Services and Investment (48.11) 188.75 492.3 %

In Q4 2023, the insurance services provider turned to a net profit of SAR 45.3 million, against a net loss of SAR 11.41 million in Q4 2022.

 

On a sequential basis, Walaa’s earnings rose 13.8% from SAR 39.78 million in Q3 2023.

 

Shareholders’ equity, no minority interest, amounted to SAR 1.27 billion as of Dec. 31, 2023, compared to SAR 1.11 billion in 2022.

 

View more financial results

 

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Share Price

Walaa Cooperative Insurance Co.
17.70
0.14 0.80 %

Walaa Cooperative Insurance Co. (WALAA)

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Financial Ratios
Current
Market Cap (M) 2,257.78
Shares Outstanding (M) 103.63
EPS ( Riyal) (TTM) 1.25
Book Value (BV) ( Riyal) 13.05
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 20.65
P/E (TTM) 17.41
Price/Book 1.67
Return on Average Assets (%) (TTM) 3.2
Return on Average Equity (%) (TTM) 10.1
Return on Market Cap (%) 5.6
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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2014 1.56 0.0 % 0.03 (19.19) (253.2 %)
Q2 2014 3.75 0.0 % 0.07 (8.70) (3.7 %)
Q3 2014 2.18 0.0 % 0.04 41.72 427.5 %
Q4 2014 (0.33) 0.0 % (0.01) (8.99) (171.8 %)
Q1 2015 1.56 0.0 % 0.04 (8.97) 53.3 %
Q2 2015 3.75 0.0 % 0.06 (40.41) (364.5 %)
Q3 2015 2.18 0.0 % 0.03 (18.57) (144.5 %)
Q4 2015 (0.33) 0.0 % (0.01) 11.69 230.1 %
Q1 2016 1.56 0.0 % 0.02 20.41 327.5 %
Q2 2016 3.75 0.0 % 0.04 30.59 175.7 %
Q3 2016 2.18 0.0 % 0.03 39.99 315.3 %
Q4 2016 (0.33) 0.0 % 0.00 26.32 125.2 %
Q1 2017 1.56 0.0 % 0.02 32.23 57.9 %
Q2 2017 3.75 0.0 % 0.04 35.59 16.3 %
Q3 2017 2.18 0.0 % 0.03 44.38 11.0 %
Q4 2017 (0.33) 0.0 % 0.00 32.05 21.8 %
Q1 2018 1.56 0.0 % 0.02 38.74 20.2 %
Q2 2018 3.75 0.0 % 0.06 34.33 (3.5 %)
Q3 2018 2.18 0.0 % 0.03 22.57 (49.1 %)
Q4 2018 (0.33) 0.0 % (0.01) 4.73 (85.2 %)
Q1 2019 1.56 0.0 % 0.02 15.32 (60.4 %)
Q2 2019 3.75 0.0 % 0.04 (15.83) (146.1 %)
Q3 2019 2.18 0.0 % 0.03 7.94 (64.8 %)
Q4 2019 (0.33) 0.0 % 0.00 13.87 192.9 %
Q1 2020 1.56 0.0 % 0.02 (10.82) (170.6 %)
Q2 2020 3.75 0.0 % 0.04 28.35 279.1 %
Q3 2020 2.18 0.0 % 0.03 25.27 218.2 %
Q4 2020 (0.33) 0.0 % 0.00 29.82 115.1 %
Q1 2021 1.56 0.0 % 0.02 (23.86) (120.5 %)
Q2 2021 3.75 0.0 % 0.05 10.54 (62.8 %)
Q3 2021 2.18 0.0 % 0.03 (33.12) (231.0 %)
Q4 2021 (0.33) 0.0 % 0.00 (66.36) (322.5 %)
Q1 2022 (19.61) (1354.5 %) (0.23) (15.11) 36.7 %
Q2 2022 (48.10) (1381.9 %) (0.57) (46.10) (537.5 %)
Q3 2022 11.03 405.9 % 0.13 12.53 137.8 %
Q4 2022 (11.41) (3,315.9 %) (0.13) (7.77) 88.3 %
Q1 2023 24.31 224.0 % 0.29 26.81 277.5 %
Q2 2023 38.65 180.3 % 0.45 41.15 189.3 %
Q3 2023 39.78 260.5 % 0.47 44.78 257.2 %
Q4 2023 45.25 496.6 % 0.53 50.25 746.7 %
2023 147.98 317.4 % 1.74 162.98 388.8 %

