Wataniya Insurance profit rises to SAR 55.7M in H1 2024; Q2 at SAR 28.4M

Wataniya Insurance profit rises to SAR 55.7M in H1 2024; Q2 at SAR 28.4M

05/08/2024 Argaam Exclusive

View other reports

Wataniya Insurance Co.'s H1 2024 earnings rose to SAR 55.7 million in H1 2024, compared with SAR 19.1 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 931.79 1,088.30 16.8 %
Insurance Revenues 571.41 843.30 47.6 %
Net Profit Before Zakat & Tax 24.11 64.33 166.9 %
Net Income 19.09 55.68 191.7 %
Average Shares 40.00 40.00 -
EPS (Riyals) 0.48 1.39 191.7 %

Insurance revenues amounted to SAR 843.30 million, an increase of 47.58% year-on-year (YoY), which was principally driven by business growth and earning pattern of the company.

 

In addition, insurance service result from the company's directly written business soared by 130.61% YoY (SAR 22.47 million), and investment returns increased by 70.20% (SAR 12.53 million) compared with a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 421.25 527.32 25.2 %
Insurance Revenues 313.73 433.47 38.2 %
Net Profit Before Zakat & Tax 6.72 32.80 388.1 %
Net Income 4.46 28.40 537.5 %
Average Shares 40.00 40.00 -
EPS (Riyals) 0.11 0.71 537.5 %

The insurer's Q2 2024 net earnings soared to SAR 28.40 million, compared with SAR 4.46 million in Q2 2023, mainly due to a 38.17% leap YoY in insurance revenues to SAR 433.47 million.

 

The second-quarter net profit grew 4.1% from SAR 27.28 million in Q1 2024.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 931.79 1,088.30 16.8 %
Insurance Revenues 571.41 843.30 47.6 %
Insurance Services Income 17.21 39.68 130.6 %
Investment Income 17.86 30.40 70.2 %
Net Profit of Insurance Services and Investment 27.08 67.15 148.0 %

Total shareholders' equity, no minority interest, at the end of H1 2024 amounted to SAR 544.10 million, up from SAR 418.60 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 2.53 (53.2 %) 0.06 3.17 (45.5 %)
Q2 2015 (3.39) 51.7 % (0.08) (2.97) 56.8 %
Q3 2015 3.34 26.2 % 0.08 3.88 26.5 %
Q4 2015 (15.04) (266.2 %) (0.38) (14.94) (256.6 %)
Q1 2016 5.81 129.7 % 0.15 6.32 99.6 %
Q2 2016 3.82 212.8 % 0.10 4.24 243.1 %
Q3 2016 7.43 122.3 % 0.19 8.05 107.5 %
Q4 2016 19.33 228.5 % 0.48 20.13 234.8 %
Q1 2017 14.89 156.2 % 0.37 15.71 148.5 %
Q2 2017 6.87 79.8 % 0.17 7.68 81.1 %
Q3 2017 5.83 (21.6 %) 0.15 8.20 1.9 %
Q4 2017 12.42 (35.7 %) 0.31 13.12 (34.8 %)
Q1 2018 15.38 3.3 % 0.38 16.65 6.0 %
Q2 2018 5.69 (17.3 %) 0.14 7.95 3.4 %
Q3 2018 2.81 (51.8 %) 0.07 4.69 (42.8 %)
Q4 2018 (9.01) (172.6 %) (0.23) (8.86) (167.5 %)
Q1 2019 4.91 (68.0 %) 0.12 7.14 (57.1 %)
Q2 2019 (16.00) (381.5 %) (0.40) (15.02) (289.0 %)
Q3 2019 (5.74) (304.7 %) (0.14) (5.73) (222.1 %)
Q4 2019 34.49 482.6 % 0.86 36.61 513.4 %
Q1 2020 (8.22) (267.4 %) (0.21) (7.02) (198.4 %)
Q2 2020 9.30 158.1 % 0.23 12.70 184.6 %
Q3 2020 (5.91) (2.9 %) (0.15) (4.66) 18.7 %
Q4 2020 12.04 (65.1 %) 0.30 13.57 (62.9 %)
Q1 2021 (19.29) (134.6 %) (0.48) (18.49) (163.3 %)
Q2 2021 (8.28) (189.0 %) (0.21) (7.11) (156.0 %)
Q3 2021 (27.21) (360.2 %) (0.68) (26.08) (459.9 %)
Q4 2021 0.30 (97.5 %) 0.01 1.20 (91.1 %)
Q1 2022 (25.85) (34.0 %) (0.85) (25.29) (36.8 %)
Q2 2022 0.16 101.9 % 0.00 1.18 116.5 %
Q3 2022 10.28 137.8 % 0.26 12.32 147.3 %
Q4 2022 (12.25) (4142.9 %) (0.31) (9.38) (879.6 %)
Q1 2023 14.64 156.6 % 0.37 17.39 168.8 %
Q2 2023 4.46 2755.8 % 0.11 6.72 471.5 %
Q3 2023 33.99 230.6 % 0.85 37.38 203.4 %
Q4 2023 31.50 357.2 % 0.79 35.01 473.2 %
Q1 2024 27.28 86.4 % 0.68 31.53 81.3 %
Q2 2024 28.40 537.5 % 0.71 32.80 388.1 %

