Bupa Arabia 2024 profit up 24% to SAR 1.16B; Q4 drops to SAR 45.7M

Bupa Arabia 2024 profit up 24% to SAR 1.16B; Q4 drops to SAR 45.7M

29/01/2025 Argaam Exclusive

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Bupa Arabia for Cooperative Insurance Co.’s net profit for 2024 rose by 24% to SAR 1.16 billion from SAR 940.2 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Insurance Revenues 15,887.72 18,101.52 13.9 %
Net Profit Before Zakat & Tax 1,116.68 1,372.63 22.9 %
Net Income 940.16 1,166.00 24.0 %
Average Shares 150.00 150.00 -
EPS (Riyals) 6.27 7.77 24.0 %

In addition, insurance services jumped 19.57% to SAR 1.06 billion from SAR 893.28 million in 2023.

 

Net insurance services rose 15.38% to SAR 998.09 million in 2024 from SAR 865.03 million a year ago.

 

Meanwhile, other operating expenses increased in 2024 by 10.05% to SAR 348.64 million from SAR 316.81 million in 2023, due to higher expenditures to support business growth.

 

Q4 2024 net profit fell to SAR 45.67 million, a drop of 56% from SAR 104.87 million.

 

Quarter-on-quarter, net income slumped 87.2% from SAR 356.28 million in Q3.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Insurance Revenues 4,159.71 4,612.85 10.9 %
Net Profit Before Zakat & Tax 126.15 70.31 (44.3 %)
Net Income 104.87 45.69 (56.4 %)
Average Shares 150.00 150.00 -
EPS (Riyals) 0.70 0.30 (56.4 %)

Insurance Operations

Item 2023 2024 Change‬
Insurance Revenues 15,887.72 18,101.52 13.9 %
Insurance Services Income 865.04 998.10 15.4 %
Investment Income 513.28 672.37 31.0 %
Net Profit of Insurance Services and Investment 1,378.31 1,670.47 21.2 %

Total shareholders’ equity (no minority interest) stood at SAR 5.15 billion by Dec. 31, 2024, compared to SAR 4.65 billion a year earlier.

 

View More Financial Results

 


Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 20.18 170.5 % 0.13 - -
Q2 2015 119.83 83.1 % 0.80 - -
Q3 2015 277.74 80.9 % 1.85 - -
Q4 2015 200.80 73.9 % 1.34 - -
Q1 2016 55.26 173.9 % 0.37 - -
Q2 2016 119.63 (0.2 %) 0.80 - -
Q3 2016 244.45 (12.0 %) 1.63 - -
Q4 2016 105.32 (47.5 %) 0.70 - -
Q1 2017 17.90 (67.6 %) 0.12 36.69 -
Q2 2017 126.99 6.2 % 0.85 145.77 -
Q3 2017 198.19 (18.9 %) 1.32 216.98 -
Q4 2017 78.30 (25.7 %) 0.52 101.17 -
Q1 2018 (13.22) (173.8 %) (0.09) 9.35 (74.5 %)
Q2 2018 157.39 23.9 % 1.05 178.86 22.7 %
Q3 2018 226.43 14.2 % 1.51 244.78 12.8 %
Q4 2018 72.03 (8.0 %) 0.48 92.44 (8.6 %)
Q1 2019 69.84 628.3 % 0.47 94.12 906.9 %
Q2 2019 186.03 18.2 % 1.24 216.07 20.8 %
Q3 2019 226.58 0.1 % 1.51 260.40 6.4 %
Q4 2019 105.66 46.7 % 0.70 142.05 53.7 %
Q1 2020 99.74 42.8 % 0.66 125.66 33.5 %
Q2 2020 387.91 108.5 % 2.59 443.06 105.0 %
Q3 2020 139.62 (38.4 %) 0.93 170.07 (34.7 %)
Q4 2020 68.87 (34.8 %) 0.46 84.89 (40.2 %)
Q1 2021 139.90 40.3 % 0.93 175.42 39.6 %
Q2 2021 287.96 (25.8 %) 1.92 333.61 (24.7 %)
Q3 2021 177.72 27.3 % 1.18 228.28 34.2 %
Q4 2021 19.99 (71.0 %) 0.13 (6.61) (107.8 %)
Q1 2022 60.28 (56.9 %) 0.40 103.54 (41.0 %)
Q2 2022 239.12 (17.0 %) 1.59 274.50 (17.7 %)
Q3 2022 359.48 102.3 % 2.40 415.66 82.1 %
Q4 2022 146.24 631.5 % 0.97 175.46 2756.5 %
Q1 2023 188.60 212.9 % 1.26 230.14 122.3 %
Q2 2023 371.35 55.3 % 2.48 432.30 57.5 %
Q3 2023 275.35 (23.4 %) 1.84 328.09 (21.1 %)
Q4 2023 104.87 (28.3 %) 0.70 126.15 (28.1 %)
Q1 2024 359.42 90.6 % 2.40 416.12 80.8 %
Q2 2024 404.60 9.0 % 2.70 464.81 7.5 %
Q3 2024 356.28 29.4 % 2.38 421.39 28.4 %
Q4 2024 45.69 (56.4 %) 0.30 70.31 (44.3 %)
2024 1,166.00 24.0 % 7.77 1,372.63 22.9 %