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 181.08 64.9 % - - - -
Q2 2014 175.63 207.3 % - - - -
Q3 2014 190.75 73.8 % - - - -
Q4 2014 102.16 44.9 % - - - -
Q1 2015 197.23 8.9 % - - - -
Q2 2015 199.44 13.6 % - - - -
Q3 2015 227.81 19.4 % - - - -
Q4 2015 128.52 25.8 % - - - -
Q1 2016 262.06 32.9 % - - - -
Q2 2016 222.33 11.5 % - - - -
Q3 2016 268.44 17.8 % - - - -
Q4 2016 263.78 105.2 % - - - -
Q1 2017 299.76 14.4 % - - - -
Q2 2017 217.64 (2.1 %) - - - -
Q3 2017 284.37 5.9 % - - - -
Q4 2017 300.56 13.9 % - - - -
Q1 2018 310.53 3.6 % - - - -
Q2 2018 248.07 14.0 % - - - -
Q3 2018 256.94 (9.6 %) - - - -
Q4 2018 289.41 (3.7 %) - - - -
Q1 2019 275.64 (11.2 %) - - - -
Q2 2019 298.12 20.2 % - - - -
Q3 2019 282.72 10.0 % - - - -
Q4 2019 358.92 24.0 % - - - -
Q1 2020 333.98 21.2 % - - - -
Q2 2020 298.07 0.0 % - - - -
Q3 2020 412.57 45.9 % - - - -
Q4 2020 428.09 19.3 % - - - -
Q1 2021 343.36 2.8 % - - - -
Q2 2021 842.56 182.7 % - - - -
Q3 2021 548.31 32.9 % - - - -
Q4 2021 604.60 41.2 % - - - -
Q1 2022 394.29 14.8 % (57.45) - (11.92) -
Q2 2022 1,006.97 19.5 % (1.31) - (29.84) -
Q3 2022 596.17 8.7 % 0.70 - 8.35 -
Q4 2022 644.51 6.6 % (61.94) - (14.70) -
Q1 2023 466.68 18.4 % 4.34 107.5 % 33.69 382.6 %
Q2 2023 1,238.64 23.0 % 3.89 396.0 % 46.16 254.7 %
Q3 2023 760.63 27.6 % 13.68 1848.3 % 39.86 377.4 %
Q4 2023 880.21 36.6 % 6.22 110.0 % 69.04 569.5 %
2023 3,346.16 26.7 % 28.12 123.4 % 188.75 492.3 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 54.48 0.13 (0.19) (0.12)
Q2 2014 54.48 0.13 (0.19) (0.27)
Q3 2014 54.48 0.13 0.42 0.07
Q4 2014 54.48 0.13 (0.07) (0.58)
Q1 2015 44.31 0.16 0.14 (0.86)
Q2 2015 64.33 0.11 (0.40) (0.68)
Q3 2015 64.33 0.11 (1.34) (1.28)
Q4 2015 64.33 0.11 (0.94) (1.20)
Q1 2016 85.06 0.08 (0.37) (0.77)
Q2 2016 85.06 0.08 0.45 (0.39)
Q3 2016 85.06 0.08 1.12 (0.07)
Q4 2016 85.06 0.08 1.27 0.42
Q1 2017 85.06 0.08 1.40 0.76
Q2 2017 85.06 0.08 1.44 1.19
Q3 2017 85.06 0.08 1.48 1.72
Q4 2017 85.06 0.08 1.56 2.01
Q1 2018 64.33 0.11 2.15 3.32
Q2 2018 64.33 0.11 2.12 3.27
Q3 2018 64.33 0.11 1.77 3.52
Q4 2018 64.33 0.11 1.33 3.59
Q1 2019 85.06 0.08 0.73 3.05
Q2 2019 85.06 0.08 0.14 1.28
Q3 2019 85.06 0.08 0.01 1.28
Q4 2019 85.06 0.08 0.23 1.66
Q1 2020 85.06 0.08 (0.06) 1.66
Q2 2020 85.06 0.08 0.48 2.15
Q3 2020 85.06 0.08 0.56 2.79
Q4 2020 85.06 0.08 0.60 3.17
Q1 2021 78.75 0.09 0.46 3.14
Q2 2021 78.75 0.09 0.22 3.35
Q3 2021 78.75 0.09 (0.43) 2.83
Q4 2021 78.75 0.09 (1.55) 2.09
Q1 2022 85.06 (0.16) (1.34) 10.19
Q2 2022 85.06 (0.77) (1.99) 9.64
Q3 2022 85.06 (0.67) (1.42) 9.78
Q4 2022 85.06 (0.80) (0.80) 13.13
Q1 2023 85.06 (0.28) (0.28) 13.41
Q2 2023 85.06 0.74 0.74 13.86
Q3 2023 85.06 1.07 1.07 14.33
Q4 2023 85.06 1.74 1.74 14.91

