Buruj 9M 2024 profit drops 45% to SAR 7.8M; Q3 at SAR 0.61M

Buruj 9M 2024 profit drops 45% to SAR 7.8M; Q3 at SAR 0.61M

05/11/2024 Argaam Exclusive

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Buruj Cooperative Insurance Co. posted a 45% profit decline to SAR 7.8 million in the first nine months of 2024, from SAR 14.2 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Gross Written Premium (GWP) 342.47 267.78 (21.8 %)
Insurance Revenues 267.20 282.71 5.8 %
Net Profit Before Zakat & Tax 21.64 13.58 (37.3 %)
Net Income 14.16 7.78 (45.1 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.47 0.26 (45.1 %)

The lower profit was primarily due to a decline in the company's share of Hajj and Umrah revenues and other revenues, amounting to SAR 9.07 million and SAR 807.614, respectively.

 

This decline occurred despite an increase in net investment income by SAR 1.65 million, representing a growth rate of 8.84%, as well as a rise in revenue during the current period compared to the year-ago period, primarily driven by an increase in gross earned premiums of SAR 8.83 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Gross Written Premium (GWP) 96.58 87.39 (9.5 %)
Insurance Revenues 98.28 88.42 (10.0 %)
Net Profit Before Zakat & Tax 4.00 2.61 (34.7 %)
Net Income 1.50 0.61 (59.1 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.05 0.02 (59.1 %)

In Q3 2024, the company’s net profit dropped 59.1% to SAR 0.61 million, from SAR 1.5 million in Q3 2023.

Insurance Operations

Item 9m 2023 9m 2024 Change‬
Gross Written Premium (GWP) 342.47 267.78 (21.8 %)
Insurance Revenues 267.20 282.71 5.8 %
Insurance Services Income 3.21 6.74 110.0 %
Investment Income 18.78 20.44 8.8 %
Net Profit of Insurance Services and Investment 20.64 26.21 27.0 %

On a sequential basis, net earnings fell 81.6% from SAR 3.34 million in Q2 2024.

 

Shareholders’ equity, after minority interest, reached SAR 449.15 million by Sept. 30, 2024, compared to SAR 431.67 million 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 5.06 64.9 % 0.20 5.79 63.3 %
Q2 2015 12.02 1521.5 % 0.40 14.37 6474.3 %
Q3 2015 2.56 (68.6 %) 0.09 4.05 (54.6 %)
Q4 2015 8.59 17.9 % 0.29 8.98 14.2 %
Q1 2016 10.20 101.6 % 0.34 11.97 106.6 %
Q2 2016 20.55 70.9 % 0.68 22.62 57.4 %
Q3 2016 7.03 174.5 % 0.23 8.55 111.2 %
Q4 2016 45.01 424.1 % 1.50 47.83 432.5 %
Q1 2017 25.21 147.1 % 0.84 28.00 133.9 %
Q2 2017 25.12 22.3 % 0.84 27.79 22.9 %
Q3 2017 21.35 203.6 % 0.71 23.99 180.5 %
Q4 2017 15.59 (65.4 %) 0.52 17.97 (62.4 %)
Q1 2018 19.72 (21.8 %) 0.66 22.89 (18.3 %)
Q2 2018 13.00 (48.3 %) 0.43 16.06 (42.2 %)
Q3 2018 22.20 4.0 % 0.74 25.46 6.1 %
Q4 2018 5.58 (64.2 %) 0.19 8.01 (55.4 %)
Q1 2019 13.02 (34.0 %) 0.43 16.15 (29.5 %)
Q2 2019 0.03 (99.8 %) 0.00 2.96 (81.6 %)
Q3 2019 (12.49) (156.2 %) (0.42) (9.82) (138.6 %)
Q4 2019 2.43 (56.5 %) 0.08 4.56 (43.1 %)
Q1 2020 (16.43) (226.2 %) (0.55) (13.99) (186.7 %)
Q2 2020 17.02 64614.4 % 0.57 20.03 577.0 %
Q3 2020 (13.07) (4.6 %) (0.44) (10.36) (5.4 %)
Q4 2020 16.12 563.5 % 0.54 19.28 323.2 %
Q1 2021 (7.64) 53.5 % (0.25) (5.08) 63.7 %
Q2 2021 6.13 (64.0 %) 0.20 9.34 (53.4 %)
Q3 2021 (8.17) 37.5 % (0.27) (5.80) 44.0 %
Q4 2021 13.99 (13.2 %) 0.47 17.30 (10.3 %)
Q1 2022 (42.20) (452.2 %) (1.41) (39.52) (678.4 %)
Q2 2022 (16.68) (372.0 %) (0.56) (14.72) (257.6 %)
Q3 2022 26.33 422.3 % 0.88 28.89 598.4 %
Q4 2022 3.55 (74.6 %) 0.12 1.48 (91.4 %)
Q1 2023 (17.85) 57.7 % (0.59) (15.35) 61.2 %
Q2 2023 30.71 284.1 % 1.02 33.19 325.4 %
Q3 2023 1.50 (94.3 %) 0.05 4.00 (86.1 %)
Q4 2023 5.92 66.7 % 0.20 3.94 165.8 %
Q1 2024 3.82 121.4 % 0.13 5.32 134.7 %
Q2 2024 3.34 (89.1 %) 0.11 5.64 (83.0 %)
Q3 2024 0.61 (59.1 %) 0.02 2.61 (34.7 %)

