Bupa Arabia Q1 profit surges 91% to SAR 359.4M

06/05/2024 Argaam Exclusive

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Bupa Arabia for Cooperative Insurance Co.’s net profit for Q1 2024 rose by 91% to SAR 359.4 million from SAR 188.6 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	5,409.46	7,249.44	34.0 %
Insurance Revenues	3,750.41	4,374.06	16.6 %
Net Profit Before Zakat & Tax	230.14	416.12	80.8 %
Net Income	188.60	359.42	90.6 %
Average Shares	150.00	150.00	-
EPS (Riyals)	1.26	2.40	90.6 %

Item	Q4 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	2,762.93	7,249.44	162.4 %
Insurance Revenues	4,159.71	4,374.06	5.2 %
Net Profit Before Zakat & Tax	126.15	416.12	229.9 %
Net Income	104.87	359.42	242.7 %
Average Shares	150.00	150.00	-
EPS (Riyals)	0.70	2.40	242.7 %

Insurance revenue rose 16.63% year-on-year (YoY) to SAR 4.37 billion, driven by business growth and an increase in life insurance.

The profit growth was driven by a 96.77% increase YoY in insurance service result to SAR 338.47 million, which was mainly driven by claims seasonality, business growth and increase in insured lives.

Net insurance service result for the current quarter amounted to SAR 321.60 million, an increase of 90.88% YoY, affected by claims seasonality, business growth and increase in insured lives.

Net investment results for the current quarter amounted to SAR 158.14 million, an increase of 54.38%YoY.

These favorable movements were partially offset by a 32.51%YoY rise in other operating expenses, arising from increased expenditure to support business growth and a 26.02% YoY decline in net other revenue.

Meanwhile, total comprehensive income for the current quarter grew by 47.05% YoY and gross written premiums (GWP) by 34.01% YoY.

Insurance Operations

Item	3m 2023	3m 2024	Change‬
Gross Written Premium (GWP)	5,409.46	7,249.44	34.0 %
Insurance Revenues	3,750.41	4,374.06	16.6 %
Insurance Services Income	168.48	321.60	90.9 %
Investment Income	102.44	158.14	54.4 %
Net Profit of Insurance Services and Investment	270.92	479.75	77.1 %

Sequentially, net profit for Q1 2024 skyrocketed by 242% from SAR 104.87 million in Q4 2023.

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	-	-
2015	618.54	102.3 %	4.12	-	-
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	-	-
2016	524.66	(15.2 %)	3.50	-	-
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	-
2017	421.39	(19.7 %)	2.81	500.61	-
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 %)
2018	442.62	5.0 %	2.95	525.43	5.0 %
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 %
2019	593.80	34.2 %	3.96	712.65	35.6 %
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 %)
2020	696.13	17.2 %	4.64	823.67	15.6 %
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 %)
2021	625.57	(10.1 %)	4.17	730.70	(11.3 %)
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 %
2022	805.12	28.7 %	5.37	969.16	32.6 %
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 %)
2023	940.16	16.8 %	6.27	1,116.68	15.2 %
Q1 2024	359.42	90.6 %	2.40	416.12	80.8 %

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	305.81	120.1 %	2.04	-	-
2015	618.54	102.3 %	4.12	-	-
2016	524.66	(15.2 %)	3.50	-	-
2017	421.39	(19.7 %)	2.81	500.61	-
2018	442.62	5.0 %	2.95	525.43	5.0 %
2019	593.80	34.2 %	3.96	712.65	35.6 %
2020	696.13	17.2 %	4.64	823.67	15.6 %
2021	625.57	(10.1 %)	4.17	730.70	(11.3 %)
2022	805.12	28.7 %	5.37	969.16	32.6 %
2023	940.16	16.8 %	6.27	1,116.68	15.2 %