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2014 More than 100 NEG
Q2 2014 More than 100 NEG
Q3 2014 More than 100 More than 100
Q4 2014 More than 100 NEG
Q1 2015 More than 100 More than 100
Q2 2015 More than 100 NEG
Q3 2015 More than 100 NEG
Q4 2015 More than 100 NEG
Q1 2016 More than 100 NEG
Q2 2016 More than 100 35.00
Q3 2016 More than 100 15.58
Q4 2016 More than 100 19.98
Q1 2017 More than 100 22.59
Q2 2017 More than 100 21.41
Q3 2017 More than 100 21.01
Q4 2017 More than 100 23.51
Q1 2018 More than 100 19.22
Q2 2018 More than 100 18.39
Q3 2018 More than 100 18.40
Q4 2018 More than 100 22.45
Q1 2019 More than 100 39.95
Q2 2019 More than 100 More than 100
Q3 2019 More than 100 More than 100
Q4 2019 More than 100 More than 100
Q1 2020 More than 100 NEG
Q2 2020 More than 100 42.58
Q3 2020 More than 100 More than 100
Q4 2020 More than 100 More than 100
Q1 2021 More than 100 More than 100
Q2 2021 More than 100 More than 100
Q3 2021 More than 100 NEG
Q4 2021 More than 100 NEG
Q1 2022 NEG NEG
Q2 2022 NEG NEG
Q3 2022 NEG NEG
Q4 2022 NEG NEG
Q1 2023 NEG NEG
Q2 2023 36.94 36.94
Q3 2023 24.58 24.58
Q4 2023 16.34 16.34

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Comprehensive Motor Insurance Property & casualty Insurance - Engineering Protection & Saving Other classes insurance energy
Q1 2014 10.14 80.69 46.49 - - 43.76 -
Q2 2014 15.18 57.79 32.59 56.30 - 13.76 -
Q3 2014 11.00 38.52 103.30 19.91 - 18.02 -
Q4 2014 10.93 63.49 4.05 8.64 - 15.05 -
Q1 2015 10.63 143.25 12.49 13.09 - 17.76 -
Q2 2015 19.55 106.20 17.32 43.40 - 12.97 -
Q3 2015 17.36 93.07 88.91 10.22 - 18.26 -
Q4 2015 21.28 78.73 3.79 10.10 - 14.63 -
Q1 2016 43.18 147.42 5.78 26.60 - 39.09 -
Q2 2016 51.32 134.83 18.24 4.43 - 13.52 -
Q3 2016 32.80 147.48 53.89 13.31 - 20.97 -
Q4 2016 21.61 142.54 83.46 4.07 - 12.10 -
Q1 2017 13.43 225.76 6.37 15.49 - 38.71 -
Q2 2017 26.55 139.02 21.55 6.49 - 24.02 -
Q3 2017 29.87 130.79 58.79 42.07 - 22.86 -
Q4 2017 33.45 211.03 7.61 22.79 - 25.68 -
Q1 2018 24.15 213.42 5.53 15.04 - 52.38 -
Q2 2018 24.89 109.27 64.90 22.72 - 26.29 -
Q3 2018 31.90 123.38 66.25 9.05 - 26.36 -
Q4 2018 14.62 166.14 60.87 26.26 - 21.51 -
Q1 2019 17.60 185.16 20.23 19.02 - 33.64 -
Q2 2019 12.73 159.64 72.56 21.19 - 32.00 -
Q3 2019 23.81 118.66 87.52 14.77 - 37.96 -
Q4 2019 42.24 158.81 59.71 47.52 - 50.64 -
Q1 2020 26.80 206.82 17.72 34.94 0.66 47.05 -
Q2 2020 24.58 162.30 43.54 20.05 1.33 46.26 -
Q3 2020 15.60 156.08 162.36 28.46 3.41 46.67 -
Q4 2020 53.43 174.22 78.19 38.70 5.98 77.58 -
Q1 2021 56.59 164.10 10.52 29.41 18.67 64.06 -
Q2 2021 94.19 134.23 33.74 14.34 52.45 60.72 452.90
Q3 2021 98.02 163.05 77.56 27.31 35.23 98.65 48.49
Q4 2021 113.60 149.17 184.19 18.33 48.55 83.46 7.31
Q1 2022 174.07 113.96 13.47 12.87 16.30 39.54 24.10
Q2 2022 191.81 138.85 45.69 21.37 60.76 69.00 479.49
Q3 2022 175.00 94.81 74.86 61.94 37.92 112.59 39.06
Q4 2022 115.96 93.03 73.18 76.83 98.10 89.35 98.05
Q1 2023 123.56 104.55 25.27 42.62 86.72 66.90 17.07
Q2 2023 246.47 130.89 27.95 86.68 67.77 198.70 480.18
Q3 2023 130.22 264.70 96.88 63.56 69.27 116.99 18.97
Q4 2023 179.87 295.08 148.71 52.05 60.12 82.89 61.53

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