Tawuniya 2024 profit leaps 66% to SAR 1.02B; Q4 at SAR 168M
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The Company for Cooperative Insurance (Tawuniya) reported a net profit of SAR 1.02 billion in 2024, compared to SAR 616.4 million a year earlier.
Financials (M)
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 18,359.52 | 19,821.55 | 8.0 % |
| Insurance Revenues | 15,265.42 | 18,272.96 | 19.7 % |
| Net Profit Before Zakat & Tax | 717.81 | 1,108.78 | 54.5 % |
| Net Income | 616.43 | 1,022.03 | 65.8 % |
| Average Shares | 150.00 | 150.00 | - |
| Earnings Per Share before unusual items | 4.11 | 6.57 | 59.9 % |
| EPS (Riyals) | 4.11 | 6.81 | 65.8 % |
Insurance revenue jumped 19.7% year-on-year (YoY) to SAR 18.2 billion on growth in key segments.
Insurance services soared 136.9% YoY to SAR 2.8 billion, thanks to growth in insurance revenue.
Tawuniya recorded a net profit from insurance results for the current year of SAR 1.11 billion, a rise of 63.16% YoY.
The company’s investment portfolio saw growth, driving its investment income to SAR 680.44 million, compared to SAR 435.54 million in 2023.
Gross written premiums (GWPs) saw an increase of 7.9% YoY to SAR 19.8 billion.
On the other hand, net insurance finance expenses increased by 3.07% on an annual basis to SAR 70.41 million.
Current Quarter Comparison (M)
| Item | Q4 2023 | Q4 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 5,386.36 | 5,458.00 | 1.3 % |
| Insurance Revenues | 4,199.95 | 4,778.53 | 13.8 % |
| Net Profit Before Zakat & Tax | 110.72 | 197.86 | 78.7 % |
| Net Income | 89.82 | 167.96 | 87.0 % |
| Average Shares | 150.00 | 150.00 | - |
| Earnings Per Share before unusual items | 0.60 | 1.12 | 87.0 % |
| EPS (Riyals) | 0.60 | 1.12 | 87.0 % |
Insurance Operations
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 18,359.52 | 19,821.55 | 8.0 % |
| Insurance Revenues | 15,265.42 | 18,272.96 | 19.7 % |
| Insurance Services Income | 681.17 | 1,111.43 | 63.2 % |
| Investment Income | 413.06 | 567.03 | 37.3 % |
| Net Profit of Insurance Services and Investment | 1,025.92 | 1,608.05 | 56.7 % |
The fourth-quarter net earnings climbed 87% to SAR 168 million, from SAR 89.8 million in Q4 2023.
On a sequential basis, net earnings dropped 15% from SAR 197.5 million in Q3 2024.
Shareholders’ equity, no minority interest, rose to SAR 4.47 billion as of Dec. 31, 2024, from SAR 3.62 billion a year earlier.
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