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 206.37 19.1 % - - - -
Q2 2015 117.59 60.2 % - - - -
Q3 2015 129.45 12.1 % - - - -
Q4 2015 65.31 (9.0 %) - - - -
Q1 2016 219.86 6.5 % - - - -
Q2 2016 78.07 (33.6 %) - - - -
Q3 2016 148.09 14.4 % - - - -
Q4 2016 61.68 (5.6 %) - - - -
Q1 2017 266.35 21.1 % - - - -
Q2 2017 82.55 5.7 % - - - -
Q3 2017 151.60 2.4 % - - - -
Q4 2017 78.20 26.8 % - - - -
Q1 2018 268.11 0.7 % - - - -
Q2 2018 164.47 99.2 % - - - -
Q3 2018 176.85 16.7 % - - - -
Q4 2018 102.89 31.6 % - - - -
Q1 2019 270.90 1.0 % - - - -
Q2 2019 207.95 26.4 % - - - -
Q3 2019 130.84 (26.0 %) - - - -
Q4 2019 125.35 21.8 % - - - -
Q1 2020 302.77 11.8 % - - - -
Q2 2020 179.69 (13.6 %) - - - -
Q3 2020 159.39 21.8 % - - - -
Q4 2020 144.03 14.9 % - - - -
Q1 2021 308.42 1.9 % - - - -
Q2 2021 226.76 26.2 % - - - -
Q3 2021 178.01 11.7 % - - - -
Q4 2021 188.91 31.2 % - - - -
Q1 2022 267.73 (13.2 %) (23.57) - (18.20) -
Q2 2022 194.28 (14.3 %) 5.45 - 5.29 -
Q3 2022 318.57 79.0 % 9.96 - 14.85 -
Q4 2022 261.84 38.6 % (5.31) - (2.70) -
Q1 2023 510.55 90.7 % 12.41 152.7 % 16.76 192.1 %
Q2 2023 421.25 116.8 % 4.80 (11.9 %) 10.32 95.1 %
Q3 2023 - - 22.46 125.5 % 36.65 146.7 %
Q4 2023 353.25 34.9 % 24.96 570.4 % 40.73 1609.5 %
Q1 2024 560.98 9.9 % 22.93 84.8 % 38.16 127.7 %
Q2 2024 527.32 25.2 % 16.74 249.2 % 28.99 181.0 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 40.00 0.18 0.18 1.77
Q2 2015 40.00 0.27 0.27 1.68
Q3 2015 40.00 0.29 0.29 1.77
Q4 2015 40.00 (0.31) (0.31) 1.39
Q1 2016 40.00 (0.23) (0.23) 1.53
Q2 2016 40.00 (0.05) (0.05) 1.63
Q3 2016 40.00 0.05 0.05 4.15
Q4 2016 40.00 0.91 0.91 4.63
Q1 2017 40.00 1.14 1.14 5.01
Q2 2017 40.00 1.21 1.21 5.18
Q3 2017 40.00 1.17 1.17 5.32
Q4 2017 40.00 1.00 1.00 5.63
Q1 2018 40.00 1.01 1.01 6.02
Q2 2018 40.00 0.98 0.98 6.18
Q3 2018 40.00 0.91 0.91 6.26
Q4 2018 40.00 0.37 0.37 5.99
Q1 2019 40.00 0.11 0.11 6.13
Q2 2019 40.00 (0.43) (0.43) 5.73
Q3 2019 40.00 (0.65) (0.65) 5.56
Q4 2019 40.00 0.44 0.44 6.46
Q1 2020 40.00 0.11 0.11 6.25
Q2 2020 40.00 0.75 0.75 6.48
Q3 2020 40.00 0.74 0.74 6.33
Q4 2020 40.00 0.18 0.18 6.65
Q1 2021 40.00 (0.10) (0.10) 6.16
Q2 2021 40.00 (0.54) (0.54) 5.95
Q3 2021 40.00 (1.07) (1.07) 5.27
Q4 2021 40.00 (1.36) (1.36) 5.28
Q1 2022 30.23 (2.02) (2.02) 6.98
Q2 2022 40.00 (1.31) (1.31) 9.99
Q3 2022 40.00 (0.38) (0.38) 10.26
Q4 2022 40.00 (0.69) (0.69) 10.00
Q1 2023 40.00 0.32 0.32 10.37
Q2 2023 40.00 0.43 0.43 10.47
Q3 2023 40.00 1.02 1.02 11.33
Q4 2023 40.00 2.11 2.11 12.21
Q1 2024 40.00 2.43 2.43 12.89
Q2 2024 40.00 3.03 3.03 13.60

