ACIG H1 2024 profit leaps 98% to SAR 27.9M, Q2 at SAR 2.9M
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Allied Cooperative Insurance Group (ACIG) reported a net profit of SAR 27.9 million in H1 2024, leaping 98% compared with SAR 14.1 million a year before
Financials (M)
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 509.91 | 449.09 | (11.9 %) |
| Insurance Revenues | 474.39 | 447.14 | (5.7 %) |
| Net Profit Before Zakat & Tax | 17.56 | 34.49 | 96.4 % |
| Net Income | 14.06 | 27.89 | 98.3 % |
| Average Shares | 29.10 | 29.10 | - |
| Earnings Per Share before unusual items | 0.48 | 0.96 | 98.3 % |
| EPS (Riyals) | 0.48 | 0.96 | 98.3 % |
The profit growth was attributed to higher earnings from insurance services results and net investment income. However, this was offset by a decrease in sales of motor and medical insurance policies.
Current Quarter Comparison (M)
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 223.06 | 254.73 | 14.2 % |
| Insurance Revenues | 247.78 | 215.72 | (12.9 %) |
| Net Profit Before Zakat & Tax | 13.52 | 7.89 | (41.7 %) |
| Net Income | 10.52 | 2.89 | (72.5 %) |
| Average Shares | 29.10 | 29.10 | - |
| Earnings Per Share before unusual items | 0.36 | 0.10 | (72.5 %) |
| EPS (Riyals) | 0.36 | 0.10 | (72.5 %) |
The insurer's Q2 2024 bottom line dropped 73% to SAR 2.9 million from SAR 10.5 million in Q4 2023.
The second-quarter bottom line also fell 88.4% from SAR 24.9 million in Q1 2024.
Insurance Operations
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 509.91 | 449.09 | (11.9 %) |
| Insurance Revenues | 474.39 | 447.14 | (5.7 %) |
| Insurance Services Income | 13.62 | 25.89 | 90.1 % |
| Investment Income | 16.81 | 20.95 | 24.6 % |
| Net Profit of Insurance Services and Investment | 31.39 | 48.34 | 54.0 % |
Shareholders' equity, no minority interest, reached SAR 282.23 million at the end of H1 2024, compared with SAR 200.5 million a year earlier.
Accumulated losses reached SAR 46.1 million in H1 2024, representing 15.8% of the company's capital.
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