Arabian Shield reports net profit hike to SAR 15.8M in Q1 2024

Arabian Shield reports net profit hike to SAR 15.8M in Q1 2024

09/05/2024 Argaam Exclusive

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Arabian Shield Cooperative Insurance Co. reported a net profit surge to SAR 15.8 million in Q1 2024, from SAR 1.9 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Gross Written Premium (GWP) 459.02 616.45 34.3 %
Insurance Revenues 260.54 397.93 52.7 %
Net Profit Before Zakat & Tax 9.33 30.17 223.4 %
Net Income 4.35 24.48 462.3 %
Average Shares 67.84 79.82 17.6 %
EPS (Riyals) 0.06 0.31 378.0 %

This was spurred by higher insurance service results, increased insurance revenue, higher net investment income, in addition to an increase in insurance service expenses, as well as net expenses from reinsurance contracts.

 

The insurer also cited an increase in net insurance finance expenses and higher other operating expenses. Moreover, gross written premiums (GWPs) increased 34% annually.

 

On a quarterly basis, net earnings grew 3.1% from SAR 15.3 million in Q4 2023.

Insurance Operations

Item 3m 2023 3m 2024 Change‬
Gross Written Premium (GWP) 459.02 616.45 34.3 %
Insurance Revenues 260.54 397.93 52.7 %
Insurance Services Income (0.05) 9.22 18540.0 %
Investment Income 15.25 29.73 95.0 %
Net Profit of Insurance Services and Investment 15.08 36.65 143.0 %

Shareholders’ equity, no minority interest, reached SAR 1.56 billion by March 31, 2024, compared to SAR 1.19 billion in the prior-year period.

 

View More Financial Results

 


Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 2.75 230.0 % 0.07 4.51 120.1 %
Q2 2015 0.77 9.6 % 0.02 2.59 23.7 %
Q3 2015 5.05 1601.3 % 0.13 6.37 340.9 %
Q4 2015 24.19 192.9 % 0.60 27.83 186.1 %
Q1 2016 5.26 91.3 % 0.13 7.43 64.9 %
Q2 2016 7.75 909.3 % 0.19 10.07 288.4 %
Q3 2016 16.07 218.1 % 0.40 18.71 193.9 %
Q4 2016 41.42 71.3 % 1.04 44.73 60.8 %
Q1 2017 17.32 229.1 % 0.27 20.68 178.3 %
Q2 2017 19.44 150.9 % 0.30 22.35 121.9 %
Q3 2017 19.79 23.1 % 0.31 23.14 23.6 %
Q4 2017 36.15 (12.7 %) 0.57 42.01 (6.1 %)
Q1 2018 9.78 (43.5 %) 0.15 13.06 (36.8 %)
Q2 2018 3.72 (80.9 %) 0.06 6.70 (70.0 %)
Q3 2018 2.05 (89.7 %) 0.03 4.65 (79.9 %)
Q4 2018 7.00 (80.6 %) 0.11 9.89 (76.5 %)
Q1 2019 1.26 (87.1 %) 0.02 3.76 (71.2 %)
Q2 2019 2.03 (45.3 %) 0.03 4.74 (29.2 %)
Q3 2019 1.02 (50.0 %) 0.02 3.35 (27.8 %)
Q4 2019 2.95 (57.8 %) 0.05 5.09 (48.6 %)
Q1 2020 5.94 372.2 % 0.09 8.76 133.2 %
Q2 2020 4.65 128.7 % 0.07 8.03 69.3 %
Q3 2020 13.47 1218.3 % 0.21 16.57 394.1 %
Q4 2020 7.59 157.3 % 0.12 10.24 101.3 %
Q1 2021 11.65 96.1 % 0.18 15.34 75.0 %
Q2 2021 4.83 3.9 % 0.08 7.98 (0.6 %)
Q3 2021 8.52 (36.8 %) 0.13 11.55 (30.3 %)
Q4 2021 1.16 (84.7 %) 0.02 1.74 (83.0 %)
Q1 2022 (26.16) (324.6 %) (0.41) (21.53) (240.4 %)
Q2 2022 8.97 85.6 % 0.14 14.02 75.6 %
Q3 2022 3.14 (63.1 %) 0.05 7.60 (34.2 %)
Q4 2022 (4.18) (460.3 %) (0.07) 0.32 (81.8 %)
Q1 2023 4.35 116.6 % 0.06 9.33 143.3 %
Q2 2023 27.72 209.1 % 0.41 32.80 134.0 %
Q3 2023 6.23 98.3 % 0.09 9.16 20.5 %
Q4 2023 15.31 466.4 % 0.23 20.84 6474.4 %
Q1 2024 24.48 462.3 % 0.31 30.17 223.4 %

