ACIG 9M 2024 profit down 34% to SAR 30.8M, Q3 at SAR 2.9M
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Allied Cooperative Insurance Group (ACIG) reported a net profit of SAR 30.8 million in the first nine months of 2024, declining 34% compared with SAR 46.4 million a year before.
Financials (M)
| Item | 9m 2023 | 9m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 771.26 | 707.13 | (8.3 %) |
| Insurance Revenues | 730.58 | 698.98 | (4.3 %) |
| Net Profit Before Zakat & Tax | 52.16 | 34.42 | (34.0 %) |
| Net Income | 46.36 | 30.82 | (33.5 %) |
| Average Shares | 29.10 | 29.10 | - |
| Earnings Per Share before unusual items | 1.59 | 1.06 | (33.5 %) |
| EPS (Riyals) | 1.59 | 1.06 | (33.5 %) |
The decline in profit was attributed to lower revenue during the nine-month period compared to the year-earlier period, primarily due to a decrease in motor insurance product sales and a drop in net profits from insurance services.
Current Quarter Comparison (M)
| Item | Q3 2023 | Q3 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 261.34 | - | - |
| Insurance Revenues | 256.18 | 251.84 | (1.7 %) |
| Net Profit Before Zakat & Tax | 34.60 | (0.07) | (100.2 %) |
| Net Income | 32.30 | 2.93 | (90.9 %) |
| Average Shares | 29.10 | 29.10 | - |
| Earnings Per Share before unusual items | 1.11 | 0.10 | (90.9 %) |
| EPS (Riyals) | 1.11 | 0.10 | (90.9 %) |
The insurer's Q3 2024 bottom line dropped 91% to SAR 2.93 million from SAR 32.3 million in Q3 2023, mainly due to lower revenues.
Meanwhile, the third-quarter bottom line rose 1.3% from SAR 2.89 million in Q2 2024.
Insurance Operations
| Item | 9m 2023 | 9m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 771.26 | 707.13 | (8.3 %) |
| Insurance Revenues | 730.58 | 698.98 | (4.3 %) |
| Insurance Services Income | 43.21 | 18.36 | (57.5 %) |
| Investment Income | 26.57 | 33.14 | 24.7 % |
| Net Profit of Insurance Services and Investment | 71.97 | 51.94 | (27.8 %) |
Shareholders' equity, no minority interest, reached SAR 285.16 million at the end of the nine-month period, compared with SAR 235.3 million a year earlier.
Accumulated losses reached SAR 43.18 million in the current period, representing 14.84% of the company's capital.
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