Walaa earnings rise 2% to SAR 64.3M in H1 2024; Q2 at SAR 24.4M

05/08/2024 Argaam Exclusive

Walaa Cooperative Insurance Co. posted a net profit of SAR 64.3 million in H1 2024, rising 2% compared to SAR 63 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 1,705.33 1,591.14 (6.7 %)
Insurance Revenues 1,364.82 1,563.25 14.5 %
Net Profit Before Zakat & Tax 67.95 49.24 (27.5 %)
Net Income 62.95 64.30 2.1 %
Average Shares 85.06 85.06 -
EPS (Riyals) 0.74 0.76 2.1 %


Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 1,238.64 943.12 (23.9 %)
Insurance Revenues 705.19 796.18 12.9 %
Net Profit Before Zakat & Tax 41.15 26.94 (34.5 %)
Net Income 38.65 24.44 (36.8 %)
Average Shares 85.06 85.06 -
EPS (Riyals) 0.45 0.29 (36.8 %)

In the second quarter, Walaa’s net profit fell 37% to SAR 24.4 million from SAR 38.6 million in Q2 2023.

 

Sequentially, the insurer’s profit declined from SAR 39.8 million in Q1 2024.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 1,705.33 1,591.14 (6.7 %)
Insurance Revenues 1,364.82 1,563.25 14.5 %
Insurance Services Income 8.23 (8.56) (204.0 %)
Investment Income 76.28 81.35 6.6 %
Net Profit of Insurance Services and Investment 79.85 66.93 (16.2 %)

Total shareholders’ equity, no minority interest, stood at SAR 1.3 billion as of June 30, 2024, compared to SAR 1.17 billion in the prior-year period.

 

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Share Price

Walaa Cooperative Insurance Co.
22.00
(0.18) (0.81 %)

Walaa Cooperative Insurance Co. (WALAA)

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Financial Ratios
Current
Market Cap (M) 1,877.90
Shares Outstanding (M) 85.06
EPS ( Riyal) (TTM) 1.52
Book Value (BV) ( Riyal) 15.91
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 17.17
P/E (TTM) 14.48
Price/Book 1.39
Return on Average Assets (%) (TTM) 3.2
Return on Average Equity (%) (TTM) 10.1
Return on Market Cap (%) 7.0
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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 1.56 0.0 % 0.03 (8.97) 53.3 %
Q2 2015 3.75 0.0 % 0.04 (40.41) (364.5 %)
Q3 2015 2.18 0.0 % 0.03 (18.57) (144.5 %)
Q4 2015 (0.33) 0.0 % 0.00 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 % 0.04 34.33 (3.5 %)
Q3 2018 2.18 0.0 % 0.03 22.57 (49.1 %)
Q4 2018 (0.33) 0.0 % 0.00 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 % 0.04 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 %
Q1 2024 39.86 64.0 % 0.47 22.30 (16.8 %)
Q2 2024 24.44 (36.8 %) 0.29 26.94 (34.5 %)

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 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 %
Q1 2024 648.02 38.9 % (14.35) (431.0 %) 27.61 (18.1 %)
Q2 2024 943.12 (23.9 %) 5.79 48.7 % 39.33 (14.8 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 54.48 0.13 0.12 (0.70)
Q2 2015 85.06 0.08 (0.30) (0.51)
Q3 2015 85.06 0.08 (1.01) (0.97)
Q4 2015 85.06 0.08 (0.71) (0.91)
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 85.06 0.08 1.62 2.51
Q2 2018 85.06 0.08 1.60 2.47
Q3 2018 85.06 0.08 1.34 2.66
Q4 2018 85.06 0.08 1.01 2.71
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 85.06 0.08 0.43 2.91
Q2 2021 85.06 0.08 0.20 3.11
Q3 2021 85.06 0.08 (0.40) 2.62
Q4 2021 85.06 0.08 (1.43) 1.93
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
Q1 2024 85.06 1.92 1.68 15.38
Q2 2024 85.06 1.76 1.52 15.67

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 NEG
Q3 2015 More than 100 NEG
Q4 2015 More than 100 NEG
Q1 2016 More than 100 NEG
Q2 2016 More than 100 23.34
Q3 2016 More than 100 10.39
Q4 2016 More than 100 13.32
Q1 2017 More than 100 15.06
Q2 2017 More than 100 14.27
Q3 2017 More than 100 14.01
Q4 2017 More than 100 15.67
Q1 2018 More than 100 15.32
Q2 2018 More than 100 14.66
Q3 2018 More than 100 14.67
Q4 2018 More than 100 17.90
Q1 2019 More than 100 26.63
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 28.39
Q3 2020 More than 100 41.66
Q4 2020 More than 100 36.47
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 24.63 24.63
Q3 2023 16.39 16.39
Q4 2023 10.90 10.90
Q1 2024 14.04 16.03
Q2 2024 16.46 19.05

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 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
Q1 2024 147.14 126.94 25.73 188.57 67.10 68.34 24.21
Q2 2024 126.76 90.63 17.94 58.40 77.28 85.70 486.41

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