Al Sagr Insurance posts 40% drop in 9M 2024 profit to SAR 21.1M; Q3 at SAR 3.1M

Al Sagr Insurance posts 40% drop in 9M 2024 profit to SAR 21.1M; Q3 at SAR 3.1M

05/11/2024 Argaam Exclusive

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Al Sagr Cooperative Insurance Co. reported a net profit of SAR 21.1 million for 9M 2024, dropping 40% from SAR 35 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Gross Written Premium (GWP) 365.30 422.34 15.6 %
Insurance Revenues 364.88 362.29 (0.7 %)
Net Profit Before Zakat & Tax 39.19 25.26 (35.5 %)
Net Income 34.99 21.06 (39.8 %)
Average Shares 21.24 30.00 41.3 %
EPS (Riyals) 1.65 0.70 (57.4 %)

Insurance revenue decreased by 1% year-on-year (YoY), mainly due to the decrease in earned premiums from the medical insurance business.

 

The insurer also cited a reduction in share of surplus from the insurance pool by SAR 9.9 million, an increase in net finance cost by SAR 2.2 million, and a fall in investment income by SAR 1.5 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Gross Written Premium (GWP) 125.49 166.80 32.9 %
Insurance Revenues 128.90 128.03 (0.7 %)
Net Profit Before Zakat & Tax 19.00 4.53 (76.2 %)
Net Income 18.00 3.13 (82.6 %)
Average Shares 21.24 30.00 41.3 %
EPS (Riyals) 0.85 0.10 (87.7 %)

In Q3 2024, net earnings plunged 83% to SAR 3.1 million, compared with SAR 18 million a year earlier, mainly due to a 1% fall YoY in insurance revenue.

Insurance Operations

Item 9m 2023 9m 2024 Change‬
Gross Written Premium (GWP) 365.30 422.34 15.6 %
Insurance Revenues 364.88 362.29 (0.7 %)
Insurance Services Income 34.32 17.54 (48.9 %)
Investment Income 22.46 20.89 (7.0 %)
Net Profit of Insurance Services and Investment 58.40 37.80 (35.3 %)

On a quarterly basis, Q3 net profit slumped 70.3% from SAR 10.51 million.

 

Total shareholders’ equity, no minority interest, stood at SAR 372.2 million by Sept. 30, 2024, compared to SAR 188.4 million a year earlier.

 

View More Financial Results

 


Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 (3.10) (155.1 %) (0.15) 0.83 (89.2 %)
Q2 2015 8.58 1901.9 % 0.40 12.82 713.2 %
Q3 2015 26.12 3341.1 % 1.23 30.49 975.7 %
Q4 2015 54.54 700.7 % 2.57 58.44 304.7 %
Q1 2016 68.35 2303.4 % 3.22 72.55 8620.0 %
Q2 2016 55.10 542.3 % 2.59 58.01 352.4 %
Q3 2016 21.83 (16.4 %) 1.03 26.66 (12.6 %)
Q4 2016 6.36 (88.3 %) 0.30 9.59 (83.6 %)
Q1 2017 1.28 (98.1 %) 0.06 5.09 (93.0 %)
Q2 2017 2.29 (95.8 %) 0.11 6.92 (88.1 %)
Q3 2017 5.12 (76.5 %) 0.24 7.53 (71.7 %)
Q4 2017 0.43 (93.2 %) 0.02 2.66 (72.3 %)
Q1 2018 5.86 359.2 % 0.28 9.27 82.3 %
Q2 2018 (2.20) (196.2 %) (0.10) 1.30 (81.3 %)
Q3 2018 4.13 (19.4 %) 0.19 7.83 3.9 %
Q4 2018 (17.72) (4221.4 %) (0.83) (17.72) (766.7 %)
Q1 2019 (2.52) (143.0 %) (0.12) (0.32) (103.4 %)
Q2 2019 (8.79) (299.2 %) (0.41) (6.39) (593.0 %)
Q3 2019 (28.04) (779.9 %) (1.32) (25.94) (431.6 %)
Q4 2019 (8.90) 49.8 % (0.42) (7.20) 59.3 %
Q1 2020 (60.42) (2,298.5 %) (2.85) (58.42) (18,203.2 %)
Q2 2020 10.27 216.8 % 0.48 12.27 291.9 %
Q3 2020 (30.74) (9.6 %) (1.45) (29.54) (13.8 %)
Q4 2020 (31.59) (254.8 %) (1.49) (30.29) (320.5 %)
Q1 2021 (41.38) 31.5 % (1.95) (39.88) 31.7 %
Q2 2021 (10.52) (202.4 %) (0.50) (9.52) (177.6 %)
Q3 2021 (17.19) 44.1 % (0.81) (18.92) 35.9 %
Q4 2021 (5.38) 83.0 % (0.25) (4.38) 85.5 %
Q1 2022 (27.89) 32.6 % (1.31) (26.69) 33.1 %
Q2 2022 (35.43) (236.9 %) (1.67) (34.23) (259.7 %)
Q3 2022 4.46 125.9 % 0.21 5.66 129.9 %
Q4 2022 5.41 200.4 % 0.25 6.41 246.2 %
Q1 2023 10.02 135.9 % 0.47 11.22 142.1 %
Q2 2023 6.97 119.7 % 0.33 8.97 126.2 %
Q3 2023 18.00 303.8 % 0.85 19.00 235.8 %
Q4 2023 7.31 35.3 % 0.34 10.31 61.0 %
Q1 2024 7.43 (25.9 %) 0.35 8.83 (21.4 %)
Q2 2024 10.51 50.9 % 0.49 11.91 32.8 %
Q3 2024 3.13 (82.6 %) 0.10 4.53 (76.2 %)