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	2,079.45	46.3 %	-	-	-	-
Q2 2015	1,891.37	37.4 %	-	-	-	-
Q3 2015	2,257.20	6.4 %	-	-	-	-
Q4 2015	1,099.99	33.9 %	-	-	-	-
2015	7,328.02	27.7 %	-	-	-	-
Q1 2016	2,446.03	17.6 %	-	-	-	-
Q2 2016	1,827.72	(3.4 %)	-	-	-	-
Q3 2016	2,578.66	14.2 %	-	-	-	-
Q4 2016	1,086.22	(1.3 %)	-	-	-	-
2016	7,938.63	8.3 %	-	-	-	-
Q1 2017	2,252.77	(7.9 %)	-	-	-	-
Q2 2017	1,847.78	1.1 %	-	-	-	-
Q3 2017	2,522.63	(2.2 %)	-	-	-	-
Q4 2017	1,109.79	2.2 %	-	-	-	-
2017	7,732.96	(2.6 %)	-	-	-	-
Q1 2018	2,489.16	10.5 %	-	-	-	-
Q2 2018	2,019.61	9.3 %	-	-	-	-
Q3 2018	2,831.88	12.3 %	-	-	-	-
Q4 2018	1,226.00	10.5 %	-	-	-	-
2018	8,566.65	10.8 %	-	-	-	-
Q1 2019	2,905.45	16.7 %	-	-	-	-
Q2 2019	2,438.80	20.8 %	-	-	-	-
Q3 2019	3,076.44	8.6 %	-	-	-	-
Q4 2019	1,990.18	62.3 %	-	-	-	-
2019	10,410.87	21.5 %	-	-	-	-
Q1 2020	3,469.98	19.4 %	-	-	-	-
Q2 2020	2,243.22	(8.0 %)	-	-	-	-
Q3 2020	3,076.18	0.0 %	-	-	-	-
Q4 2020	1,657.98	(16.7 %)	-	-	-	-
2020	10,447.35	0.4 %	-	-	-	-
Q1 2021	3,252.78	(6.3 %)	-	-	-	-
Q2 2021	2,569.72	14.6 %	-	-	-	-
Q3 2021	3,458.78	12.4 %	-	-	-	-
Q4 2021	2,100.91	26.7 %	-	-	-	-
2021	11,382.19	8.9 %	-	-	-	-
Q1 2022	4,222.42	29.8 %	68.53	-	151.00	-
Q2 2022	3,001.28	16.8 %	190.77	-	298.31	-
Q3 2022	4,176.34	20.7 %	306.25	-	481.46	-
Q4 2022	2,496.85	18.8 %	72.09	-	259.00	-
2022	13,896.88	22.1 %	637.63	-	1,189.76	-
Q1 2023	5,409.46	28.1 %	168.48	145.9 %	270.92	79.4 %
Q2 2023	3,880.10	29.3 %	372.02	95.0 %	495.11	66.0 %
Q3 2023	4,616.25	10.5 %	257.05	(16.1 %)	398.38	(17.3 %)
Q4 2023	2,762.93	10.7 %	67.48	(6.4 %)	213.91	(17.4 %)
2023	16,668.74	19.9 %	865.04	35.7 %	1,378.31	15.8 %
Q1 2024	7,249.44	34.0 %	321.60	90.9 %	479.75	77.1 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	5,740.45	80.7 %	-	-	-	-
2015	7,328.02	27.7 %	-	-	-	-
2016	7,938.63	8.3 %	-	-	-	-
2017	7,732.96	(2.6 %)	-	-	-	-
2018	8,566.65	10.8 %	-	-	-	-
2019	10,410.87	21.5 %	-	-	-	-
2020	10,447.35	0.4 %	-	-	-	-
2021	11,382.19	8.9 %	-	-	-	-
2022	13,896.88	22.1 %	637.63	-	1,189.76	-
2023	16,668.74	19.9 %	865.04	35.7 %	1,378.31	15.8 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (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	31.17
Q1 2024	150.00	7.41	7.41	33.24

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	150.00	2.04	2.04	7.01
2015	150.00	4.12	4.12	11.11
2016	150.00	3.50	3.50	13.51
2017	150.00	2.81	2.81	15.48
2018	150.00	2.95	2.95	17.33
2019	150.00	3.96	3.96	20.22
2020	150.00	4.64	4.64	25.86
2021	150.00	4.17	4.17	27.91
2022	150.00	5.37	5.37	28.01
2023	150.00	6.27	6.27	31.17

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

Period	P/E	Adjusted P/E
2014	22.10	22.10
2015	14.87	14.87
2016	20.04	20.04
2017	17.66	17.66
2018	21.97	21.97
2019	20.70	20.70
2020	21.07	21.07
2021	25.21	25.21
2022	26.79	26.79
2023	34.05	34.05

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	-	-

Period	Corporate	SME & Other	Major	Non- Major
2014	-	-	3,614.64	2,125.81
2015	-	-	4,433.45	2,894.57
2016	-	-	4,871.98	3,066.65
2017	-	-	4,727.40	3,005.56
2018	-	-	5,454.93	3,111.72
2019	-	-	6,848.10	3,562.77
2020	-	-	6,972.56	3,474.79
2021	-	-	7,428.50	3,953.69
2022	10,252.34	3,644.55	-	-
2023	12,452.05	4,216.70	-	-

Financial Ratios

	Current
Market Cap (M)	27,240.00
Shares Outstanding (M)	150.00
EPS ( Riyal) (TTM)	8.17
Book Value (BV) ( Riyal)	34.74
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	22.23
P/E (TTM)	22.23
Price/Book	5.23
Return on Average Assets (%) (TTM)	8.4
Return on Average Equity (%) (TTM)	25.3
Return on Market Cap (%)	3.9

Bupa Arabia for Cooperative Insurance Co. (BUPA ARABIA)

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Bupa Arabia Q1 profit surges 91% to SAR 359.4M

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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 Q1

Financial Ratios

Share Price

Bupa Arabia for Cooperative Insurance Co. (BUPA ARABIA)

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Bupa Arabia Q1 profit surges 91% to SAR 359.4M

View other reports

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) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

Financial Ratios

Share Price

Bupa Arabia for Cooperative Insurance Co. (BUPA ARABIA)

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Business Segments - Gross Premium Written (Million)