AICC 9M 2024 net profit dips 31% to SAR 34.6M; Q3 at SAR 13.6M

AICC 9M 2024 net profit dips 31% to SAR 34.6M; Q3 at SAR 13.6M

05/11/2024 Argaam Exclusive

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Arabia Insurance Cooperative Co. (AICC) reported a net profit of SAR 34.6 million for the first nine months of 2024, a slump of 31% from SAR 50.2 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Insurance Revenues 622.95 532.53 (14.5 %)
Net Profit Before Zakat & Tax 64.35 43.69 (32.1 %)
Net Income 50.25 34.62 (31.1 %)
Average Shares 53.00 53.00 -
EPS (Riyals) 0.95 0.65 (31.1 %)


Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Insurance Revenues 215.98 164.71 (23.7 %)
Net Profit Before Zakat & Tax 27.60 16.10 (41.7 %)
Net Income 22.23 13.56 (39.0 %)
Average Shares 53.00 53.00 -
EPS (Riyals) 0.42 0.26 (39.0 %)

Q3 2024 net profit stood at SAR 13.6 million, a decline of 39% year-on-year (YoY) from SAR 22.23 million, due to the decrease in insurance revenues in motor and medical segments. Net insurance services result declined by SAR 5.5 million YoY and other income fell SAR 4.6 million YoY.

 

On a sequential basis, net earnings grew 2.6% from SAR 13.22 million in Q2 2024.

Insurance Operations

Item 9m 2023 9m 2024 Change‬
Insurance Revenues 622.95 532.53 (14.5 %)
Insurance Services Income 57.27 40.85 (28.7 %)
Investment Income 21.66 28.09 29.7 %
Net Profit of Insurance Services and Investment 74.21 64.03 (13.7 %)

Total shareholders’ equity (no minority equity) stood at SAR 596.66 million by Sept. 30, 2024, compared to SAR 546.07 million a year earlier.

 

View More Financial Results

 


Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 1.71 182.4 % 0.09 2.21 206.5 %
Q2 2015 (0.01) 99.9 % 0.00 0.49 105.8 %
Q3 2015 (20.25) (1,759.6 %) (0.69) (19.75) (3,253.3 %)
Q4 2015 5.29 (56.2 %) 0.18 6.54 (50.0 %)
Q1 2016 2.72 58.9 % 0.09 3.22 45.5 %
Q2 2016 1.61 16490.8 % 0.05 2.11 329.7 %
Q3 2016 (1.69) 91.6 % (0.06) (1.69) 91.4 %
Q4 2016 4.32 (18.4 %) 0.15 4.82 (26.3 %)
Q1 2017 3.79 39.5 % 0.13 5.16 60.2 %
Q2 2017 1.56 (2.7 %) 0.05 3.65 73.2 %
Q3 2017 2.51 248.2 % 0.09 3.87 328.4 %
Q4 2017 2.33 (46.1 %) 0.08 3.15 (34.5 %)
Q1 2018 2.51 (33.7 %) 0.09 3.83 (25.8 %)
Q2 2018 (0.27) (117.1 %) (0.01) 1.31 (64.1 %)
Q3 2018 (0.91) (136.2 %) (0.03) 1.15 (70.3 %)
Q4 2018 (3.96) (270.0 %) (0.14) (2.86) (190.9 %)
Q1 2019 (6.35) (352.7 %) (0.22) (5.20) (235.9 %)
Q2 2019 (13.51) (4,963.6 %) (0.46) (12.48) (1052.5 %)
Q3 2019 (17.27) (1,800.0 %) (0.59) (16.21) (1513.7 %)
Q4 2019 (5.19) (31.1 %) (0.18) (3.87) (35.2 %)
Q1 2020 (1.31) 79.4 % (0.04) 0.19 103.7 %
Q2 2020 3.14 123.3 % 0.11 4.64 137.2 %
Q3 2020 3.30 119.1 % 0.11 5.30 132.7 %
Q4 2020 1.12 121.6 % 0.04 2.12 154.8 %
Q1 2021 0.20 115.1 % 0.01 2.32 1118.8 %
Q2 2021 0.18 (94.4 %) 0.01 1.68 (63.9 %)
Q3 2021 0.50 (84.9 %) 0.02 1.93 (63.7 %)
Q4 2021 (6.39) (669.7 %) (0.22) (5.39) (354.1 %)
Q1 2022 (10.28) (5286.2 %) (0.35) (9.28) (500.5 %)
Q2 2022 11.03 6129.5 % 0.38 12.17 625.4 %
Q3 2022 (10.79) (2270.3 %) (0.37) (9.55) (596.0 %)
Q4 2022 16.25 354.3 % 0.56 18.42 441.8 %
Q1 2023 7.32 171.2 % 0.14 11.56 224.5 %
Q2 2023 20.70 87.7 % 0.39 25.19 107.1 %
Q3 2023 22.23 306.0 % 0.42 27.60 389.1 %
Q4 2023 10.22 (37.1 %) 0.19 11.94 (35.2 %)
Q1 2024 7.84 7.0 % 0.15 10.27 (11.2 %)
Q2 2024 13.22 (36.1 %) 0.25 17.32 (31.2 %)
Q3 2024 13.56 (39.0 %) 0.26 16.10 (41.7 %)