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 More than 100 More than 100
Q4 2015 NEG NEG
Q1 2016 NEG NEG
Q2 2016 NEG NEG
Q3 2016 More than 100 More than 100
Q4 2016 19.05 19.05
Q1 2017 16.47 16.47
Q2 2017 14.17 14.17
Q3 2017 17.99 17.99
Q4 2017 18.28 18.28
Q1 2018 18.48 18.48
Q2 2018 17.54 17.54
Q3 2018 18.22 18.22
Q4 2018 42.19 42.19
Q1 2019 More than 100 More than 100
Q2 2019 NEG NEG
Q3 2019 NEG NEG
Q4 2019 27.44 27.44
Q1 2020 More than 100 More than 100
Q2 2020 22.03 22.03
Q3 2020 More than 100 More than 100
Q4 2020 More than 100 More than 100
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 More than 100 More than 100
Q2 2023 42.99 42.99
Q3 2023 17.11 17.11
Q4 2023 8.64 8.64
Q1 2024 11.68 11.68
Q2 2024 10.10 10.10

Business Segments - Gross Premium Written (Million)

Compared With The
Period Marine Insurance Property & casualty Insurance - Engineering Accidents and responsibility Term Life Motor
Q1 2015 15.29 46.75 25.55 11.26 - -
Q2 2015 7.64 20.90 6.33 8.94 - -
Q3 2015 10.68 10.03 4.23 6.03 - -
Q4 2015 7.92 6.24 6.68 2.81 - -
Q1 2016 12.72 45.36 30.65 14.30 - -
Q2 2016 6.75 16.19 2.92 3.68 - -
Q3 2016 8.68 19.16 4.92 8.38 - -
Q4 2016 7.04 3.89 5.07 1.46 - -
Q1 2017 14.08 58.20 19.73 13.71 - -
Q2 2017 6.40 12.03 4.21 3.41 - -
Q3 2017 10.03 24.25 5.35 4.57 - -
Q4 2017 8.24 8.25 4.65 10.03 - -
Q1 2018 13.67 52.46 21.89 16.30 - -
Q2 2018 6.29 15.97 5.31 5.21 - -
Q3 2018 8.96 20.82 8.53 4.18 - -
Q4 2018 8.26 13.89 5.83 7.25 - -
Q1 2019 14.53 58.11 21.71 15.75 - -
Q2 2019 8.96 15.75 4.53 6.04 - -
Q3 2019 21.69 21.23 12.37 4.03 - -
Q4 2019 11.23 11.78 15.73 6.30 - -
Q1 2020 17.55 65.30 35.28 18.52 - -
Q2 2020 7.09 14.95 0.36 11.54 - -
Q3 2020 10.14 30.49 18.53 9.71 - -
Q4 2020 8.45 12.55 4.85 9.04 - -
Q1 2021 13.25 73.52 32.24 21.84 - -
Q2 2021 9.39 39.20 12.12 19.72 - -
Q3 2021 10.48 36.21 10.68 18.21 - -
Q4 2021 14.28 18.93 41.65 9.53 - -
Q1 2022 - 132.72 - - 15.17 119.84
Q2 2022 - 80.11 - - 18.56 95.60
Q3 2022 - 199.25 - - 5.81 113.51
Q4 2022 - 80.85 - - 7.54 173.45
Q1 2023 - 200.20 - - 22.04 288.31
Q2 2023 - 116.30 - - 90.55 214.41
Q3 2023 - 106.62 - - 10.60 225.62
Q4 2023 - 111.57 - - 13.98 227.70
Q1 2024 - 207.19 - - 28.72 325.07
Q2 2024 - 112.48 - - 112.95 301.89


Financial Ratios
Current
Market Cap (M) 918.40
Shares Outstanding (M) 40.00
EPS ( Riyal) (TTM) 2.55
Book Value (BV) ( Riyal) 13.98
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 9.00
P/E (TTM) 9.00
Price/Book 1.64
Return on Average Assets (%) (TTM) 5.3
Return on Average Equity (%) (TTM) 20.2
Return on Market Cap (%) 8.8
more

Share Price

Wataniya Insurance Co.
22.96
(0.04) (0.17 %)

Wataniya Insurance Co. (WATANIYA)

More

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.