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 103.72 15.3 % - - - -
Q2 2015 109.95 (8.8 %) - - - -
Q3 2015 106.26 (2.6 %) - - - -
Q4 2015 127.06 113.0 % - - - -
Q1 2016 126.26 21.7 % - - - -
Q2 2016 100.89 (8.2 %) - - - -
Q3 2016 108.56 2.2 % - - - -
Q4 2016 101.86 (19.8 %) - - - -
Q1 2017 176.92 40.1 % - - - -
Q2 2017 144.35 43.1 % - - - -
Q3 2017 94.67 (12.8 %) - - - -
Q4 2017 95.56 (6.2 %) - - - -
Q1 2018 98.00 (44.6 %) - - - -
Q2 2018 84.33 (41.6 %) - - - -
Q3 2018 71.40 (24.6 %) - - - -
Q4 2018 66.27 (30.6 %) - - - -
Q1 2019 104.89 7.0 % - - - -
Q2 2019 84.64 0.4 % - - - -
Q3 2019 58.57 (18.0 %) - - - -
Q4 2019 57.44 (13.3 %) - - - -
Q1 2020 67.05 (36.1 %) - - - -
Q2 2020 42.85 (49.4 %) - - - -
Q3 2020 68.85 17.6 % - - - -
Q4 2020 23.50 (59.1 %) - - - -
Q1 2021 35.81 (46.6 %) - - - -
Q2 2021 35.53 (17.1 %) - - - -
Q3 2021 95.31 38.4 % - - - -
Q4 2021 124.08 428.0 % - - - -
Q1 2022 145.18 305.5 % (46.74) - (37.48) -
Q2 2022 94.96 167.3 % (14.14) - (15.08) -
Q3 2022 57.29 (39.9 %) 21.03 - 25.75 -
Q4 2022 71.41 (42.4 %) (16.68) - (5.39) -
Q1 2023 140.09 (3.5 %) (21.46) 54.1 % (19.41) 48.2 %
Q2 2023 105.80 11.4 % 22.62 260.0 % 32.10 312.8 %
Q3 2023 96.58 68.6 % 2.06 (90.2 %) 8.15 (68.3 %)
Q4 2023 80.33 12.5 % 1.77 110.6 % 11.35 310.6 %
Q1 2024 108.87 (22.3 %) 2.42 111.3 % 8.81 145.4 %
Q2 2024 71.52 (32.4 %) 3.58 (84.2 %) 8.31 (74.1 %)
Q3 2024 87.39 (9.5 %) 0.73 (64.7 %) 9.09 11.5 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 25.13 0.78 0.78 3.78
Q2 2015 30.00 1.08 1.08 7.45
Q3 2015 30.00 0.90 0.90 7.52
Q4 2015 30.00 0.94 0.94 7.77
Q1 2016 30.00 1.11 1.11 8.14
Q2 2016 30.00 1.40 1.40 8.82
Q3 2016 30.00 1.55 1.55 8.99
Q4 2016 30.00 2.76 2.76 10.50
Q1 2017 30.00 3.26 3.26 11.37
Q2 2017 30.00 3.41 3.41 11.82
Q3 2017 30.00 3.89 3.89 12.74
Q4 2017 30.00 2.91 2.91 13.23
Q1 2018 30.00 2.73 2.73 13.75
Q2 2018 30.00 2.32 2.32 14.14
Q3 2018 30.00 2.35 2.35 14.96
Q4 2018 30.00 2.02 2.02 15.12
Q1 2019 30.00 1.79 1.79 15.51
Q2 2019 30.00 1.36 1.36 15.65
Q3 2019 30.00 0.20 0.20 15.32
Q4 2019 30.00 0.10 0.10 14.61
Q1 2020 30.00 (0.88) (0.88) 13.55
Q2 2020 30.00 (0.32) (0.32) 14.38
Q3 2020 30.00 (0.34) (0.34) 14.22
Q4 2020 30.00 0.12 0.12 14.82
Q1 2021 30.00 0.41 0.41 14.67
Q2 2021 30.00 0.05 0.05 15.11
Q3 2021 30.00 0.21 0.21 14.92
Q4 2021 30.00 0.14 0.14 14.75
Q1 2022 30.00 (1.01) (1.01) 13.35
Q2 2022 30.00 (1.77) (1.77) 12.78
Q3 2022 30.00 (0.62) (0.62) 13.65
Q4 2022 30.00 (0.97) (0.97) 14.02
Q1 2023 30.00 (0.15) (0.15) 13.41
Q2 2023 30.00 1.42 1.42 15.04
Q3 2023 30.00 0.60 0.60 14.39
Q4 2023 30.00 0.68 0.68 14.83
Q1 2024 30.00 1.40 1.40 14.96
Q2 2024 30.00 0.49 0.49 15.07
Q3 2024 30.00 0.46 0.46 15.09

