Al-Etihad Insurance 9M 2024 profit falls 20% to SAR 55.9M; Q3 at SAR 3.9M

05/11/2024 Argaam Exclusive

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Al-Etihad Cooperative Insurance Co. posted a 20% decline in its net income for the first nine months of 2024 to SAR 55.9 million, compared to SAR 69.9 million in the corresponding period of 2023.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Gross Written Premium (GWP)	1,042.83	1,012.73	(2.9 %)
Insurance Revenues	851.06	1,164.10	36.8 %
Net Profit Before Zakat & Tax	79.94	62.92	(21.3 %)
Net Income	69.94	55.92	(20.0 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	1.40	1.12	(20.0 %)

This was due a decrease in company's share of the industry pool results, which was offset by a decline in net insurance finance expenses and non-attributed general and administrative expenses.

In addition, the company cited a decline in comprehensive income due to the above-mentioned reasons, along with booking an increase in the fair value of company's investment in Najm for Insurance Services in during 2023.

Insurance revenues leapt by 37%, mainly due to an increase in insurance service revenues of the motor insurance segment.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Gross Written Premium (GWP)	491.99	487.28	(1.0 %)
Insurance Revenues	315.23	426.32	35.2 %
Net Profit Before Zakat & Tax	10.18	6.87	(32.6 %)
Net Income	8.18	3.87	(52.7 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	0.16	0.08	(52.7 %)

Item	Q2 2024	Q3 2024	Change‬
Gross Written Premium (GWP)	223.76	487.28	117.8 %
Insurance Revenues	366.43	426.32	16.3 %
Net Profit Before Zakat & Tax	51.39	6.87	(86.6 %)
Net Income	49.39	3.87	(92.2 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	0.99	0.08	(92.2 %)

The third-quarter net income dipped 53% to SAR 3.9 million, from SAR 8.1 million in Q3 2023, mainly due to a decrease in company's share of the industry pool results.

Net income also sank 92.2% from SAR 49.3 million in the previous quarter.

Insurance Operations

Item	9m 2023	9m 2024	Change‬
Gross Written Premium (GWP)	1,042.83	1,012.73	(2.9 %)
Insurance Revenues	851.06	1,164.10	36.8 %
Insurance Services Income	76.47	56.19	(26.5 %)
Investment Income	34.14	23.77	(30.4 %)
Net Profit of Insurance Services and Investment	98.49	73.15	(25.7 %)

Total shareholders’ equity, no minority interest, decreased to SAR 700.53 million as of Sept. 30, 2024, from SAR 644.33 million a year earlier.

Accumulated losses reached SAR 128.98 million as of Sept. 30, 2014.

