Arabian Shield H1 2024 profit leaps 68% to SAR 53.9M; Q2 at SAR 29.4M

05/08/2024 Argaam Exclusive

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Arabian Shield Cooperative Insurance Co. recorded a 68% profit leap to SAR 53.9 million in H1 2024, from SAR 32.1 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	672.41	921.99	37.1 %
Insurance Revenues	535.21	776.39	45.1 %
Net Profit Before Zakat & Tax	42.12	65.28	55.0 %
Net Income	32.07	53.93	68.1 %
Average Shares	67.84	79.82	17.6 %
EPS (Riyals)	0.47	0.68	42.9 %

The profit growth was driven by a rise in all business segments, as well as a 23% increase year-on-year (YoY) in insurance service results. In addition, insurance revenue increased by 45% (SAR 241.18 million), and net investment income leapt by 49% (SAR 16.23 million).

Other operating expenses declined by 27% or SAR 4.20 million compared with a year earlier.

However, insurance service expenses for the period went up 39% or SAR 181,191, and net expenses from reinsurance contracts soared 122% or SAR 54,200.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Gross Written Premium (GWP)	213.39	305.55	43.2 %
Insurance Revenues	274.67	378.47	37.8 %
Net Profit Before Zakat & Tax	32.80	35.11	7.0 %
Net Income	27.72	29.45	6.2 %
Average Shares	67.84	79.82	17.6 %
EPS (Riyals)	0.41	0.37	(9.7 %)

Item	Q1 2024	Q2 2024	Change‬
Gross Written Premium (GWP)	616.45	305.55	(50.4 %)
Insurance Revenues	397.93	378.47	(4.9 %)
Net Profit Before Zakat & Tax	30.17	35.11	16.4 %
Net Income	24.48	29.45	20.3 %
Average Shares	79.82	79.82	-
EPS (Riyals)	0.31	0.37	20.3 %

In Q2 2024, the company’s net profit grew 6% to SAR 29.4 million, from SAR 27.7 million in Q2 2023, boosted by growth of all business segments, higher insurance revenues, and an increase in net investment income.

Compared to Q1 2024, net income increased by 20.3% from SAR 24.4 million.

Insurance Operations

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	672.41	921.99	37.1 %
Insurance Revenues	535.21	776.39	45.1 %
Insurance Services Income	24.66	30.45	23.5 %
Investment Income	33.11	49.35	49.0 %
Net Profit of Insurance Services and Investment	57.70	76.65	32.8 %

Shareholders’ equity, no minority interest, reached SAR 1.59 billion by June 30, 2024, compared to SAR 1.22 billion in the prior-year period.

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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 %
2015	32.76	224.7 %	0.82	41.29	169.6 %
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 %
2016	70.51	115.2 %	1.76	80.95	96.0 %
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 %)
2017	92.70	31.5 %	1.45	108.17	33.6 %
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 %)
2018	22.54	(75.7 %)	0.35	34.29	(68.3 %)
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 %)
2019	7.26	(67.8 %)	0.11	16.94	(50.6 %)
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 %
2020	31.66	335.8 %	0.50	43.60	157.4 %
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 %)
2021	26.15	(17.4 %)	0.41	36.61	(16.0 %)
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 %)
2022	(18.23)	(169.7 %)	(0.29)	0.41	(98.9 %)
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 %
2023	44.19	342.5 %	0.65	65.14	15943.3 %
Q1 2024	24.48	462.3 %	0.31	30.17	223.4 %
Q2 2024	29.45	6.2 %	0.37	35.11	7.0 %

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	10.09	364.0 %	0.25	15.32	134.2 %
2015	32.76	224.7 %	0.82	41.29	169.6 %
2016	70.51	115.2 %	1.76	80.95	96.0 %
2017	92.70	31.5 %	1.45	108.17	33.6 %
2018	22.54	(75.7 %)	0.35	34.29	(68.3 %)
2019	7.26	(67.8 %)	0.11	16.94	(50.6 %)
2020	31.66	335.8 %	0.50	43.60	157.4 %
2021	26.15	(17.4 %)	0.41	36.61	(16.0 %)
2022	(18.23)	(169.7 %)	(0.29)	0.41	(98.9 %)
2023	44.19	342.5 %	0.65	65.14	15943.3 %