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 2015 196.88 5.7 % - - - -
Q2 2015 91.17 2.6 % - - - -
Q3 2015 267.88 6.1 % - - - -
Q4 2015 98.02 (15.9 %) - - - -
Q1 2016 132.29 (32.8 %) - - - -
Q2 2016 85.78 (5.9 %) - - - -
Q3 2016 109.77 (59.0 %) - - - -
Q4 2016 91.26 (6.9 %) - - - -
Q1 2017 112.37 (15.1 %) - - - -
Q2 2017 68.74 (19.9 %) - - - -
Q3 2017 58.77 (46.5 %) - - - -
Q4 2017 74.51 (18.3 %) - - - -
Q1 2018 116.86 4.0 % - - - -
Q2 2018 77.26 12.4 % - - - -
Q3 2018 96.21 63.7 % - - - -
Q4 2018 60.45 (18.9 %) - - - -
Q1 2019 91.73 (21.5 %) - - - -
Q2 2019 73.70 (4.6 %) - - - -
Q3 2019 111.01 15.4 % - - - -
Q4 2019 55.98 (7.4 %) - - - -
Q1 2020 120.92 31.8 % - - - -
Q2 2020 91.27 23.8 % - - - -
Q3 2020 70.90 (36.1 %) - - - -
Q4 2020 67.71 21.0 % - - - -
Q1 2021 175.59 45.2 % - - - -
Q2 2021 65.01 (28.8 %) - - - -
Q3 2021 91.56 29.1 % - - - -
Q4 2021 90.16 33.2 % - - - -
Q1 2022 216.72 23.4 % (5.69) - (4.85) -
Q2 2022 156.48 140.7 % 15.78 - 16.57 -
Q3 2022 196.47 114.6 % (6.47) - (5.41) -
Q4 2022 163.53 81.4 % 19.55 - 20.88 -
Q1 2023 309.75 42.9 % 16.22 385.2 % 21.13 535.4 %
Q2 2023 296.85 89.7 % 14.66 (7.1 %) 20.20 21.9 %
Q3 2023 - - 26.39 508.2 % 32.88 707.9 %
Q4 2023 130.59 (20.1 %) 1.20 (93.8 %) 8.30 (60.2 %)
Q1 2024 232.96 (24.8 %) 5.98 (63.1 %) 13.51 (36.1 %)
Q2 2024 102.17 (65.6 %) 14.02 (4.4 %) 21.95 8.7 %
Q3 2024 175.19 - 20.85 (21.0 %) 28.57 (13.1 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 18.67 0.23 0.23 3.52
Q2 2015 29.28 0.43 0.43 8.86
Q3 2015 29.28 (0.22) (0.22) 8.03
Q4 2015 29.28 (0.45) (0.45) 8.12
Q1 2016 29.28 (0.42) (0.42) 8.19
Q2 2016 29.28 (0.36) (0.36) 8.28
Q3 2016 29.28 0.27 0.27 8.13
Q4 2016 29.28 0.24 0.24 8.34
Q1 2017 29.28 0.27 0.27 8.49
Q2 2017 29.28 0.27 0.27 8.56
Q3 2017 29.28 0.42 0.42 8.67
Q4 2017 29.28 0.35 0.35 8.71
Q1 2018 29.28 0.30 0.30 8.77
Q2 2018 29.28 0.24 0.24 8.75
Q3 2018 29.28 0.13 0.13 8.64
Q4 2018 29.28 (0.09) (0.09) 8.57
Q1 2019 29.28 (0.39) (0.39) 8.45
Q2 2019 29.28 (0.84) (0.84) 8.12
Q3 2019 29.28 (1.40) (1.40) 7.60
Q4 2019 29.28 (1.45) (1.45) 7.37
Q1 2020 29.28 (1.27) (1.27) 7.30
Q2 2020 29.28 (0.70) (0.70) 7.43
Q3 2020 29.28 0.00 0.00 7.56
Q4 2020 29.28 0.21 0.21 7.58
Q1 2021 29.28 0.27 0.27 7.59
Q2 2021 29.28 0.16 0.16 7.57
Q3 2021 29.28 0.07 0.07 7.61
Q4 2021 29.28 (0.19) (0.19) 7.37
Q1 2022 29.28 (0.55) (0.55) 7.71
Q2 2022 29.28 (0.18) (0.18) 8.04
Q3 2022 29.28 (0.56) (0.56) 7.68
Q4 2022 29.28 0.21 0.21 8.29
Q1 2023 53.00 0.45 0.45 9.44
Q2 2023 53.00 0.63 0.63 9.86
Q3 2023 53.00 1.25 1.25 10.30
Q4 2023 53.00 1.14 1.14 10.56
Q1 2024 53.00 1.15 1.15 10.74
Q2 2024 53.00 1.01 1.01 10.99
Q3 2024 53.00 0.85 0.85 11.26