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Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2015	0.26	101.9 %	0.01	2.51	119.7 %
Q2 2015	17.40	1260.7 %	0.35	20.40	706.8 %
Q3 2015	0.42	106.3 %	0.01	3.42	163.7 %
Q4 2015	(3.59)	(18996.3 %)	(0.07)	(0.59)	(146.5 %)
2015	14.49	175.1 %	0.29	25.74	280.2 %
Q1 2016	(1.61)	(719.7 %)	(0.03)	1.40	(44.4 %)
Q2 2016	4.62	(73.5 %)	0.09	6.12	(70.0 %)
Q3 2016	25.69	6058.7 %	0.51	27.19	695.8 %
Q4 2016	8.75	343.8 %	0.18	10.25	1837.8 %
2016	37.46	158.5 %	0.75	44.96	74.7 %
Q1 2017	5.57	447.3 %	0.11	8.07	478.7 %
Q2 2017	22.64	390.0 %	0.45	25.14	310.7 %
Q3 2017	16.70	(35.0 %)	0.33	16.70	(38.6 %)
Q4 2017	9.30	6.3 %	0.19	19.30	88.3 %
2017	54.21	44.7 %	1.08	69.21	53.9 %
Q1 2018	20.17	261.8 %	0.40	25.17	211.7 %
Q2 2018	22.39	(1.1 %)	0.45	25.39	1.0 %
Q3 2018	26.22	57.0 %	0.52	31.22	87.0 %
Q4 2018	1.36	(85.4 %)	0.03	6.36	(67.1 %)
2018	70.14	29.4 %	1.40	88.14	27.4 %
Q1 2019	11.98	(40.6 %)	0.24	14.98	(40.5 %)
Q2 2019	15.14	(32.4 %)	0.30	18.14	(28.6 %)
Q3 2019	11.14	(57.5 %)	0.22	14.14	(54.7 %)
Q4 2019	12.05	786.6 %	0.24	17.05	168.1 %
2019	50.31	(28.3 %)	1.01	64.31	(27.0 %)
Q1 2020	15.00	25.2 %	0.30	17.50	16.8 %
Q2 2020	30.33	100.4 %	0.61	33.34	83.8 %
Q3 2020	26.42	137.2 %	0.53	29.92	111.6 %
Q4 2020	(44.14)	(466.2 %)	(0.88)	(40.64)	(338.3 %)
2020	27.61	(45.1 %)	0.55	40.11	(37.6 %)
Q1 2021	11.05	(26.3 %)	0.22	14.55	(16.9 %)
Q2 2021	15.75	(48.1 %)	0.32	19.25	(42.2 %)
Q3 2021	6.23	(76.4 %)	0.12	9.73	(67.5 %)
Q4 2021	0.40	100.9 %	0.01	4.90	112.1 %
2021	33.43	21.1 %	0.67	48.43	20.7 %
Q1 2022	1.86	(83.2 %)	0.04	5.61	(61.5 %)
Q2 2022	(39.04)	(347.9 %)	(0.78)	(34.79)	(280.7 %)
Q3 2022	33.98	445.4 %	0.68	37.98	290.3 %
Q4 2022	15.91	3890.5 %	0.32	22.41	357.4 %
2022	12.70	(62.0 %)	0.25	31.20	(35.6 %)
Q1 2023	12.19	555.6 %	0.24	16.19	188.6 %
Q2 2023	49.57	227.0 %	0.99	53.57	254.0 %
Q3 2023	8.18	(75.9 %)	0.16	10.18	(73.2 %)
Q4 2023	23.96	50.6 %	0.48	23.96	6.9 %
2023	93.90	639.2 %	1.88	103.90	233.0 %
Q1 2024	2.66	(78.2 %)	0.05	4.66	(71.2 %)
Q2 2024	49.39	(0.4 %)	0.99	51.39	(4.1 %)
Q3 2024	3.87	(52.7 %)	0.08	6.87	(32.6 %)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	(19.29)	54.0 %	(0.39)	(14.29)	61.3 %
2015	14.49	175.1 %	0.29	25.74	280.2 %
2016	37.46	158.5 %	0.75	44.96	74.7 %
2017	54.21	44.7 %	1.08	69.21	53.9 %
2018	70.14	29.4 %	1.40	88.14	27.4 %
2019	50.31	(28.3 %)	1.01	64.31	(27.0 %)
2020	27.61	(45.1 %)	0.55	40.11	(37.6 %)
2021	33.43	21.1 %	0.67	48.43	20.7 %
2022	12.70	(62.0 %)	0.25	31.20	(35.6 %)
2023	93.90	639.2 %	1.88	103.90	233.0 %

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	212.21	(16.1 %)	-	-	-	-
Q2 2015	198.75	25.0 %	-	-	-	-
Q3 2015	276.01	40.6 %	-	-	-	-
Q4 2015	159.01	(20.5 %)	-	-	-	-
2015	845.98	4.6 %	-	-	-	-
Q1 2016	302.87	42.7 %	-	-	-	-
Q2 2016	220.94	11.2 %	-	-	-	-
Q3 2016	274.14	(0.7 %)	-	-	-	-
Q4 2016	156.54	(1.6 %)	-	-	-	-
2016	954.48	12.8 %	-	-	-	-
Q1 2017	229.21	(24.3 %)	-	-	-	-
Q2 2017	288.70	30.7 %	-	-	-	-
Q3 2017	102.69	(62.5 %)	-	-	-	-
Q4 2017	210.66	34.6 %	-	-	-	-
2017	831.25	(12.9 %)	-	-	-	-
Q1 2018	232.11	1.3 %	-	-	-	-
Q2 2018	220.80	(23.5 %)	-	-	-	-
Q3 2018	218.23	112.5 %	-	-	-	-
Q4 2018	258.63	22.8 %	-	-	-	-
2018	929.78	11.9 %	-	-	-	-
Q1 2019	204.22	(12.0 %)	-	-	-	-
Q2 2019	187.99	(14.9 %)	-	-	-	-
Q3 2019	235.88	8.1 %	-	-	-	-
Q4 2019	233.85	(9.6 %)	-	-	-	-
2019	861.94	(7.3 %)	-	-	-	-
Q1 2020	153.11	(25.0 %)	-	-	-	-
Q2 2020	155.02	(17.5 %)	-	-	-	-
Q3 2020	202.31	(14.2 %)	-	-	-	-
Q4 2020	231.23	(1.1 %)	-	-	-	-
2020	741.67	(14.0 %)	-	-	-	-
Q1 2021	185.63	21.2 %	-	-	-	-
Q2 2021	157.43	1.6 %	-	-	-	-
Q3 2021	251.25	24.2 %	-	-	-	-
Q4 2021	271.17	17.3 %	-	-	-	-
2021	865.48	16.7 %	-	-	-	-
Q1 2022	301.41	62.4 %	(12.90)	-	8.00	-
Q2 2022	282.93	79.7 %	(20.97)	-	(32.06)	-
Q3 2022	330.91	31.7 %	23.85	-	40.87	-
Q4 2022	261.45	(3.6 %)	30.92	-	27.59	-
2022	1,176.70	36.0 %	20.91	-	44.40	-
Q1 2023	238.04	(21.0 %)	9.86	176.4 %	19.08	138.3 %
Q2 2023	312.80	10.6 %	58.06	376.9 %	67.41	310.3 %
Q3 2023	491.99	48.7 %	8.55	(64.2 %)	12.00	(70.6 %)
Q4 2023	446.22	70.7 %	(5.47)	(117.7 %)	19.96	(27.6 %)
2023	1,489.05	26.5 %	33.83	61.8 %	93.33	110.2 %
Q1 2024	301.69	26.7 %	(17.76)	(280.1 %)	6.48	(66.0 %)
Q2 2024	223.76	(28.5 %)	44.21	(23.9 %)	56.24	(16.6 %)
Q3 2024	487.28	(1.0 %)	29.74	247.8 %	10.43	(13.1 %)

