Bupa 9M 2024 net profit rises 34% to SAR 1.12B; Q3 at SAR 356.3M

Bupa 9M 2024 net profit rises 34% to SAR 1.12B; Q3 at SAR 356.3M

04/11/2024 Argaam Exclusive

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Bupa Arabia for Cooperative Insurance Co. reported a net profit of SAR 1.12 billion for the first nine months of 2024, an increase of 34% from SAR 835.3 million in the year-earlier period.


Financials (M)

Item 9m 2023 9m 2024 Change‬
Gross Written Premium (GWP) 13,905.81 15,047.59 8.2 %
Insurance Revenues 11,728.00 13,488.67 15.0 %
Net Profit Before Zakat & Tax 990.53 1,302.32 31.5 %
Net Income 835.30 1,120.31 34.1 %
Average Shares 150.00 150.00 -
EPS (Riyals) 5.57 7.47 34.1 %

Insurance revenue for the current period increased 15.01% year-on-year (YoY) to SAR 13.4 billion on business growth and increase in the number of insured people.

 

Q3 2024 net profit stood at SAR 356.3 million, a jump of 29% year-on-year (YoY) from SAR 275.3 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Gross Written Premium (GWP) 4,616.25 4,181.45 (9.4 %)
Insurance Revenues 4,092.58 4,552.20 11.2 %
Net Profit Before Zakat & Tax 328.09 421.39 28.4 %
Net Income 275.35 356.28 29.4 %
Average Shares 150.00 150.00 -
EPS (Riyals) 1.84 2.38 29.4 %

Q3 insurance revenue amounted to SAR 4.5 million, rising 11.23% YoY. Profit before zakat and income tax amounted rose 28.43% YoY to SAR 421,386.

 

On a sequential basis, net earnings dropped by 11.9%, from SAR 404.6 million.

Insurance Operations

Item 9m 2023 9m 2024 Change‬
Gross Written Premium (GWP) 13,905.81 15,047.59 8.2 %
Insurance Revenues 11,728.00 13,488.67 15.0 %
Insurance Services Income 797.56 1,042.71 30.7 %
Investment Income 366.85 514.69 40.3 %
Net Profit of Insurance Services and Investment 1,164.41 1,557.40 33.8 %

Total shareholders’ equity (no minority equity) stood at SAR 5.15 billion by Sept. 30, 2024, compared to SAR 4.52 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 %

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 % - - - -
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 %) - - - -
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 % - - - -
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 % - - - -
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 % - - - -
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 %) - - - -
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 % - - - -
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 -
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 %)
Q1 2024 7,249.44 34.0 % 321.60 90.9 % 479.75 77.1 %
Q2 2024 3,616.70 (6.8 %) 377.33 1.4 % 560.18 13.1 %
Q3 2024 4,181.45 (9.4 %) 343.79 33.7 % 517.47 29.9 %


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
Q2 2024 150.00 7.63 7.63 31.81
Q3 2024 150.00 8.17 8.17 34.74

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

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) 30,390.00
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) 24.80
P/E (TTM) 24.80
Price/Book 5.83
Return on Average Assets (%) (TTM) 8.4
Return on Average Equity (%) (TTM) 25.3
Return on Market Cap (%) 3.9
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Share Price

Bupa Arabia for Cooperative Insurance Co.
202.60
(7.40) (3.52 %)

Bupa Arabia for Cooperative Insurance Co. (BUPA ARABIA)

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