Tawuniya Q1 2024 profit rises to SAR 196.7M

02/05/2024 Argaam Exclusive

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The Company for Cooperative Insurance (Tawuniya) reported a net profit of SAR 196.7 million in Q1 2024, compared to SAR 74.5 million in a year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	5,364.12	4,560.00	(15.0 %)
Insurance Revenues	3,407.31	4,385.96	28.7 %
Net Profit Before Zakat & Tax	101.35	230.08	127.0 %
Net Income	74.47	196.69	164.1 %
Average Shares	150.00	150.00	-
EPS (Riyals)	0.50	1.31	164.1 %

Item	Q4 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	5,497.19	4,560.00	(17.0 %)
Insurance Revenues	4,199.95	4,385.96	4.4 %
Net Profit Before Zakat & Tax	110.72	230.08	107.8 %
Net Income	89.82	196.69	119.0 %
Average Shares	150.00	150.00	-
EPS (Riyals)	0.60	1.31	119.0 %

This was driven by a significant improvement in insurance service results, which rose to SAR 345.68 million from SAR 312.30 million in Q1 2023, thanks to an increase in insurance revenues and better claims management.

Insurance revenues increased 28.72% year-on-year (YoY) to SAR 978.65 million.

The company posted 57.55% growth YoY in net profit of insurance results at SAR 93.40 million compared to the similar quarter of last year, driven by improvement in results of insurance services across main lines of business, health, motors, and general insurance.

The insurer’s investment results grew by 28.83%, or SAR 38.23 million, due to the strong growth in unrealized gains from improved equity market performance, coupled with an increase in yield on Murabaha deposits.

Net insurance finance expenses dropped 13.19% to SAR 30.87 million.

On a sequential basis, net profit increased more than twofold from SAR 86.08 million.

Insurance Operations

Item	3m 2023	3m 2024	Change‬
Gross Written Premium (GWP)	5,364.12	4,560.00	(15.0 %)
Insurance Revenues	3,407.31	4,385.96	28.7 %
Insurance Services Income	162.31	255.71	57.5 %
Investment Income	(0.56)	49.93	9016.1 %
Net Profit of Insurance Services and Investment	126.19	274.77	117.7 %

Shareholders’ equity, no minority interest, stood at SAR 3.8 billion by the end of Q1 2024, compared to SAR 3.2 billion a year earlier.