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	808.48	(7.8 %)	-	-	-	-
2015	845.98	4.6 %	-	-	-	-
2016	954.48	12.8 %	-	-	-	-
2017	831.25	(12.9 %)	-	-	-	-
2018	929.78	11.9 %	-	-	-	-
2019	861.94	(7.3 %)	-	-	-	-
2020	741.67	(14.0 %)	-	-	-	-
2021	865.48	16.7 %	-	-	-	-
2022	1,176.70	36.0 %	20.91	-	44.40	-
2023	1,489.05	26.5 %	33.83	61.8 %	93.33	110.2 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2015	50.00	(0.10)	(0.10)	4.88
Q2 2015	50.00	0.22	0.22	5.31
Q3 2015	50.00	0.36	0.36	5.14
Q4 2015	50.00	0.29	0.29	5.05
Q1 2016	50.00	0.25	0.25	5.03
Q2 2016	50.00	0.00	0.00	5.18
Q3 2016	50.00	0.50	0.50	5.64
Q4 2016	50.00	0.75	0.75	5.95
Q1 2017	50.00	0.89	0.89	6.17
Q2 2017	50.00	1.25	1.25	6.64
Q3 2017	50.00	1.07	1.07	6.97
Q4 2017	50.00	1.08	1.08	7.13
Q1 2018	50.00	1.38	1.38	7.67
Q2 2018	50.00	1.37	1.37	8.14
Q3 2018	50.00	1.56	1.56	8.64
Q4 2018	50.00	1.40	1.40	8.65
Q1 2019	50.00	1.24	1.24	8.96
Q2 2019	50.00	1.09	1.09	9.21
Q3 2019	50.00	0.79	0.79	9.35
Q4 2019	50.00	1.01	1.01	9.61
Q1 2020	50.00	1.07	1.07	9.66
Q2 2020	50.00	1.37	1.37	10.37
Q3 2020	50.00	1.68	1.68	11.03
Q4 2020	50.00	0.55	1.92	10.25
Q1 2021	50.00	0.47	1.84	10.60
Q2 2021	50.00	0.18	1.55	11.02
Q3 2021	50.00	(0.22)	1.14	11.28
Q4 2021	50.00	0.67	0.67	11.09
Q1 2022	50.00	0.48	0.48	10.49
Q2 2022	50.00	(0.61)	(0.61)	9.72
Q3 2022	50.00	(0.06)	(0.06)	10.40
Q4 2022	50.00	0.25	0.25	10.73
Q1 2023	50.00	0.46	0.46	11.73
Q2 2023	50.00	2.23	2.23	12.72
Q3 2023	50.00	1.72	1.72	12.89
Q4 2023	50.00	1.88	1.88	13.43
Q1 2024	50.00	1.69	1.69	13.49
Q2 2024	50.00	1.68	1.68	13.93
Q3 2024	50.00	1.60	1.60	14.01

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	50.00	(0.39)	(0.39)	4.78
2015	50.00	0.29	0.29	5.05
2016	50.00	0.75	0.75	5.95
2017	50.00	1.08	1.08	7.13
2018	50.00	1.40	1.40	8.65
2019	50.00	1.01	1.01	9.61
2020	50.00	0.55	1.92	10.25
2021	50.00	0.67	0.67	11.09
2022	50.00	0.25	0.25	10.73
2023	50.00	1.88	1.88	13.43