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 %)	-	-	-	-
2015	531.18	17.3 %	-	-	-	-
Q1 2016	270.06	7.2 %	-	-	-	-
Q2 2016	175.28	28.3 %	-	-	-	-
Q3 2016	152.71	112.8 %	-	-	-	-
Q4 2016	156.42	120.7 %	-	-	-	-
2016	754.47	42.0 %	-	-	-	-
Q1 2017	239.89	(11.2 %)	-	-	-	-
Q2 2017	165.35	(5.7 %)	-	-	-	-
Q3 2017	115.37	(24.5 %)	-	-	-	-
Q4 2017	72.48	(53.7 %)	-	-	-	-
2017	593.08	(21.4 %)	-	-	-	-
Q1 2018	240.91	0.4 %	-	-	-	-
Q2 2018	93.43	(43.5 %)	-	-	-	-
Q3 2018	172.78	49.8 %	-	-	-	-
Q4 2018	117.98	62.8 %	-	-	-	-
2018	625.10	5.4 %	-	-	-	-
Q1 2019	246.67	2.4 %	-	-	-	-
Q2 2019	96.00	2.7 %	-	-	-	-
Q3 2019	57.54	(66.7 %)	-	-	-	-
Q4 2019	143.51	21.6 %	-	-	-	-
2019	543.72	(13.0 %)	-	-	-	-
Q1 2020	257.77	4.5 %	-	-	-	-
Q2 2020	72.95	(24.0 %)	-	-	-	-
Q3 2020	96.43	67.6 %	-	-	-	-
Q4 2020	125.57	(12.5 %)	-	-	-	-
2020	552.71	1.7 %	-	-	-	-
Q1 2021	258.86	0.4 %	-	-	-	-
Q2 2021	70.48	(3.4 %)	-	-	-	-
Q3 2021	95.62	(0.8 %)	-	-	-	-
Q4 2021	133.20	6.1 %	-	-	-	-
2021	558.17	1.0 %	-	-	-	-
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	-
2022	1,106.29	98.2 %	(8.70)	-	27.98	-
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 %
2023	1,297.13	17.3 %	22.86	362.6 %	90.35	222.9 %
Q1 2024	616.45	34.3 %	9.22	20147.8 %	36.65	143.0 %
Q2 2024	305.55	43.2 %	21.23	(14.1 %)	40.00	(6.1 %)

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	452.68	35.8 %	-	-	-	-
2015	531.18	17.3 %	-	-	-	-
2016	754.47	42.0 %	-	-	-	-
2017	593.08	(21.4 %)	-	-	-	-
2018	625.10	5.4 %	-	-	-	-
2019	543.72	(13.0 %)	-	-	-	-
2020	552.71	1.7 %	-	-	-	-
2021	558.17	1.0 %	-	-	-	-
2022	1,106.29	98.2 %	(8.70)	-	27.98	-
2023	1,297.13	17.3 %	22.86	362.6 %	90.35	222.9 %

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
Q2 2024	79.82	0.95	0.95	19.93

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	40.00	0.25	0.25	6.17
2015	40.00	0.82	0.82	6.99
2016	40.00	1.76	1.76	8.75
2017	63.85	1.45	1.45	6.34
2018	63.85	0.35	0.35	6.70
2019	63.85	0.11	0.11	6.85
2020	63.85	0.50	0.50	7.23
2021	63.85	0.41	0.41	7.70
2022	63.85	(0.29)	(0.29)	18.58
2023	67.84	0.65	0.65	19.18

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
Q2 2024	22.61	22.61

Period	P/E	Adjusted P/E
2014	More than 100	More than 100
2015	32.20	32.20
2016	22.88	22.88
2017	18.07	18.07
2018	48.86	48.86
2019	More than 100	More than 100
2020	45.76	45.76
2021	More than 100	More than 100
2022	NEG	NEG
2023	33.16	33.16

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
Q2 2024	69.26	106.16	51.36	21.58	47.59	9.60

Period	Medical Insurance	Protection & Saving	Comprehensive Motor Insurance	Property & casualty	Other classes	Engineering
2014	173.40	-	203.92	38.46	36.91	-
2015	207.75	-	219.22	57.87	46.34	-
2016	281.01	-	359.05	58.61	55.80	-
2017	296.48	49.89	165.10	81.61	-	-
2018	407.34	55.10	83.06	79.60	-	-
2019	311.13	61.26	73.10	98.22	-	-
2020	252.16	37.41	166.37	96.77	-	-
2021	315.84	25.43	109.89	107.01	-	-
2022	459.47	422.10	128.57	68.72	17.79	9.64
2023	510.72	437.67	208.38	73.75	40.78	25.83

Financial Ratios

	Current
Market Cap (M)	1,476.58
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)	16.01
P/E (TTM)	16.01
Price/Book	0.91
Return on Average Assets (%) (TTM)	3.1
Return on Average Equity (%) (TTM)	6.5
Return on Market Cap (%)	5.8

Arabian Shield Cooperative Insurance Co. (ARABIAN SHIELD)

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Arabian Shield H1 2024 profit leaps 68% to SAR 53.9M; Q2 at SAR 29.4M

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Financials (M)

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 Q2

Financial Ratios

Share Price

Arabian Shield Cooperative Insurance Co. (ARABIAN SHIELD)

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Arabian Shield H1 2024 profit leaps 68% to SAR 53.9M; Q2 at SAR 29.4M

View other reports

Financials (M)

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) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

Financial Ratios

Share Price

Arabian Shield Cooperative Insurance Co. (ARABIAN SHIELD)

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Business Segments - Gross Premium Written (Million)