Amana Insurance turns to SAR 25.4M profit in 2023; Q4 losses at SAR 3.7M

24/03/2024 Argaam Exclusive

Amana Cooperative Insurance Co. reported a net profit of SAR 25.4 million for 2023, against a net loss of SAR 48.2 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Gross Written Premium (GWP) 230.52 173.58 (24.7 %)
Insurance Revenues 237.70 184.64 (22.3 %)
Net Profit Before Zakat & Tax (44.73) 30.72 168.7 %
Net Income (48.18) 25.44 152.8 %
Average Shares 43.00 43.00 -
EPS (Riyals) (1.12) 0.59 152.8 %

The positive performance is due to a reduction in insurance revenue by SAR 53.06 million, a decrease in insurance service expenses by SAR 107.16 million, and a decline in net expense from reinsurance contracts by SAR 8.96 million.

 

Meanwhile, the company’s investment portfolio witnessed growth leading to an increase in investment income by SAR 5.43 million and net other income and expenses improved by SAR 10.58 million.

 

This came despite a decline in revenue of SAR 54.1 million mainly due to lower gross written premiums (GWP), driven by the company’s strategy focusing on profitable products and running off loss making portfolio.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Gross Written Premium (GWP) 46.37 56.48 21.8 %
Insurance Revenues 54.12 26.35 (51.3 %)
Net Profit Before Zakat & Tax 7.11 (0.76) (110.6 %)
Net Income 4.33 (3.69) (185.2 %)
Average Shares 43.00 43.00 -
EPS (Riyals) 0.10 (0.09) (185.2 %)

Insurance Operations

Item 2022 2023 Change‬
Gross Written Premium (GWP) 230.52 173.58 (24.7 %)
Insurance Revenues 237.70 184.64 (22.3 %)
Insurance Services Income (45.53) 17.55 138.5 %
Investment Income 1.81 7.25 300.6 %
Net Profit of Insurance Services and Investment (41.75) 23.11 155.4 %

The company reported a net loss of SAR 3.69 million in Q4 2023, against a profit of SAR 4.33 million in Q4 2022.

 

Sequentially, the insurer switched to a loss versus a profit of SAR 9.44 million in Q3 2023.

 

Shareholders’ equity, no minority interest, grew to SAR 282.7 million as of Dec. 31, 2023, compared to SAR 251.2 million a year earlier.

 

Accumulated losses stood at SAR 186.6 million by the end of 2023, which represents 43.39% of capital.

 

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Share Price

Amana Cooperative Insurance Co.
10.88
0.22 2.06 %

Amana Cooperative Insurance Co. (AMANA INSURANCE)

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Financial Ratios
Current
Market Cap (M) 467.84
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 1.59
Return on Average Assets (%) (TTM) 1.8
Return on Average Equity (%) (TTM) 2.8
Return on Market Cap (%) 1.5
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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2014 (8.71) (187.0 %) (0.56) (7.82) (308.0 %)
Q2 2014 (20.05) (65.9 %) (1.29) (19.30) (92.0 %)
Q3 2014 (59.94) (513.7 %) (3.87) (60.01) (514.5 %)
Q4 2014 12.68 (23.9 %) 0.82 13.44 (24.2 %)
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 %)
2023 25.44 152.8 % 0.59 30.72 168.7 %

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 122.55 219.1 % - - - -
Q2 2014 129.24 1403.8 % - - - -
Q3 2014 91.80 940.3 % - - - -
Q4 2014 48.22 74.6 % - - - -
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 %)
2023 173.58 (24.7 %) 17.55 138.5 % 23.11 155.3 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 15.50 (0.90) (0.90) 12.49
Q2 2014 15.50 (1.41) (1.41) 11.23
Q3 2014 15.50 (4.65) (4.65) 7.33
Q4 2014 15.50 (4.90) (4.90) 8.14
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

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 NEG NEG
Q4 2014 NEG NEG
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

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 2014 48.58 70.79 1.31 1.10 0.39 0.37
Q2 2014 37.90 89.31 0.57 1.15 0.20 0.11
Q3 2014 34.00 52.61 1.51 2.48 0.08 1.12
Q4 2014 16.76 26.60 1.39 2.32 0.06 1.10
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 - - -

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