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 251.88 49.0 % - - - -
Q2 2015 136.67 21.7 % - - - -
Q3 2015 71.75 (24.9 %) - - - -
Q4 2015 70.88 (6.5 %) - - - -
Q1 2016 270.06 7.2 % - - - -
Q2 2016 175.28 28.3 % - - - -
Q3 2016 152.71 112.8 % - - - -
Q4 2016 156.42 120.7 % - - - -
Q1 2017 239.89 (11.2 %) - - - -
Q2 2017 165.35 (5.7 %) - - - -
Q3 2017 115.37 (24.5 %) - - - -
Q4 2017 72.48 (53.7 %) - - - -
Q1 2018 240.91 0.4 % - - - -
Q2 2018 93.43 (43.5 %) - - - -
Q3 2018 172.78 49.8 % - - - -
Q4 2018 117.98 62.8 % - - - -
Q1 2019 246.67 2.4 % - - - -
Q2 2019 96.00 2.7 % - - - -
Q3 2019 57.54 (66.7 %) - - - -
Q4 2019 143.51 21.6 % - - - -
Q1 2020 257.77 4.5 % - - - -
Q2 2020 72.95 (24.0 %) - - - -
Q3 2020 96.43 67.6 % - - - -
Q4 2020 125.57 (12.5 %) - - - -
Q1 2021 258.86 0.4 % - - - -
Q2 2021 70.48 (3.4 %) - - - -
Q3 2021 95.62 (0.8 %) - - - -
Q4 2021 133.20 6.1 % - - - -
Q1 2022 380.00 46.8 % (30.72) - (16.10) -
Q2 2022 205.38 191.4 % 15.46 - 15.94 -
Q3 2022 221.87 132.0 % 3.16 - 12.62 -
Q4 2022 299.03 124.5 % 3.39 - 15.53 -
Q1 2023 459.02 20.8 % (0.05) 99.9 % 15.08 193.6 %
Q2 2023 213.39 3.9 % 24.71 59.8 % 42.62 167.4 %
Q3 2023 248.16 11.8 % (6.96) (320.0 %) 8.84 (29.9 %)
Q4 2023 376.57 25.9 % 2.64 (22.0 %) 30.73 97.9 %
Q1 2024 616.45 34.3 % 9.22 20147.8 % 36.65 143.0 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 40.00 0.30 0.30 6.24
Q2 2015 40.00 0.30 0.30 6.26
Q3 2015 40.00 0.42 0.42 6.39
Q4 2015 40.00 0.82 0.82 6.99
Q1 2016 40.00 0.88 0.88 7.12
Q2 2016 40.00 1.06 1.06 7.32
Q3 2016 40.00 1.33 1.33 7.72
Q4 2016 40.00 1.76 1.76 8.75
Q1 2017 63.85 1.29 1.29 5.15
Q2 2017 63.85 1.48 1.48 5.46
Q3 2017 63.85 1.53 1.53 5.77
Q4 2017 63.85 1.45 1.45 6.34
Q1 2018 63.85 1.33 1.33 6.51
Q2 2018 63.85 1.09 1.09 6.55
Q3 2018 63.85 0.81 0.81 6.58
Q4 2018 63.85 0.35 0.35 6.70
Q1 2019 63.85 0.22 0.22 6.71
Q2 2019 63.85 0.19 0.19 6.77
Q3 2019 63.85 0.18 0.18 6.80
Q4 2019 63.85 0.11 0.11 6.85
Q1 2020 63.85 0.19 0.19 6.86
Q2 2020 63.85 0.23 0.23 6.88
Q3 2020 63.85 0.42 0.42 7.15
Q4 2020 63.85 0.50 0.50 7.23
Q1 2021 63.85 0.59 0.59 7.53
Q2 2021 63.85 0.59 0.59 7.58
Q3 2021 63.85 0.51 0.51 7.72
Q4 2021 63.85 0.41 0.41 7.70
Q1 2022 63.85 (0.18) (0.18) 18.42
Q2 2022 63.85 (0.12) (0.12) 18.64
Q3 2022 63.85 (0.20) (0.20) 18.63
Q4 2022 63.85 (0.29) (0.29) 18.58
Q1 2023 67.84 0.18 0.18 18.67
Q2 2023 67.84 0.46 0.46 19.12
Q3 2023 67.84 0.50 0.50 19.24
Q4 2023 67.84 0.79 0.79 19.18
Q1 2024 79.82 0.92 0.92 19.57