View More Financial Results

Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2015	87.79	167.4 %	0.59	-	-
Q2 2015	204.65	12.1 %	1.36	-	-
Q3 2015	216.62	10.9 %	1.44	-	-
Q4 2015	89.38	(40.2 %)	0.60	-	-
2015	598.43	6.8 %	3.99	-	-
Q1 2016	47.21	(46.2 %)	0.31	-	-
Q2 2016	229.12	12.0 %	1.53	-	-
Q3 2016	259.56	19.8 %	1.73	-	-
Q4 2016	196.89	120.3 %	1.31	-	-
2016	732.78	22.5 %	4.89	-	-
Q1 2017	142.61	202.1 %	0.95	160.30	-
Q2 2017	230.95	0.8 %	1.54	248.76	-
Q3 2017	141.51	(45.5 %)	0.94	159.71	-
Q4 2017	(715.74)	(463.5 %)	(4.77)	(715.78)	-
2017	(200.20)	(127.3 %)	(1.33)	(146.54)	-
Q1 2018	27.08	(81.0 %)	0.18	41.93	(73.8 %)
Q2 2018	23.46	(89.8 %)	0.16	38.27	(84.6 %)
Q3 2018	(36.52)	(125.8 %)	(0.24)	(22.87)	(114.3 %)
Q4 2018	(293.35)	59.0 %	(1.96)	(270.67)	62.2 %
2018	(279.33)	(39.5 %)	(1.86)	(213.34)	(45.6 %)
Q1 2019	29.04	7.3 %	0.19	46.03	9.8 %
Q2 2019	51.55	119.7 %	0.34	70.41	84.0 %
Q3 2019	92.97	354.6 %	0.62	109.11	577.1 %
Q4 2019	154.03	152.5 %	1.03	176.62	165.3 %
2019	327.59	217.3 %	2.18	402.17	288.5 %
Q1 2020	66.85	130.2 %	0.45	85.06	84.8 %
Q2 2020	188.20	265.1 %	1.25	210.11	198.4 %
Q3 2020	94.53	1.7 %	0.63	113.80	4.3 %
Q4 2020	43.75	(71.6 %)	0.29	105.50	(40.3 %)
2020	393.33	20.1 %	2.62	514.46	27.9 %
Q1 2021	59.14	(11.5 %)	0.39	80.81	(5.0 %)
Q2 2021	143.66	(23.7 %)	0.96	165.94	(21.0 %)
Q3 2021	64.37	(31.9 %)	0.43	89.91	(21.0 %)
Q4 2021	(0.61)	(101.4 %)	0.00	13.48	(87.2 %)
2021	266.56	(32.2 %)	1.78	350.14	(31.9 %)
Q1 2022	(13.67)	(123.1 %)	(0.09)	7.79	(90.4 %)
Q2 2022	64.47	(55.1 %)	0.43	88.43	(46.7 %)
Q3 2022	18.00	(72.0 %)	0.12	40.48	(55.0 %)
Q4 2022	233.40	38425.6 %	1.56	254.88	1790.5 %
2022	302.19	13.4 %	2.01	391.58	11.8 %
Q1 2023	74.47	644.6 %	0.50	101.35	1201.2 %
Q2 2023	245.85	281.4 %	1.64	275.86	211.9 %
Q3 2023	206.29	1046.2 %	1.38	229.88	467.9 %
Q4 2023	89.82	(61.5 %)	0.60	110.72	(56.6 %)
2023	616.43	104.0 %	4.11	717.81	83.3 %
Q1 2024	196.69	164.1 %	1.31	230.08	127.0 %

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	560.12	194.8 %	3.73	-	-
2015	598.43	6.8 %	3.99	-	-
2016	732.78	22.5 %	4.89	-	-
2017	(200.20)	(127.3 %)	(1.33)	(146.54)	-
2018	(279.33)	(39.5 %)	(1.86)	(213.34)	(45.6 %)
2019	327.59	217.3 %	2.18	402.17	288.5 %
2020	393.33	20.1 %	2.62	514.46	27.9 %
2021	266.56	(32.2 %)	1.78	350.14	(31.9 %)
2022	302.19	13.4 %	2.01	391.58	11.8 %
2023	616.43	104.0 %	4.11	717.81	83.3 %

