Salama posts 41% profit drop to SAR 30.1M in 2024; Q4 at SAR 2.8M

04/03/2025 Argaam Exclusive

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Salama Cooperative Insurance Co. reported a 41% fall in net profit to SAR 30.1 million for 2024, from SAR 51.3 million in the year-earlier period.

Financials (M)

Item	2023	2024	Change‬
Gross Written Premium (GWP)	788.97	526.57	(33.3 %)
Insurance Revenues	802.29	678.48	(15.4 %)
Net Profit Before Zakat & Tax	55.30	28.60	(48.3 %)
Net Income	51.30	30.12	(41.3 %)
Average Shares	19.14	24.56	28.3 %
Earnings Per Share before unusual items	2.68	1.23	(54.2 %)
EPS (Riyals)	2.68	1.23	(54.2 %)

Insurance revenue dipped 15.4% year-on-year (YoY) to SAR 678.5 million in 2024.

The company also cited a decline of in insurance service results to negative SAR 19.5 million, compared to SAR 78.3 million in 2023 as Salama recorded an outstanding claim provision of SAR 92 million related to losses from the fire that broke out at the Jeddah International Market.

Moreover, net profit from insurance results decreased by 11% YoY to SAR 33.9 million. Other revenues related to the surplus share from Hajj and Umrah coinsurance portfolio for 2024 shrank by SAR 11.7 million, reaching SAR 1.5 million, compared to SAR 13.2 million for the previous year.

Salama’s finance income increased by SAR 1.2 million YoY to SAR 3.2 million in 2024.

Its net profit from investment results declined by SAR 1.3 million to SAR 26.2 million for the full year.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Gross Written Premium (GWP)	201.39	119.28	(40.8 %)
Insurance Revenues	206.09	135.57	(34.2 %)
Net Profit Before Zakat & Tax	9.33	(1.77)	(119.0 %)
Net Income	8.33	2.75	(66.9 %)
Average Shares	19.14	24.56	28.3 %
Earnings Per Share before unusual items	0.44	0.11	(74.2 %)
EPS (Riyals)	0.44	0.11	(74.2 %)

Item	Q3 2024	Q4 2024	Change‬
Gross Written Premium (GWP)	169.94	119.28	(29.8 %)
Insurance Revenues	177.58	135.57	(23.7 %)
Net Profit Before Zakat & Tax	6.89	(1.77)	(125.7 %)
Net Income	5.89	2.75	(53.2 %)
Average Shares	19.14	24.56	28.3 %
Earnings Per Share before unusual items	0.31	0.11	(63.5 %)
EPS (Riyals)	0.31	0.11	(63.5 %)

Insurance Operations

Item	2023	2024	Change‬
Gross Written Premium (GWP)	788.97	526.57	(33.3 %)
Insurance Revenues	802.29	678.48	(15.4 %)
Insurance Services Income	38.04	33.87	(11.0 %)
Investment Income	27.51	26.16	(4.9 %)
Net Profit of Insurance Services and Investment	63.55	56.81	(10.6 %)

The fourth-quarter net income plunged 67% to SAR 2.8 million, from SAR 8.3 million in Q4 2023.

On a quarterly basis, net income fell by 53.2% from SAR 5.8 in Q3 2024.

Total shareholders’ equity, no minority interest, rose to SAR 253.60 million as of Dec. 31, 2024, compared to SAR 205.81 million a year earlier.

Accumulated losses came in at SAR 5.60 million by the end of the 12-month period, representing 1.9% of capital.

