Walaa turns SAR 148M profit in 2023; Q4 at SAR 45.3M
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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 | 103.63 | 103.63 | - |
| Earnings Per Share before unusual items | (0.66) | 1.43 | 317.4 % |
| EPS (Riyals) | (0.66) | 1.43 | 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)
| 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 | 103.63 | 103.63 | - |
| Earnings Per Share before unusual items | (0.11) | 0.44 | 496.6 % |
| EPS (Riyals) | (0.11) | 0.44 | 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.
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