Salama Insurance turns to SAR 51.3M profit in 2023; Q4 at SAR 8.3M

17/03/2024 Argaam Exclusive

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Salama Cooperative Insurance Co. reported a net profit of SAR 51.3 million for 2023, against a net loss of SAR 38.9 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	792.11	788.97	(0.4 %)
Insurance Revenues	598.35	802.29	34.1 %
Net Profit Before Zakat & Tax	(35.87)	55.30	254.2 %
Net Income	(38.87)	51.30	232.0 %
Average Shares	15.27	20.00	31.0 %
EPS (Riyals)	(2.55)	2.57	200.8 %

Insurance revenues rose 34% year-on-year (YoY) due to higher earned revenues, driven by the growth in the volume of operations in all insurance sectors.

The positive performance is due to the increase in net profits from insurance results for this year to SAR 38 million, against net losses from insurance results of SAR 38 million for the previous year due to the growth in revenues and profits from insurance results for the health and motor insurance segments.

There was also an increase in investment income of SAR 8 million YoY and a decline in other operating expenses by SAR 11 million YoY.

This comes despite the increase in net insurance financing expenses by SAR 2 million for 2023 and the decrease in other income related to the pool for Hajj and Umrah insurance for this year by SAR 1 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	209.91	201.39	(4.1 %)
Insurance Revenues	188.67	206.09	9.2 %
Net Profit Before Zakat & Tax	44.71	9.33	(79.1 %)
Net Income	44.71	8.33	(81.4 %)
Average Shares	15.27	20.00	31.0 %
EPS (Riyals)	2.93	0.42	(85.8 %)

Item	Q3 2023	Q4 2023	Change‬
Gross Written Premium (GWP)	268.09	201.39	(24.9 %)
Insurance Revenues	191.38	206.09	7.7 %
Net Profit Before Zakat & Tax	13.67	9.33	(31.7 %)
Net Income	12.67	8.33	(34.2 %)
Average Shares	15.27	20.00	31.0 %
EPS (Riyals)	0.83	0.42	(49.8 %)

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	792.11	788.97	(0.4 %)
Insurance Revenues	598.35	802.29	34.1 %
Insurance Services Income	(38.00)	38.04	200.1 %
Investment Income	19.25	27.51	42.9 %
Net Profit of Insurance Services and Investment	(18.39)	63.55	445.6 %

The company reported a net profit of SAR 8.3 million in Q4 2023, an 81% decline from SAR 44.71 million in Q4 2022.

Sequentially, Salama’s profit fell 34.2% from SAR 12.67 million in Q3 2023.

Shareholders’ equity, no minority interest, grew to SAR 205.81 million as of Dec. 31, 2023, compared to SAR 60.99 million a year earlier.

Accumulated losses stood at SAR 35.72 million by the end of 2023, which represents 17.86% of capital.