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 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 - - - - - -
Q2 2020 - - - - - -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 - - - - - -
Q2 2021 - - - - - -
Q3 2021 - - - - - -
Q4 2021 - - - - - -
Q1 2022 - - 68.53 - 151.00 -
Q2 2022 - - 190.77 - 298.31 -
Q3 2022 - - 306.25 - 481.46 -
Q4 2022 - - 72.09 - 259.00 -
Q1 2023 - - 168.48 145.9 % 270.92 79.4 %
Q2 2023 - - 372.02 95.0 % 495.11 66.0 %
Q3 2023 - - 257.05 (16.1 %) 398.38 (17.3 %)
Q4 2023 - - 67.48 (6.4 %) 213.91 (17.4 %)
Q1 2024 - - 321.60 90.9 % 479.75 77.1 %
Q2 2024 - - 377.33 1.4 % 560.18 13.1 %
Q3 2024 - - 343.79 33.7 % 517.47 29.9 %
Q4 2024 - - (44.62) (166.1 %) 113.07 (47.1 %)
2024 - - 998.10 15.4 % 1,670.47 21.2 %


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 150.00 2.36 2.36 7.14
Q2 2015 150.00 2.73 2.73 7.94
Q3 2015 150.00 3.55 3.55 9.77
Q4 2015 150.00 4.12 4.12 11.11
Q1 2016 150.00 4.36 4.36 11.42
Q2 2016 150.00 4.36 4.36 11.17
Q3 2016 150.00 4.13 4.13 12.81
Q4 2016 150.00 3.50 3.50 13.51
Q1 2017 150.00 3.25 3.25 13.66
Q2 2017 150.00 3.30 3.30 13.63
Q3 2017 150.00 2.99 2.99 14.95
Q4 2017 150.00 2.81 2.81 15.48
Q1 2018 150.00 2.60 2.60 15.38
Q2 2018 150.00 2.80 2.80 15.36
Q3 2018 150.00 2.99 2.99 16.74
Q4 2018 150.00 2.95 2.95 17.33
Q1 2019 150.00 3.50 3.50 17.80
Q2 2019 150.00 3.70 3.70 19.25
Q3 2019 150.00 3.70 3.70 19.50
Q4 2019 150.00 3.92 3.92 20.22
Q1 2020 150.00 4.12 4.12 20.63
Q2 2020 150.00 5.47 5.47 23.84
Q3 2020 150.00 4.89 4.89 25.22
Q4 2020 150.00 4.64 4.64 25.86
Q1 2021 150.00 4.91 4.91 26.91
Q2 2021 150.00 4.24 4.24 26.64
Q3 2021 150.00 4.50 4.50 27.92
Q4 2021 150.00 4.17 4.17 27.91
Q1 2022 150.00 3.64 3.64 27.91
Q2 2022 150.00 3.31 3.31 25.70
Q3 2022 150.00 4.53 4.53 27.40
Q4 2022 150.00 5.37 5.37 28.01
Q1 2023 150.00 6.22 6.22 29.43
Q2 2023 150.00 7.10 7.10 28.32
Q3 2023 150.00 6.54 6.54 29.82
Q4 2023 150.00 6.27 6.27 31.05
Q1 2024 150.00 7.41 7.41 33.24
Q2 2024 150.00 7.63 7.63 31.81
Q3 2024 150.00 8.17 8.17 34.74
Q4 2024 150.00 7.77 7.77 34.34