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E
Q1 2015	NEG	NEG
Q2 2015	More than 100	More than 100
Q3 2015	29.63	29.63
Q4 2015	40.88	40.88
Q1 2016	30.98	30.98
Q2 2016	NEG	NEG
Q3 2016	10.48	10.48
Q4 2016	12.50	12.50
Q1 2017	11.07	11.07
Q2 2017	7.42	7.42
Q3 2017	10.79	10.79
Q4 2017	9.92	9.92
Q1 2018	8.65	8.65
Q2 2018	9.35	9.35
Q3 2018	7.97	7.97
Q4 2018	9.84	9.84
Q1 2019	10.98	10.98
Q2 2019	10.98	10.98
Q3 2019	13.91	13.91
Q4 2019	11.69	11.69
Q1 2020	9.30	9.30
Q2 2020	8.19	8.19
Q3 2020	11.04	11.04
Q4 2020	35.60	10.25
Q1 2021	40.70	10.48
Q2 2021	More than 100	12.68
Q3 2021	NEG	16.12
Q4 2021	23.76	23.76
Q1 2022	34.15	34.15
Q2 2022	NEG	NEG
Q3 2022	NEG	NEG
Q4 2022	More than 100	More than 100
Q1 2023	30.48	30.48
Q2 2023	7.09	7.09
Q3 2023	10.94	10.94
Q4 2023	8.82	8.82
Q1 2024	13.12	13.12
Q2 2024	10.74	10.74
Q3 2024	11.44	11.44

Period	P/E	Adjusted P/E
2014	NEG	NEG
2015	40.88	40.88
2016	12.50	12.50
2017	9.92	9.92
2018	9.84	9.84
2019	11.69	11.69
2020	35.60	10.25
2021	23.76	23.76
2022	More than 100	More than 100
2023	8.82	8.82

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Medical Insurance	Comprehensive Motor Insurance	Property & casualty
Q1 2015	8.33	137.96	-
Q2 2015	14.14	150.87	-
Q3 2015	20.39	222.89	-
Q4 2015	23.37	108.58	-
Q1 2016	59.90	186.33	-
Q2 2016	85.45	110.85	-
Q3 2016	77.94	177.40	-
Q4 2016	50.02	91.75	-
Q1 2017	40.28	158.18	-
Q2 2017	74.92	194.43	-
Q3 2017	48.50	38.84	-
Q4 2017	72.47	126.51	-
Q1 2018	31.98	181.29	-
Q2 2018	48.90	156.57	-
Q3 2018	34.74	171.39	-
Q4 2018	58.24	190.02	-
Q1 2019	30.16	155.55	-
Q2 2019	41.56	136.09	-
Q3 2019	73.29	148.46	-
Q4 2019	64.52	157.42	-
Q1 2020	33.71	103.59	-
Q2 2020	32.09	116.29	-
Q3 2020	70.50	117.15	-
Q4 2020	83.45	135.35	-
Q1 2021	79.93	82.74	-
Q2 2021	64.07	82.33	-
Q3 2021	153.75	86.35	-
Q4 2021	124.65	132.10	-
Q1 2022	118.48	166.30	16.63
Q2 2022	116.70	155.78	10.45
Q3 2022	179.17	137.29	14.45
Q4 2022	104.52	135.48	21.45
Q1 2023	84.59	126.45	26.99
Q2 2023	95.35	194.50	22.95
Q3 2023	165.72	287.66	38.62
Q4 2023	94.60	328.59	23.03
Q1 2024	56.15	209.08	36.47
Q2 2024	50.91	150.89	21.96
Q3 2024	270.96	176.57	39.75

Period	Medical Insurance	Comprehensive Motor Insurance	Property & casualty
2014	245.88	375.65	-
2015	66.23	620.30	-
2016	273.31	566.33	-
2017	236.17	517.97	-
2018	173.85	699.28	-
2019	209.53	597.51	-
2020	219.76	472.38	-
2021	422.41	383.51	-
2022	518.87	594.85	62.98
2023	440.26	937.20	111.59

Financial Ratios

	Current
Market Cap (M)	846.00
Shares Outstanding (M)	50.00
EPS ( Riyal) (TTM)	1.60
Book Value (BV) ( Riyal)	14.01
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	10.59
P/E (TTM)	10.59
Price/Book	1.21
Return on Average Assets (%) (TTM)	4.8
Return on Average Equity (%) (TTM)	11.9
Return on Market Cap (%)	8.7

Al-Etihad Cooperative Insurance Co. (ALETIHAD)

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Al-Etihad Insurance 9M 2024 profit falls 20% to SAR 55.9M; Q3 at SAR 3.9M

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Financials (M)

Current Quarter Comparison (M)

Insurance Operations

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 Q3

Financial Ratios

Share Price

Al-Etihad Cooperative Insurance Co. (ALETIHAD)

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Al-Etihad Insurance 9M 2024 profit falls 20% to SAR 55.9M; Q3 at SAR 3.9M

View other reports

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

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) Q3 2024

Revenue by Business Segment (Latest) 2024 Q3

Financial Ratios

Share Price

Al-Etihad Cooperative Insurance Co. (ALETIHAD)

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Business Segments - Gross Premium Written (Million)