Arabian Shield 9M 2024 profit grows to SAR 76.9M; Q3 at SAR 23M
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Arabian Shield Cooperative Insurance Co. recorded net income of SAR 76.9 million in 9M 2024, soaring 100.9% from SAR 38.3 million in the year-earlier period.
Financials (M)
| Item | 9m 2023 | 9m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 920.56 | 1,331.10 | 44.6 % |
| Insurance Revenues | 825.88 | 1,180.02 | 42.9 % |
| Net Profit Before Zakat & Tax | 53.72 | 94.59 | 76.1 % |
| Net Income | 38.30 | 76.94 | 100.9 % |
| Average Shares | 66.04 | 79.82 | 20.9 % |
| Earnings Per Share before unusual items | 0.58 | 0.96 | 66.2 % |
| EPS (Riyals) | 0.58 | 0.96 | 66.2 % |
The profit growth was driven by insurance revenue that increased by 43% year-on-year (YoY) to SAR 1.1 billion and net investment income that rose by 42% (SAR 20.5 million) YoY.
In addition, gross written premiums (GWP) increased by 45% (SAR 410,533) YoY.
However, insurance service expenses for the period went up 37%, or SAR 272.87 million, and net expenses from reinsurance contracts soared by 80%, or SAR 53.21 million.
Also, other operating expenses (OpEx) rose by 26%, or SAR 3.3 million, compared with a year earlier.
Current Quarter Comparison (M)
| Item | Q3 2023 | Q3 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 248.16 | 409.11 | 64.9 % |
| Insurance Revenues | 290.66 | 403.63 | 38.9 % |
| Net Profit Before Zakat & Tax | 11.60 | 29.31 | 152.7 % |
| Net Income | 6.23 | 23.01 | 269.3 % |
| Average Shares | 66.04 | 79.82 | 20.9 % |
| Earnings Per Share before unusual items | 0.09 | 0.29 | 205.6 % |
| EPS (Riyals) | 0.09 | 0.29 | 205.6 % |
In Q3 2024, the company’s net profit surged 269.3% to SAR 23 million, from SAR 6.23 million in Q3 2023, supported by higher insurance revenues.
Compared to Q2 2024, net income dropped by 21.9% from SAR 29.4 million.
Insurance Operations
| Item | 9m 2023 | 9m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 920.56 | 1,331.10 | 44.6 % |
| Insurance Revenues | 825.88 | 1,180.02 | 42.9 % |
| Insurance Services Income | 17.71 | 45.76 | 158.4 % |
| Investment Income | 49.58 | 70.17 | 41.5 % |
| Net Profit of Insurance Services and Investment | 66.53 | 110.71 | 66.4 % |
Shareholders’ equity, no minority interest, reached SAR 1.61 billion by Sept. 30, 2024, compared to SAR 1.22 billion in the prior-year period.
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