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	1,505.50	0.8 %	-	-	-	-
Q2 2015	1,802.26	21.9 %	-	-	-	-
Q3 2015	1,473.14	7.3 %	-	-	-	-
Q4 2015	2,764.36	48.5 %	-	-	-	-
2015	7,545.27	21.5 %	-	-	-	-
Q1 2016	1,701.34	13.0 %	-	-	-	-
Q2 2016	2,135.50	18.5 %	-	-	-	-
Q3 2016	1,241.06	(15.8 %)	-	-	-	-
Q4 2016	2,977.23	7.7 %	-	-	-	-
2016	8,055.14	6.8 %	-	-	-	-
Q1 2017	2,028.38	19.2 %	-	-	-	-
Q2 2017	2,104.24	(1.5 %)	-	-	-	-
Q3 2017	1,421.12	14.5 %	-	-	-	-
Q4 2017	2,852.93	(4.2 %)	-	-	-	-
2017	8,406.67	4.4 %	-	-	-	-
Q1 2018	2,095.71	3.3 %	-	-	-	-
Q2 2018	1,755.86	(16.6 %)	-	-	-	-
Q3 2018	1,207.78	(15.0 %)	-	-	-	-
Q4 2018	2,581.89	(9.5 %)	-	-	-	-
2018	7,641.25	(9.1 %)	-	-	-	-
Q1 2019	2,457.03	17.2 %	-	-	-	-
Q2 2019	1,999.51	13.9 %	-	-	-	-
Q3 2019	1,422.64	17.8 %	-	-	-	-
Q4 2019	2,496.68	(3.3 %)	-	-	-	-
2019	8,375.86	9.6 %	-	-	-	-
Q1 2020	2,572.71	4.7 %	-	-	-	-
Q2 2020	2,469.83	23.5 %	-	-	-	-
Q3 2020	1,319.89	(7.2 %)	-	-	-	-
Q4 2020	2,699.35	8.1 %	-	-	-	-
2020	9,061.77	8.2 %	-	-	-	-
Q1 2021	2,920.72	13.5 %	-	-	-	-
Q2 2021	2,265.05	(8.3 %)	-	-	-	-
Q3 2021	1,864.71	41.3 %	-	-	-	-
Q4 2021	3,168.13	17.4 %	-	-	-	-
2021	10,218.61	12.8 %	-	-	-	-
Q1 2022	3,508.69	20.1 %	50.71	-	20.45	-
Q2 2022	3,224.59	42.4 %	179.27	-	127.85	-
Q3 2022	2,921.78	56.7 %	54.00	-	80.11	-
Q4 2022	4,700.45	48.4 %	33.15	-	275.04	-
2022	14,355.51	40.5 %	317.13	-	509.79	-
Q1 2023	5,364.12	52.9 %	162.31	220.1 %	126.19	517.2 %
Q2 2023	4,592.10	42.4 %	459.71	156.4 %	343.45	168.6 %
Q3 2023	3,219.95	10.2 %	146.04	170.4 %	321.10	300.8 %
Q4 2023	5,497.19	17.0 %	(34.94)	(205.4 %)	235.19	(14.5 %)
2023	18,470.35	28.7 %	681.17	114.8 %	1,025.92	101.2 %
Q1 2024	4,560.00	(15.0 %)	255.71	57.5 %	274.77	117.8 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	6,207.61	10.8 %	-	-	-	-
2015	7,545.27	21.5 %	-	-	-	-
2016	8,055.14	6.8 %	-	-	-	-
2017	8,406.67	4.4 %	-	-	-	-
2018	7,641.25	(9.1 %)	-	-	-	-
2019	8,375.86	9.6 %	-	-	-	-
2020	9,061.77	8.2 %	-	-	-	-
2021	10,218.61	12.8 %	-	-	-	-
2022	14,355.51	40.5 %	317.13	-	509.79	-
2023	18,470.35	28.7 %	681.17	114.8 %	1,025.92	101.2 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2015	150.00	4.10	4.10	13.40
Q2 2015	150.00	4.25	4.25	14.43
Q3 2015	150.00	4.39	4.39	15.03
Q4 2015	150.00	3.99	3.99	15.39
Q1 2016	150.00	3.72	3.72	14.99
Q2 2016	150.00	3.88	3.88	16.60
Q3 2016	150.00	4.17	4.17	18.20
Q4 2016	150.00	4.89	4.89	19.52
Q1 2017	150.00	5.52	5.52	17.63
Q2 2017	150.00	5.53	5.53	19.04
Q3 2017	150.00	4.75	4.75	20.00
Q4 2017	150.00	(1.34)	(1.34)	14.75
Q1 2018	150.00	(2.11)	(2.11)	15.23
Q2 2018	150.00	(3.49)	(3.49)	14.74
Q3 2018	150.00	(4.68)	(4.68)	14.41
Q4 2018	150.00	(1.86)	(1.86)	12.66
Q1 2019	150.00	(1.85)	(1.85)	13.54
Q2 2019	150.00	(1.66)	(1.66)	14.09
Q3 2019	150.00	(0.80)	(0.80)	14.82
Q4 2019	150.00	2.18	2.18	16.00
Q1 2020	150.00	2.44	2.44	16.23
Q2 2020	150.00	3.35	3.35	17.37
Q3 2020	150.00	3.36	3.36	18.23
Q4 2020	150.00	2.62	2.62	18.89
Q1 2021	150.00	2.57	2.57	19.18
Q2 2021	150.00	2.27	2.27	19.70
Q3 2021	150.00	2.07	2.07	19.62
Q4 2021	150.00	1.78	1.78	19.69
Q1 2022	150.00	1.29	1.29	19.04
Q2 2022	150.00	0.76	0.76	19.46
Q3 2022	150.00	0.45	0.45	19.56
Q4 2022	150.00	2.01	2.01	20.88
Q1 2023	150.00	2.60	2.60	21.39
Q2 2023	150.00	3.81	3.81	22.32
Q3 2023	150.00	5.07	5.07	23.69
Q4 2023	150.00	4.11	4.11	24.15
Q1 2024	150.00	4.92	4.92	25.46