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Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2014	0.60	122.1 %	0.06	-	-
Q2 2014	3.14	135.8 %	0.31	-	-
Q3 2014	0.46	106.7 %	0.05	-	-
Q4 2014	(2.37)	90.0 %	(0.23)	-	-
2014	1.83	104.3 %	0.18	-	-
Q1 2015	2.26	278.2 %	0.22	-	-
Q2 2015	1.69	(46.2 %)	0.17	-	-
Q3 2015	1.14	146.9 %	0.07	-	-
Q4 2015	(3.21)	(35.6 %)	(0.21)	-	-
2015	1.88	2.7 %	0.12	-	-
Q1 2016	1.25	(44.7 %)	0.08	-	-
Q2 2016	1.78	5.6 %	0.12	-	-
Q3 2016	7.49	555.0 %	0.49	-	-
Q4 2016	10.79	436.2 %	0.71	-	-
2016	21.30	1034.4 %	1.40	-	-
Q1 2017	12.93	935.8 %	0.85	14.18	-
Q2 2017	14.91	737.1 %	0.98	16.16	-
Q3 2017	20.78	177.5 %	1.36	22.03	-
Q4 2017	10.58	(1.9 %)	0.69	13.13	-
2017	59.19	177.8 %	3.88	65.49	-
Q1 2018	5.79	(55.2 %)	0.38	7.29	(48.6 %)
Q2 2018	7.53	(49.5 %)	0.49	9.03	(44.1 %)
Q3 2018	4.33	(79.2 %)	0.28	5.83	(73.5 %)
Q4 2018	(7.30)	(169.0 %)	(0.48)	(5.80)	(144.2 %)
2018	10.34	(82.5 %)	0.68	16.34	(75.0 %)
Q1 2019	(16.08)	(377.8 %)	(1.05)	(14.58)	(300.1 %)
Q2 2019	(36.88)	(589.9 %)	(2.42)	(35.38)	(491.9 %)
Q3 2019	(15.81)	(465.4 %)	(1.04)	(14.31)	(345.6 %)
Q4 2019	8.66	218.5 %	0.57	10.16	275.0 %
2019	(60.12)	(681.2 %)	(3.94)	(54.12)	(431.1 %)
Q1 2020	(26.90)	(67.3 %)	(1.76)	(25.40)	(74.2 %)
Q2 2020	31.20	184.6 %	2.04	32.70	192.4 %
Q3 2020	1.68	110.6 %	0.11	3.18	122.2 %
Q4 2020	0.95	(89.1 %)	0.06	2.45	(75.9 %)
2020	6.05	110.1 %	0.40	12.05	122.3 %
Q1 2021	(1.44)	94.7 %	(0.09)	0.06	100.3 %
Q2 2021	(1.42)	(104.6 %)	(0.09)	0.08	(99.8 %)
Q3 2021	(38.09)	(2364.8 %)	(2.50)	(38.09)	(1297.2 %)
Q4 2021	(71.46)	(7645.9 %)	(4.68)	(68.46)	(2897.7 %)
2021	(112.41)	(1958.0 %)	(7.36)	(106.41)	(983.1 %)
Q1 2022	(3.19)	(122.2 %)	(0.21)	(1.69)	(2742.2 %)
Q2 2022	(74.22)	(5,126.7 %)	(4.86)	(72.72)	(90998.8 %)
Q3 2022	(6.16)	83.8 %	(0.40)	(6.16)	83.8 %
Q4 2022	44.71	162.6 %	2.93	44.71	165.3 %
2022	(38.87)	65.4 %	(2.55)	(35.87)	66.3 %
Q1 2023	12.65	496.4 %	0.83	13.15	877.5 %
Q2 2023	17.65	123.8 %	1.16	19.15	126.3 %
Q3 2023	12.67	305.6 %	0.83	13.67	321.9 %
Q4 2023	8.33	(81.4 %)	0.42	9.33	(79.1 %)
2023	51.30	232.0 %	2.57	55.30	254.2 %

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	1.83	104.3 %	0.18	-	-
2015	1.88	2.7 %	0.12	-	-
2016	21.30	1034.4 %	1.40	-	-
2017	59.19	177.8 %	3.88	65.49	-
2018	10.34	(82.5 %)	0.68	16.34	(75.0 %)
2019	(60.12)	(681.2 %)	(3.94)	(54.12)	(431.1 %)
2020	6.05	110.1 %	0.40	12.05	122.3 %
2021	(112.41)	(1958.0 %)	(7.36)	(106.41)	(983.1 %)
2022	(38.87)	65.4 %	(2.55)	(35.87)	66.3 %
2023	51.30	232.0 %	2.57	55.30	254.2 %