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2015 More than 100 More than 100
Q2 2015 More than 100 More than 100
Q3 2015 More than 100 More than 100
Q4 2015 32.20 32.20
Q1 2016 26.03 26.03
Q2 2016 21.49 21.49
Q3 2016 14.04 14.04
Q4 2016 22.88 22.88
Q1 2017 28.72 28.72
Q2 2017 19.88 19.88
Q3 2017 16.86 16.86
Q4 2017 18.07 18.07
Q1 2018 21.59 21.59
Q2 2018 23.53 23.53
Q3 2018 21.79 21.79
Q4 2018 48.86 48.86
Q1 2019 More than 100 More than 100
Q2 2019 More than 100 More than 100
Q3 2019 More than 100 More than 100
Q4 2019 More than 100 More than 100
Q1 2020 More than 100 More than 100
Q2 2020 More than 100 More than 100
Q3 2020 More than 100 More than 100
Q4 2020 45.76 45.76
Q1 2021 48.71 48.71
Q2 2021 More than 100 More than 100
Q3 2021 More than 100 More than 100
Q4 2021 More than 100 More than 100
Q1 2022 NEG NEG
Q2 2022 NEG NEG
Q3 2022 NEG NEG
Q4 2022 NEG NEG
Q1 2023 More than 100 More than 100
Q2 2023 More than 100 More than 100
Q3 2023 45.24 45.24
Q4 2023 27.33 27.33
Q1 2024 22.95 22.95

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Protection & Saving Comprehensive Motor Insurance Property & casualty Other classes Engineering
Q1 2015 95.53 - 94.22 45.19 16.94 -
Q2 2015 52.29 - 63.96 5.29 15.13 -
Q3 2015 33.56 - 26.79 2.25 9.14 -
Q4 2015 26.36 - 34.24 5.14 5.13 -
Q1 2016 103.13 - 92.67 45.61 28.65 -
Q2 2016 69.25 - 85.96 7.06 13.03 -
Q3 2016 53.21 - 89.14 2.32 8.04 -
Q4 2016 55.43 - 91.28 3.63 6.09 -
Q1 2017 114.95 - 55.85 40.12 28.96 -
Q2 2017 79.05 - 58.59 1.52 26.18 -
Q3 2017 58.12 - 38.82 2.53 15.90 -
Q4 2017 44.36 (21.15) 11.84 37.43 - -
Q1 2018 128.18 24.71 34.20 53.83 - -
Q2 2018 51.02 9.02 24.40 9.19 - -
Q3 2018 138.83 12.01 13.29 8.46 - -
Q4 2018 89.31 9.38 11.17 8.12 - -
Q1 2019 129.94 23.33 32.37 61.03 - -
Q2 2019 46.40 13.73 13.03 22.84 - -
Q3 2019 28.83 13.03 12.41 3.26 - -
Q4 2019 105.96 11.17 15.29 11.09 - -
Q1 2020 112.34 24.64 50.15 70.64 - -
Q2 2020 34.40 4.92 16.37 17.26 - -
Q3 2020 30.15 4.97 57.00 4.31 - -
Q4 2020 75.26 2.88 42.86 4.57 - -
Q1 2021 112.99 24.64 50.64 70.64 - -
Q2 2021 36.42 (8.83) 22.43 20.42 - -
Q3 2021 66.06 5.64 19.61 4.33 - -
Q4 2021 100.38 3.98 17.21 11.63 - -
Q1 2022 153.57 108.84 43.92 73.69 - -
Q2 2022 75.06 100.50 20.41 9.41 - -
Q3 2022 97.41 101.47 16.03 6.96 - -
Q1 2023 204.83 114.31 56.23 63.55 12.20 7.90
Q2 2023 69.10 95.36 38.39 1.40 7.27 1.87
Q3 2023 74.10 115.59 44.37 14.10 - -
Q1 2024 242.57 156.70 95.35 78.22 34.12 9.49


Financial Ratios
Current
Market Cap (M) 1,479.77
Shares Outstanding (M) 79.82
EPS ( Riyal) (TTM) 1.16
Book Value (BV) ( Riyal) 20.22
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.04
P/E (TTM) 16.04
Price/Book 0.92
Return on Average Assets (%) (TTM) 3.1
Return on Average Equity (%) (TTM) 6.5
Return on Market Cap (%) 5.8
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Share Price

Arabian Shield Cooperative Insurance Co.
18.58
0.00 0.00 %

Arabian Shield Cooperative Insurance Co. (ARABIAN SHIELD)

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