View More Financial Results

Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2015	2.26	278.2 %	0.18	2.56	221.0 %
Q2 2015	1.69	(46.2 %)	0.14	1.99	(42.2 %)
Q3 2015	1.14	146.9 %	0.06	1.44	89.1 %
Q4 2015	(3.21)	(35.6 %)	(0.17)	(2.91)	(30.3 %)
2015	1.88	2.7 %	0.10	3.08	11.4 %
Q1 2016	1.25	(44.7 %)	0.07	2.50	(2.3 %)
Q2 2016	1.78	5.6 %	0.10	3.03	52.6 %
Q3 2016	7.49	555.0 %	0.40	8.74	505.5 %
Q4 2016	10.79	436.2 %	0.58	16.08	652.9 %
2016	21.30	1034.4 %	1.15	30.35	886.0 %
Q1 2017	12.93	935.8 %	0.70	14.18	467.5 %
Q2 2017	14.91	737.1 %	0.81	16.16	433.1 %
Q3 2017	20.78	177.5 %	1.12	22.03	152.1 %
Q4 2017	10.58	(1.9 %)	0.57	13.13	(18.4 %)
2017	59.19	177.8 %	3.20	65.49	115.8 %
Q1 2018	5.79	(55.2 %)	0.31	7.29	(48.6 %)
Q2 2018	7.53	(49.5 %)	0.41	9.03	(44.1 %)
Q3 2018	4.33	(79.2 %)	0.23	5.83	(73.5 %)
Q4 2018	(7.30)	(169.0 %)	(0.39)	(5.80)	(144.2 %)
2018	10.34	(82.5 %)	0.56	16.34	(75.0 %)
Q1 2019	(16.08)	(377.8 %)	(0.87)	(14.58)	(300.1 %)
Q2 2019	(36.88)	(589.9 %)	(1.99)	(35.38)	(491.9 %)
Q3 2019	(15.81)	(465.4 %)	(0.85)	(14.31)	(345.6 %)
Q4 2019	8.66	218.5 %	0.47	10.16	275.0 %
2019	(60.12)	(681.2 %)	(3.25)	(54.12)	(431.1 %)
Q1 2020	(26.90)	(67.3 %)	(1.45)	(25.40)	(74.2 %)
Q2 2020	31.20	184.6 %	1.69	32.70	192.4 %
Q3 2020	1.68	110.6 %	0.09	3.18	122.2 %
Q4 2020	0.95	(89.1 %)	0.05	2.45	(75.9 %)
2020	6.05	110.1 %	0.33	12.05	122.3 %
Q1 2021	(1.44)	94.7 %	(0.08)	0.06	100.3 %
Q2 2021	(1.42)	(104.6 %)	(0.08)	0.08	(99.8 %)
Q3 2021	(38.09)	(2364.8 %)	(2.06)	(38.09)	(1297.2 %)
Q4 2021	(71.46)	(7645.9 %)	(3.86)	(68.46)	(2897.7 %)
2021	(112.41)	(1958.0 %)	(6.07)	(106.41)	(983.1 %)
Q1 2022	(3.19)	(122.2 %)	(0.17)	(1.69)	(2742.2 %)
Q2 2022	(74.22)	(5,126.7 %)	(4.01)	(72.72)	(90998.8 %)
Q3 2022	(6.16)	83.8 %	(0.33)	(6.16)	83.8 %
Q4 2022	44.71	162.6 %	2.41	44.71	165.3 %
2022	(38.87)	65.4 %	(2.10)	(35.87)	66.3 %
Q1 2023	12.65	496.4 %	0.68	13.15	877.5 %
Q2 2023	17.65	123.8 %	0.95	19.15	126.3 %
Q3 2023	12.67	305.6 %	0.66	13.67	321.9 %
Q4 2023	8.33	(81.4 %)	0.44	9.33	(79.1 %)
2023	51.30	232.0 %	2.68	55.30	254.2 %
Q1 2024	10.05	(20.5 %)	0.53	11.05	(15.9 %)
Q2 2024	11.43	(35.2 %)	0.60	12.43	(35.1 %)
Q3 2024	5.89	(53.5 %)	0.31	6.89	(49.6 %)
Q4 2024	2.75	(66.9 %)	0.11	(1.77)	(119.0 %)
2024	30.12	(41.3 %)	1.23	28.60	(48.3 %)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2015	1.88	2.7 %	0.10	3.08	11.4 %
2016	21.30	1034.4 %	1.15	30.35	886.0 %
2017	59.19	177.8 %	3.20	65.49	115.8 %
2018	10.34	(82.5 %)	0.56	16.34	(75.0 %)
2019	(60.12)	(681.2 %)	(3.25)	(54.12)	(431.1 %)
2020	6.05	110.1 %	0.33	12.05	122.3 %
2021	(112.41)	(1958.0 %)	(6.07)	(106.41)	(983.1 %)
2022	(38.87)	65.4 %	(2.10)	(35.87)	66.3 %
2023	51.30	232.0 %	2.68	55.30	254.2 %
2024	30.12	(41.3 %)	1.23	28.60	(48.3 %)