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 More than 100
Q3 2015 NEG NEG
Q4 2015 NEG NEG
Q1 2016 NEG NEG
Q2 2016 NEG NEG
Q3 2016 More than 100 More than 100
Q4 2016 More than 100 More than 100
Q1 2017 More than 100 More than 100
Q2 2017 More than 100 More than 100
Q3 2017 More than 100 More than 100
Q4 2017 More than 100 More than 100
Q1 2018 More than 100 More than 100
Q2 2018 More than 100 More than 100
Q3 2018 More than 100 More than 100
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 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 More than 100
Q4 2021 NEG NEG
Q1 2022 NEG NEG
Q2 2022 NEG NEG
Q3 2022 NEG NEG
Q4 2022 More than 100 More than 100
Q1 2023 24.71 24.71
Q2 2023 20.20 20.20
Q3 2023 10.86 10.86
Q4 2023 13.29 13.29
Q1 2024 14.17 14.17
Q2 2024 14.50 14.50
Q3 2024 16.38 16.38

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Comprehensive Motor Insurance Fire insurance Insurance - Engineering Marine Insurance Other classes Property & Accidents Insurance Protection & Savings Insurance
Q1 2015 32.97 113.39 14.83 21.21 10.22 4.27 - -
Q2 2015 43.81 12.14 19.97 2.75 8.08 4.41 - -
Q3 2015 140.61 104.84 9.25 1.71 7.15 4.32 - -
Q4 2015 24.99 40.27 10.31 6.07 10.70 5.68 - -
Q1 2016 48.95 50.96 6.36 14.51 6.35 5.16 - -
Q2 2016 39.32 27.61 4.96 5.98 3.87 4.04 - -
Q3 2016 30.69 72.83 4.79 (4.28) 3.71 2.02 - -
Q4 2016 37.76 28.63 10.55 4.85 5.30 4.17 - -
Q1 2017 49.86 40.55 5.06 8.80 4.20 3.90 - -
Q2 2017 33.47 25.35 2.50 2.31 1.98 3.13 - -
Q3 2017 28.03 19.53 3.43 2.79 2.86 2.13 - -
Q4 2017 25.58 28.57 6.43 5.29 4.73 3.91 - -
Q1 2018 37.90 61.82 3.45 6.91 3.84 2.94 - -
Q2 2018 25.24 39.63 4.17 3.89 1.90 2.43 - -
Q3 2018 62.94 17.34 9.01 2.26 2.29 2.37 - -
Q4 2018 24.81 16.84 7.52 2.84 4.64 3.80 - -
Q1 2019 16.31 57.74 3.21 6.44 2.76 5.27 - -
Q2 2019 35.48 22.69 6.01 2.17 3.12 4.22 - -
Q3 2019 87.40 9.56 5.34 3.82 2.44 2.44 - -
Q4 2019 22.26 16.55 8.08 3.53 2.92 2.64 - -
Q1 2020 27.39 76.77 2.61 8.35 1.68 4.11 - -
Q2 2020 31.91 16.51 20.02 11.56 3.97 7.31 - -
Q3 2020 48.10 8.96 6.80 1.56 1.52 (0.40) - -
Q4 2020 21.89 28.69 6.07 3.68 2.73 4.66 - -
Q1 2021 45.79 76.94 26.01 8.16 7.35 11.34 - -
Q2 2021 17.78 20.18 20.13 2.71 0.67 3.79 - -
Q3 2021 65.89 14.28 3.50 1.11 2.45 4.09 - -
Q4 2021 36.62 33.83 5.18 7.11 2.45 4.97 - -
Q1 2022 74.14 87.70 - - - - 54.35 0.53
Q2 2022 83.56 33.33 - - - - 39.40 0.19
Q3 2022 153.48 26.14 - - - - 16.83 0.01
Q4 2022 130.03 16.64 - - - - 16.85 0.02
Q1 2023 125.89 85.13 - - - - 98.53 0.20
Q2 2023 103.30 38.96 - - - - 153.96 0.64
Q3 2023 153.63 15.53 - - - - 17.19 0.04
Q4 2023 95.82 21.77 - - - - 13.00 -
Q1 2024 91.52 36.39 - - - - 104.67 0.39
Q2 2024 58.47 21.61 - - - - 21.72 0.37
Q3 2024 117.06 17.78 - - - - 40.22 0.13


Financial Ratios
Current
Market Cap (M) 661.44
Shares Outstanding (M) 53.00
EPS ( Riyal) (TTM) 0.85
Book Value (BV) ( Riyal) 11.26
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 14.75
P/E (TTM) 14.75
Price/Book 1.11
Return on Average Assets (%) (TTM) 2.6
Return on Average Equity (%) (TTM) 7.8
Return on Market Cap (%) 6.1
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Share Price

Arabia Insurance Cooperative Co.
12.48
0.10 0.81 %

Arabia Insurance Cooperative Co. (AICC)

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