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2015 20.55 20.55
Q2 2015 23.22 23.22
Q3 2015 18.75 18.75
Q4 2015 14.87 14.87
Q1 2016 13.95 13.95
Q2 2016 17.18 17.18
Q3 2016 13.95 13.95
Q4 2016 20.04 20.04
Q1 2017 19.21 19.21
Q2 2017 21.28 21.28
Q3 2017 21.08 21.08
Q4 2017 17.66 17.66
Q1 2018 19.41 19.41
Q2 2018 17.10 17.10
Q3 2018 19.25 19.25
Q4 2018 21.97 21.97
Q1 2019 19.27 19.27
Q2 2019 21.09 21.09
Q3 2019 23.03 23.03
Q4 2019 20.90 20.90
Q1 2020 17.75 17.75
Q2 2020 15.99 15.99
Q3 2020 20.11 20.11
Q4 2020 21.07 21.07
Q1 2021 19.50 19.50
Q2 2021 23.43 23.43
Q3 2021 26.55 26.55
Q4 2021 25.21 25.21
Q1 2022 39.35 39.35
Q2 2022 38.49 38.49
Q3 2022 29.77 29.77
Q4 2022 26.79 26.79
Q1 2023 27.93 27.93
Q2 2023 26.12 26.12
Q3 2023 31.79 31.79
Q4 2023 34.05 34.05
Q1 2024 34.70 34.70
Q2 2024 32.35 32.35
Q3 2024 25.37 25.37
Q4 2024 26.63 26.63

Business Segments - Gross Premium Written (Million)

Compared With The
Period Corporate SME & Other Major Non- Major
Q1 2015 - - 1,195.95 883.50
Q2 2015 - - 1,073.36 818.01
Q3 2015 - - 1,701.01 556.19
Q4 2015 - - 463.13 636.86
Q1 2016 - - 1,504.69 941.34
Q2 2016 - - 929.82 897.90
Q3 2016 - - 1,964.90 613.76
Q4 2016 - - 472.57 613.65
Q1 2017 - - 1,338.07 914.70
Q2 2017 - - 976.58 871.20
Q3 2017 - - 1,937.31 585.32
Q4 2017 - - 475.43 634.35
Q1 2018 - - 1,507.53 981.63
Q2 2018 - - 1,176.61 842.99
Q3 2018 - - 2,217.87 614.02
Q4 2018 - - 552.93 673.07
Q1 2019 - - 1,789.24 1,116.21
Q2 2019 - - 1,465.71 973.09
Q3 2019 - - 2,395.16 681.28
Q4 2019 - - 1,197.99 792.18
Q1 2020 - - 2,315.21 1,154.77
Q2 2020 - - 1,357.96 885.26
Q3 2020 - - 2,388.63 687.54
Q4 2020 - - 910.77 747.22
Q1 2021 - - 2,099.04 1,153.74
Q2 2021 - - 1,571.24 998.48
Q3 2021 - - 2,634.17 824.61
Q4 2021 - - 1,124.05 976.87
Q1 2022 3,182.33 1,040.09 - -
Q2 2022 2,027.19 974.09 - -
Q3 2022 3,378.80 797.54 - -
Q4 2022 1,664.03 832.82 - -
Q1 2023 4,064.23 1,345.23 - -
Q2 2023 2,744.77 1,135.32 - -
Q3 2023 3,785.23 831.02 - -
Q4 2023 1,857.82 905.12 - -
Q1 2024 5,842.47 1,406.98 - -
Q2 2024 2,565.35 1,051.35 - -
Q3 2024 3,256.99 924.46 - -


Financial Ratios
Current
Market Cap (M) 28,290.00
Shares Outstanding (M) 150.00
EPS ( Riyal) (TTM) 7.77
Book Value (BV) ( Riyal) 34.34
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 24.26
P/E (TTM) 24.26
Price/Book 5.49
Return on Average Assets (%) (TTM) 7.8
Return on Average Equity (%) (TTM) 23.8
Return on Market Cap (%) 3.8
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Share Price

Bupa Arabia for Cooperative Insurance Co.
188.60
2.60 1.40 %

Bupa Arabia for Cooperative Insurance Co. (BUPA ARABIA)

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