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	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 %	(1.80)	-	6.81	-
Q2 2022	192.78	64.7 %	(71.20)	-	(67.52)	-
Q3 2022	242.37	93.4 %	(8.02)	-	(5.54)	-
Q4 2022	209.91	96.3 %	57.24	-	62.09	-
2022	792.11	69.4 %	(23.78)	-	(4.17)	-
Q1 2023	165.85	12.8 %	11.56	741.0 %	15.63	129.6 %
Q2 2023	153.64	(20.3 %)	11.19	115.7 %	15.93	123.6 %
Q3 2023	268.09	10.6 %	14.68	283.1 %	21.15	481.9 %
Q4 2023	201.39	(4.1 %)	0.60	(98.9 %)	10.84	(82.5 %)
2023	788.97	(0.4 %)	38.04	259.9 %	63.55	1625.5 %
Q1 2024	133.96	(19.2 %)	11.75	1.7 %	17.58	12.4 %
Q2 2024	103.39	(32.7 %)	10.87	(2.9 %)	17.63	10.6 %
Q3 2024	169.94	(36.6 %)	8.44	(42.6 %)	12.67	(40.1 %)
Q4 2024	119.28	(40.8 %)	2.82	368.2 %	8.93	(17.6 %)
2024	526.57	(33.3 %)	33.87	(10.9 %)	56.81	(10.6 %)

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
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 %	(23.78)	-	(4.17)	-
2023	788.97	(0.4 %)	38.04	259.9 %	63.55	1625.5 %
2024	526.57	(33.3 %)	33.87	(10.9 %)	56.81	(10.6 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
Q1 2015	12.26	0.28	0.28	2.38
Q2 2015	12.26	0.17	0.17	2.52
Q3 2015	18.51	0.15	0.15	9.46
Q4 2015	18.51	0.10	0.10	9.28
Q1 2016	18.51	0.05	0.05	9.35
Q2 2016	18.51	0.05	0.05	9.45
Q3 2016	18.51	0.39	0.39	9.85
Q4 2016	18.51	1.15	1.15	10.43
Q1 2017	18.51	1.78	1.78	11.13
Q2 2017	18.51	2.49	2.49	11.94
Q3 2017	18.51	3.21	3.21	13.06
Q4 2017	18.51	3.20	3.20	13.63
Q1 2018	18.51	2.81	2.81	13.94
Q2 2018	18.51	2.41	2.41	14.35
Q3 2018	18.51	1.52	1.52	14.59
Q4 2018	18.51	0.56	0.56	14.19
Q1 2019	18.51	(0.62)	(0.62)	13.32
Q2 2019	18.51	(3.02)	(3.02)	11.33
Q3 2019	18.51	(4.11)	(4.11)	10.48
Q4 2019	18.51	(3.25)	(3.25)	10.94
Q1 2020	18.51	(3.83)	(3.83)	9.49
Q2 2020	18.51	(0.15)	(0.15)	11.13
Q3 2020	18.51	0.79	0.79	11.22
Q4 2020	18.51	0.37	0.37	11.27
Q1 2021	18.51	1.75	1.75	11.21
Q2 2021	18.51	(0.01)	(0.01)	11.13
Q3 2021	18.51	(2.16)	(2.16)	9.07
Q4 2021	18.51	(6.07)	(6.07)	5.20
Q1 2022	18.51	(6.17)	(6.17)	6.11
Q2 2022	18.51	(10.10)	(10.10)	1.08
Q3 2022	18.51	(8.37)	(8.37)	0.75
Q4 2022	18.51	(2.10)	(2.10)	3.29
Q1 2023	18.51	(1.24)	(1.24)	3.97
Q2 2023	18.51	3.72	3.72	4.92
Q3 2023	19.14	4.58	4.58	5.61
Q4 2023	19.14	2.68	2.68	8.45
Q1 2024	19.14	2.54	2.54	8.87
Q2 2024	19.14	2.22	2.22	9.34
Q3 2024	19.14	1.87	1.87	9.58
Q4 2024	24.56	1.23	1.23	8.48