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 2014	88.00	45.6 %	-	-	-	-
Q2 2014	94.00	48.1 %	-	-	-	-
Q3 2014	74.84	54.6 %	-	-	-	-
Q4 2014	62.14	35.2 %	-	-	-	-
2014	318.97	46.1 %	-	-	-	-
Q1 2015	113.68	29.2 %	-	-	-	-
Q2 2015	113.09	20.3 %	-	-	-	-
Q3 2015	84.80	13.3 %	-	-	-	-
Q4 2015	80.17	29.0 %	-	-	-	-
2015	391.74	22.8 %	-	-	-	-
Q1 2016	141.72	24.7 %	-	-	-	-
Q2 2016	141.49	25.1 %	-	-	-	-
Q3 2016	132.05	55.7 %	-	-	-	-
Q4 2016	156.10	94.7 %	-	-	-	-
2016	571.35	45.9 %	-	-	-	-
Q1 2017	227.88	60.8 %	-	-	-	-
Q2 2017	201.97	42.7 %	-	-	-	-
Q3 2017	158.98	20.4 %	-	-	-	-
Q4 2017	161.86	3.7 %	-	-	-	-
2017	750.69	31.4 %	-	-	-	-
Q1 2018	246.23	8.1 %	-	-	-	-
Q2 2018	224.27	11.0 %	-	-	-	-
Q3 2018	153.00	(3.8 %)	-	-	-	-
Q4 2018	111.48	(31.1 %)	-	-	-	-
2018	734.98	(2.1 %)	-	-	-	-
Q1 2019	150.96	(38.7 %)	-	-	-	-
Q2 2019	137.44	(38.7 %)	-	-	-	-
Q3 2019	95.16	(37.8 %)	-	-	-	-
Q4 2019	119.94	7.6 %	-	-	-	-
2019	503.50	(31.5 %)	-	-	-	-
Q1 2020	85.80	(43.2 %)	-	-	-	-
Q2 2020	96.62	(29.7 %)	-	-	-	-
Q3 2020	157.52	65.5 %	-	-	-	-
Q4 2020	87.68	(26.9 %)	-	-	-	-
2020	427.62	(15.1 %)	-	-	-	-
Q1 2021	118.24	37.8 %	-	-	-	-
Q2 2021	117.06	21.2 %	-	-	-	-
Q3 2021	125.32	(20.4 %)	-	-	-	-
Q4 2021	106.91	21.9 %	-	-	-	-
2021	467.53	9.3 %	-	-	-	-
Q1 2022	147.05	24.4 %	(2.15)	-	6.46	-
Q2 2022	192.78	64.7 %	(72.45)	-	(68.78)	-
Q3 2022	242.37	93.4 %	(15.31)	-	(12.83)	-
Q4 2022	209.91	96.3 %	51.91	-	56.76	-
2022	792.11	69.4 %	(38.00)	-	(18.39)	-
Q1 2023	165.85	12.8 %	11.56	637.3 %	15.63	142.0 %
Q2 2023	153.64	(20.3 %)	11.19	115.5 %	15.93	123.2 %
Q3 2023	268.09	10.6 %	14.68	195.9 %	21.15	264.8 %
Q4 2023	201.39	(4.1 %)	0.60	(98.8 %)	10.84	(80.9 %)
2023	788.97	(0.4 %)	38.04	200.1 %	63.55	445.6 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	318.97	46.1 %	-	-	-	-
2015	391.74	22.8 %	-	-	-	-
2016	571.35	45.9 %	-	-	-	-
2017	750.69	31.4 %	-	-	-	-
2018	734.98	(2.1 %)	-	-	-	-
2019	503.50	(31.5 %)	-	-	-	-
2020	427.62	(15.1 %)	-	-	-	-
2021	467.53	9.3 %	-	-	-	-
2022	792.11	69.4 %	(38.00)	-	(18.39)	-
2023	788.97	(0.4 %)	38.04	200.1 %	63.55	445.6 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	10.11	(3.84)	(3.84)	2.78
Q2 2014	10.11	(2.67)	(2.67)	3.09
Q3 2014	10.11	(1.94)	(1.94)	3.15
Q4 2014	10.11	0.18	0.18	2.67
Q1 2015	10.11	0.35	0.35	2.89
Q2 2015	10.11	0.20	0.20	3.06
Q3 2015	15.27	0.18	0.18	11.47
Q4 2015	15.27	0.12	0.12	11.26
Q1 2016	15.27	0.06	0.06	11.34
Q2 2016	15.27	0.06	0.06	11.46
Q3 2016	15.27	0.48	0.48	11.95
Q4 2016	15.27	1.40	1.40	12.65
Q1 2017	15.27	2.16	2.16	13.50
Q2 2017	15.27	3.02	3.02	14.48
Q3 2017	15.27	3.89	3.89	15.84
Q4 2017	15.27	3.88	3.88	16.53
Q1 2018	15.27	3.41	3.41	16.91
Q2 2018	15.27	2.93	2.93	17.40
Q3 2018	15.27	1.85	1.85	17.69
Q4 2018	15.27	0.68	0.68	17.21
Q1 2019	15.27	(0.76)	(0.76)	16.16
Q2 2019	15.27	(3.66)	(3.66)	13.74
Q3 2019	15.27	(4.98)	(4.98)	12.70
Q4 2019	15.27	(3.94)	(3.94)	13.27
Q1 2020	15.27	(4.65)	(4.65)	11.51
Q2 2020	15.27	(0.19)	(0.19)	13.50
Q3 2020	15.27	0.96	0.96	13.61
Q4 2020	15.27	0.45	0.45	13.67
Q1 2021	15.27	2.12	2.12	13.59
Q2 2021	15.27	(0.01)	(0.01)	13.50
Q3 2021	15.27	(2.62)	(2.62)	11.00
Q4 2021	15.27	(7.36)	(7.36)	6.30
Q1 2022	15.27	(7.48)	(7.48)	7.41
Q2 2022	15.27	(12.25)	(12.25)	1.31
Q3 2022	15.27	(10.16)	(10.16)	0.91
Q4 2022	15.27	(2.55)	(2.55)	3.99
Q1 2023	15.27	(1.51)	(1.51)	4.81
Q2 2023	15.27	4.51	4.51	5.97
Q3 2023	15.27	5.74	5.74	6.80
Q4 2023	20.00	2.57	2.57	10.25

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	10.11	0.18	0.18	2.67
2015	15.27	0.12	0.12	11.26
2016	15.27	1.40	1.40	12.65
2017	15.27	3.88	3.88	16.53
2018	15.27	0.68	0.68	17.21
2019	15.27	(3.94)	(3.94)	13.27
2020	15.27	0.40	0.40	13.67
2021	15.27	(7.36)	(7.36)	6.30
2022	15.27	(2.55)	(2.55)	3.99
2023	20.00	2.57	2.57	10.25