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	150.00	3.73	3.73	13.84
2015	150.00	3.99	3.99	15.39
2016	150.00	4.89	4.89	19.52
2017	150.00	(1.33)	(1.33)	14.75
2018	150.00	(1.86)	(1.86)	12.66
2019	150.00	2.18	2.18	16.00
2020	150.00	2.62	2.62	18.89
2021	150.00	1.78	1.78	19.69
2022	150.00	2.01	2.01	20.88
2023	150.00	4.11	4.11	24.15

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E
Q1 2015	14.21	14.21
Q2 2015	14.82	14.82
Q3 2015	13.14	13.14
Q4 2015	13.24	13.24
Q1 2016	14.34	14.34
Q2 2016	15.49	15.49
Q3 2016	13.16	13.16
Q4 2016	14.80	14.80
Q1 2017	14.12	14.12
Q2 2017	15.51	15.51
Q3 2017	17.18	17.18
Q4 2017	NEG	NEG
Q1 2018	NEG	NEG
Q2 2018	NEG	NEG
Q3 2018	NEG	NEG
Q4 2018	NEG	NEG
Q1 2019	NEG	NEG
Q2 2019	NEG	NEG
Q3 2019	NEG	NEG
Q4 2019	29.27	29.27
Q1 2020	20.73	20.73
Q2 2020	17.70	17.70
Q3 2020	21.57	21.57
Q4 2020	25.33	25.33
Q1 2021	25.44	25.44
Q2 2021	30.34	30.34
Q3 2021	34.77	34.77
Q4 2021	36.34	36.34
Q1 2022	46.58	46.58
Q2 2022	More than 100	More than 100
Q3 2022	More than 100	More than 100
Q4 2022	33.30	33.30
Q1 2023	33.69	33.69
Q2 2023	30.61	30.61
Q3 2023	24.87	24.87
Q4 2023	31.68	31.68
Q1 2024	31.92	31.92

Period	P/E	Adjusted P/E
2014	8.92	8.92
2015	13.24	13.24
2016	14.80	14.80
2017	NEG	NEG
2018	NEG	NEG
2019	29.27	29.27
2020	25.33	25.33
2021	36.34	36.34
2022	33.30	33.30
2023	31.68	31.68