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2015	18.51	0.10	0.10	9.28
2016	18.51	1.15	1.15	10.43
2017	18.51	3.20	3.20	13.63
2018	18.51	0.56	0.56	14.19
2019	18.51	(3.25)	(3.25)	10.94
2020	18.51	0.33	0.33	11.27
2021	18.51	(6.07)	(6.07)	5.20
2022	18.51	(2.10)	(2.10)	3.29
2023	19.14	2.68	2.68	8.45
2024	24.56	1.23	1.23	8.48

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	More than 100	More than 100
Q1 2016	More than 100	More than 100
Q2 2016	More than 100	More than 100
Q3 2016	More than 100	More than 100
Q4 2016	23.44	23.44
Q1 2017	16.99	16.99
Q2 2017	14.53	14.53
Q3 2017	14.60	14.60
Q4 2017	17.00	17.00
Q1 2018	20.31	20.31
Q2 2018	19.31	19.31
Q3 2018	23.62	23.62
Q4 2018	More than 100	More than 100
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	32.19	32.19
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	6.00	6.00
Q3 2023	5.57	5.57
Q4 2023	9.35	9.35
Q1 2024	15.24	15.24
Q2 2024	15.72	15.72
Q3 2024	19.51	19.51
Q4 2024	18.17	18.17

Period	P/E	Adjusted P/E
2015	More than 100	More than 100
2016	23.44	23.44
2017	17.00	17.00
2018	More than 100	More than 100
2019	NEG	NEG
2020	More than 100	More than 100
2021	NEG	NEG
2022	NEG	NEG
2023	9.35	9.35
2024	18.17	18.17

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Medical Insurance	Comprehensive Motor Insurance	Other classes
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
Q1 2024	32.26	84.35	17.35
Q2 2024	18.48	65.71	19.20
Q3 2024	25.19	120.55	24.20

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)	484.20
Shares Outstanding (M)	24.56
EPS ( Riyal) (TTM)	1.23
Book Value (BV) ( Riyal)	8.48
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	16.07
P/E (TTM)	16.07
Price/Book	1.90
Return on Average Assets (%) (TTM)	3.7
Return on Average Equity (%) (TTM)	13.1
Return on Market Cap (%)	5.5

Salama Cooperative Insurance Co. (SALAMA)

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Salama posts 41% profit drop to SAR 30.1M in 2024; Q4 at SAR 2.8M

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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) 2024 Q4

Financial Ratios

Share Price

Salama Cooperative Insurance Co. (SALAMA)

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Salama posts 41% profit drop to SAR 30.1M in 2024; Q4 at SAR 2.8M

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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) Q3 2024

Revenue by Business Segment (Latest) 2024 Q4

Financial Ratios

Share Price

Salama Cooperative Insurance Co. (SALAMA)

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Business Segments - Gross Premium Written (Million)