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E
Q1 2014	NEG	NEG
Q2 2014	NEG	NEG
Q3 2014	NEG	NEG
Q4 2014	More than 100	More than 100
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	More than 100	More than 100
Q1 2016	More than 100	More than 100
Q2 2016	More than 100	More than 100
Q3 2016	46.69	46.69
Q4 2016	18.95	18.95
Q1 2017	13.74	13.74
Q2 2017	11.75	11.75
Q3 2017	11.80	11.80
Q4 2017	13.74	13.74
Q1 2018	16.42	16.42
Q2 2018	15.61	15.61
Q3 2018	19.10	19.10
Q4 2018	49.77	49.77
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	More than 100	More than 100
Q4 2020	More than 100	More than 100
Q1 2021	26.03	26.03
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	NEG	NEG
Q2 2023	4.85	4.85
Q3 2023	4.50	4.50
Q4 2023	7.56	7.56

Period	P/E	Adjusted P/E
2014	More than 100	More than 100
2015	More than 100	More than 100
2016	18.95	18.95
2017	13.74	13.74
2018	49.76	49.76
2019	NEG	NEG
2020	More than 100	More than 100
2021	NEG	NEG
2022	NEG	NEG
2023	7.56	7.56

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Medical Insurance	Comprehensive Motor Insurance	Other classes
Q1 2014	11.56	70.07	6.37
Q2 2014	10.26	76.70	7.04
Q3 2014	7.18	64.43	3.22
Q4 2014	8.20	52.46	1.47
Q1 2015	10.62	95.01	8.06
Q2 2015	9.81	98.40	4.88
Q3 2015	3.76	76.81	4.22
Q4 2015	5.50	72.51	2.16
Q1 2016	10.78	123.59	7.35
Q2 2016	8.24	130.03	3.21
Q3 2016	4.08	123.46	4.52
Q4 2016	6.92	146.21	2.97
Q1 2017	26.25	193.06	8.57
Q2 2017	23.07	173.17	5.73
Q3 2017	12.71	138.97	7.31
Q4 2017	16.75	140.11	5.01
Q1 2018	19.22	217.89	9.12
Q2 2018	20.35	199.21	4.71
Q3 2018	50.62	98.48	3.90
Q4 2018	28.89	76.91	5.69
Q1 2019	23.47	122.14	5.36
Q2 2019	55.66	77.40	4.38
Q3 2019	21.12	69.11	4.75
Q4 2019	23.01	91.70	5.41
Q1 2020	21.09	58.55	6.16
Q2 2020	14.19	78.75	3.68
Q3 2020	28.63	122.32	6.58
Q4 2020	25.46	54.27	7.96
Q1 2021	19.78	89.20	9.26
Q2 2021	16.78	95.52	4.76
Q3 2021	25.37	92.14	7.81
Q4 2021	24.43	74.62	7.87
Q1 2022	29.94	108.46	8.65
Q2 2022	31.76	157.97	3.05
Q3 2022	40.23	195.49	6.65
Q4 2022	40.64	162.15	7.11
Q1 2023	37.14	119.15	9.57
Q2 2023	32.21	112.99	8.44
Q3 2023	34.39	214.26	19.44
Q4 2023	36.91	154.63	9.85

Period	Medical Insurance	Comprehensive Motor Insurance	Other classes
2014	37.21	263.67	18.10
2015	29.69	342.73	19.32
2016	30.02	523.29	18.05
2017	78.77	645.31	26.61
2018	119.08	592.48	23.43
2019	123.26	360.35	19.90
2020	89.36	313.90	24.37
2021	86.35	351.48	29.70
2022	142.58	624.07	25.46
2023	140.65	601.02	47.29

Financial Ratios

	Current
Market Cap (M)	420.80
Shares Outstanding (M)	20.00
EPS ( Riyal) (TTM)	1.79
Book Value (BV) ( Riyal)	11.62
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	11.79
P/E (TTM)	11.79
Price/Book	1.81
Return on Average Assets (%) (TTM)	4.8
Return on Average Equity (%) (TTM)	21.2
Return on Market Cap (%)	6.3

Salama Cooperative Insurance Co. (SALAMA)

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Salama Insurance turns to SAR 51.3M profit in 2023; Q4 at SAR 8.3M

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Financials (M)

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) 2023 Q4

Financial Ratios

Share Price

Salama Cooperative Insurance Co. (SALAMA)

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Salama Insurance turns to SAR 51.3M profit in 2023; Q4 at SAR 8.3M

View other reports

Financials (M)

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 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Salama Cooperative Insurance Co. (SALAMA)

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Business Segments - Gross Premium Written (Million)