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Medical Insurance	Medical - omra	Comprehensive Motor Insurance	Property Sector and accident victims	general accedient - omra	saving and investment	Travel & COVID-19
Q1 2014	957.93	-	277.74	258.04	-	-	-
Q2 2014	821.12	-	260.48	376.84	-	-	-
Q3 2014	916.47	-	246.00	230.97	-	-	-
Q4 2014	1,459.56	-	258.98	143.49	-	-	-
Q1 2015	863.49	-	302.33	287.92	-	-	-
Q2 2015	1,072.01	-	287.95	394.15	-	-	-
Q3 2015	950.20	-	305.83	168.35	-	-	-
Q4 2015	2,027.11	-	398.76	291.83	-	-	-
Q1 2016	1,062.72	-	432.02	150.53	-	-	-
Q2 2016	1,252.56	-	381.55	436.11	-	-	-
Q3 2016	663.17	-	335.24	184.26	-	-	-
Q4 2016	2,252.63	-	363.60	305.10	-	-	-
Q1 2017	1,448.76	-	354.85	165.21	-	-	-
Q2 2017	1,317.13	-	366.27	370.24	-	-	-
Q3 2017	854.49	-	345.87	181.46	-	-	-
Q4 2017	2,126.39	-	321.87	366.71	-	-	-
Q1 2018	1,658.82	-	198.89	193.48	-	6.72	-
Q2 2018	1,188.19	-	166.60	373.72	-	(6.72)	-
Q3 2018	892.13	-	127.19	151.24	-	-	-
Q4 2018	2,017.75	-	179.43	349.83	-	-	-
Q1 2019	1,978.72	-	178.56	253.86	-	2.99	-
Q2 2019	1,347.22	-	133.09	481.77	-	2.59	-
Q3 2019	1,060.76	-	153.97	160.94	-	8.80	-
Q4 2019	1,550.19	-	173.03	724.53	-	11.92	-
Q1 2020	1,965.03	145.05	186.51	181.34	92.38	2.38	-
Q2 2020	1,690.58	-	133.85	594.42	-	11.21	-
Q3 2020	820.92	-	137.85	341.09	-	3.71	-
Q4 2020	2,093.46	0.12	141.98	429.04	-	14.41	-
Q1 2021	2,499.81	0.46	146.01	272.40	0.29	1.76	-
Q2 2021	1,563.48	0.81	154.01	506.77	0.66	15.03	24.30
Q3 2021	1,244.91	2.03	140.82	435.24	1.75	3.45	36.51
Q4 2021	2,511.51	15.81	177.78	395.60	13.65	15.49	38.29
Q1 2022	2,781.71	68.46	243.51	310.04	59.13	7.02	37.17
Q2 2022	2,154.96	105.43	219.86	554.06	148.32	1.99	38.31
Q3 2022	1,640.47	101.89	223.67	782.48	104.79	17.36	49.88
Q4 2022	3,341.10	267.43	354.81	486.91	230.96	17.92	-

Period	Medical Insurance	Medical - omra	Comprehensive Motor Insurance	Property Sector and accident victims	general accedient - omra	saving and investment	Travel & COVID-19
2014	4,155.07	-	1,043.19	1,009.35	-	-	-
2015	4,912.81	-	1,294.86	1,142.25	-	-	-
2016	5,231.09	-	1,512.41	1,075.99	-	-	-
2017	5,746.78	-	1,388.86	1,083.61	-	-	-
2018	5,756.88	-	672.11	1,068.27	-	-	-
2019	5,936.89	-	638.65	1,621.10	-	26.30	-
2020	6,569.99	145.18	600.20	1,545.88	92.39	31.70	-
2021	7,819.71	19.11	618.61	1,610.00	16.36	35.72	99.11
2022	9,918.23	543.20	1,041.86	2,133.49	543.20	44.29	125.36

Financial Ratios

	Current
Market Cap (M)	20,760.00
Shares Outstanding (M)	150.00
EPS ( Riyal) (TTM)	4.92
Book Value (BV) ( Riyal)	25.46
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	28.11
P/E (TTM)	28.11
Price/Book	5.44
Return on Average Assets (%) (TTM)	4.1
Return on Average Equity (%) (TTM)	21.0
Return on Market Cap (%)	3.1

The Company for Cooperative Insurance (TAWUNIYA)

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Tawuniya Q1 2024 profit rises to SAR 196.7M

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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 Q1

Financial Ratios

Share Price

The Company for Cooperative Insurance (TAWUNIYA)

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Tawuniya Q1 2024 profit rises to SAR 196.7M

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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) Q4 2022

Revenue by Business Segment (Latest) 2024 Q1

Financial Ratios

Share Price

The Company for Cooperative Insurance (TAWUNIYA)

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Business Segments - Gross Premium Written (Million)