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2015 37.57 37.57
Q2 2015 20.48 20.48
Q3 2015 17.55 17.55
Q4 2015 15.86 15.86
Q1 2016 16.40 16.40
Q2 2016 10.00 10.00
Q3 2016 7.79 7.79
Q4 2016 7.28 7.28
Q1 2017 7.94 7.94
Q2 2017 6.69 6.69
Q3 2017 7.29 7.29
Q4 2017 9.49 9.49
Q1 2018 10.58 10.58
Q2 2018 11.23 11.23
Q3 2018 8.46 8.46
Q4 2018 10.58 10.58
Q1 2019 12.04 12.04
Q2 2019 14.71 14.71
Q3 2019 More than 100 More than 100
Q4 2019 More than 100 More than 100
Q1 2020 NEG NEG
Q2 2020 NEG NEG
Q3 2020 NEG NEG
Q4 2020 More than 100 More than 100
Q1 2021 More than 100 More than 100
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 NEG NEG
Q2 2023 13.38 13.38
Q3 2023 34.13 34.13
Q4 2023 28.31 28.31
Q1 2024 15.83 15.83
Q2 2024 39.24 39.24
Q3 2024 45.11 45.11

Business Segments - Gross Premium Written (Million)

Compared With The
Period Comprehensive Motor Insurance Medical Insurance Property & casualty Marine Insurance
Q1 2015 80.93 3.08 7.82 4.65
Q2 2015 68.97 22.77 9.10 4.17
Q3 2015 58.39 34.76 5.86 2.70
Q4 2015 80.09 37.04 4.66 2.69
Q1 2016 64.63 47.36 4.45 2.91
Q2 2016 49.68 36.67 5.09 2.20
Q3 2016 65.83 27.59 5.08 2.00
Q4 2016 58.36 35.76 1.58 1.57
Q1 2017 118.50 43.86 3.43 2.82
Q2 2017 62.44 73.05 3.64 1.99
Q3 2017 47.98 33.23 5.59 2.23
Q4 2017 47.99 40.15 1.61 1.78
Q1 2018 65.82 23.32 8.86 -
Q2 2018 46.21 22.59 15.53 -
Q3 2018 42.43 19.37 9.60 -
Q4 2018 36.48 22.60 7.19 -
Q1 2019 55.02 39.21 10.66 -
Q2 2019 30.23 35.13 19.28 -
Q3 2019 32.57 14.13 11.87 -
Q4 2019 30.24 11.70 15.50 -
Q1 2020 49.34 10.24 7.47 -
Q2 2020 25.57 4.80 12.47 -
Q3 2020 39.90 15.42 13.53 -
Q4 2020 9.16 8.27 6.07 -
Q1 2021 22.35 7.48 5.98 -
Q2 2021 9.64 9.79 16.09 -
Q3 2021 53.71 28.61 12.99 -
Q4 2021 80.71 35.37 8.00 -
Q1 2022 108.37 30.12 6.70 -
Q2 2022 53.86 21.96 19.14 -
Q3 2022 29.60 13.73 13.95 -
Q4 2022 49.41 10.61 11.40 -
Q1 2023 103.53 28.84 7.73 -
Q2 2023 71.19 28.54 6.08 -
Q3 2023 54.24 21.05 21.28 -
Q4 2023 52.56 19.05 8.71 -
Q1 2024 71.44 17.23 20.21 -
Q2 2024 41.63 19.58 10.31 -
Q3 2024 63.86 6.59 16.95 -


Financial Ratios
Current
Market Cap (M) 540.00
Shares Outstanding (M) 30.00
EPS ( Riyal) (TTM) 0.46
Book Value (BV) ( Riyal) 15.09
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 39.42
P/E (TTM) 39.42
Price/Book 1.19
Return on Average Assets (%) (TTM) 1.7
Return on Average Equity (%) (TTM) 3.1
Return on Market Cap (%) 2.2
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Share Price

Buruj Cooperative Insurance Co.
18.08
0.00 0.00 %

Buruj Cooperative Insurance Co. (BURUJ)

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