UCA turns to SAR 5.3M profit in H1 2024; Q2 at SAR 296,000
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United Cooperative Assurance Co. (UCA) reported profits of SAR 5.3 million at the end of the first half of 2024, compared to losses of SAR 11.5 million in the same period in 2023.
Financials (M)
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 596.10 | 626.20 | 5.1 % |
| Insurance Revenues | 435.56 | 466.40 | 7.1 % |
| Net Profit Before Zakat & Tax | (9.93) | 6.31 | 163.5 % |
| Net Income | (11.50) | 5.31 | 146.1 % |
| Average Shares | 40.00 | 40.00 | - |
| Earnings Per Share before unusual items | (0.29) | 0.13 | 146.1 % |
| EPS (Riyals) | (0.29) | 0.13 | 146.1 % |
Insurance revenues rose by 7% to SAR 466.4 million due to business growth. Additionally, insurance service results increased by SAR 28.87 million, driven by a rise in insurance revenues by SAR 30.84 million. Furthermore, net investment results improved by 52% to SAR 7.22 million due to better investment returns.
Current Quarter Comparison (M)
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 187.02 | 234.41 | 25.3 % |
| Insurance Revenues | 238.91 | 216.79 | (9.3 %) |
| Net Profit Before Zakat & Tax | (0.05) | 0.80 | 1601.9 % |
| Net Income | (1.54) | 0.30 | 119.2 % |
| Average Shares | 40.00 | 40.00 | - |
| Earnings Per Share before unusual items | (0.04) | 0.01 | 119.2 % |
| EPS (Riyals) | (0.04) | 0.01 | 119.2 % |
In Q2 2024, UCA achieved profits of SAR 296,000 compared to losses SAR 1.54 million in the same quarter last year. This improvement was due to an increase in insurance service results by SAR 1.86 million and a 78% rise in net investment results. However, this was offset by a 9% decrease in insurance revenues due to a decline in earned revenues.
UCA’s Q2 earnings were 94.1% lower than a profit of SAR 5.01 million in Q1 2024.
Insurance Operations
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 596.10 | 626.20 | 5.0 % |
| Insurance Revenues | 435.56 | 466.40 | 7.1 % |
| Insurance Services Income | (7.44) | 21.14 | 384.1 % |
| Investment Income | 4.75 | 7.23 | 52.2 % |
| Net Profit of Insurance Services and Investment | (5.21) | 26.31 | 605.0 % |
Shareholders' equity (no minority interests) reached SAR 270.46 million at the end of H1 2024, compared to SAR 244.647 million last year.
Accumulated losses at the end of the current period were SAR 175.25 million, representing 43.81% of the capital.
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