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 126.68 145.4 % - - - -
Q2 2015 265.90 251.2 % - - - -
Q3 2015 207.02 248.8 % - - - -
Q4 2015 264.24 396.4 % - - - -
Q1 2016 69.49 (45.1 %) - - - -
Q2 2016 49.64 (81.3 %) - - - -
Q3 2016 12.70 (93.9 %) - - - -
Q4 2016 44.18 (83.3 %) - - - -
Q1 2017 92.83 33.6 % - - - -
Q2 2017 93.18 87.7 % - - - -
Q3 2017 60.98 380.0 % - - - -
Q4 2017 82.32 86.3 % - - - -
Q1 2018 64.14 (30.9 %) - - - -
Q2 2018 77.64 (16.7 %) - - - -
Q3 2018 93.80 53.8 % - - - -
Q4 2018 114.79 39.5 % - - - -
Q1 2019 105.28 64.1 % - - - -
Q2 2019 94.00 21.1 % - - - -
Q3 2019 118.08 25.9 % - - - -
Q4 2019 138.34 20.5 % - - - -
Q1 2020 97.51 (7.4 %) - - - -
Q2 2020 96.99 3.2 % - - - -
Q3 2020 107.79 (8.7 %) - - - -
Q4 2020 76.82 (44.5 %) - - - -
Q1 2021 68.76 (29.5 %) - - - -
Q2 2021 84.48 (12.9 %) - - - -
Q3 2021 161.84 50.1 % - - - -
Q4 2021 123.21 60.4 % - - - -
Q1 2022 113.05 64.4 % (28.19) - (23.04) -
Q2 2022 112.16 32.8 % (23.21) - (27.03) -
Q3 2022 132.53 (18.1 %) (0.24) - 3.45 -
Q4 2022 117.52 (4.6 %) 30.72 - 27.08 -
Q1 2023 114.02 0.9 % 9.45 133.5 % 18.32 179.5 %
Q2 2023 125.79 12.2 % 5.65 124.3 % 14.50 153.7 %
Q3 2023 125.49 (5.3 %) 19.22 8280.0 % 25.58 641.4 %
Q4 2023 106.19 (9.6 %) 0.61 (98.0 %) 11.43 (57.8 %)
Q1 2024 108.87 (4.5 %) 4.54 (51.9 %) 12.94 (29.4 %)
Q2 2024 146.67 16.6 % 12.23 116.4 % 15.51 7.0 %
Q3 2024 166.80 32.9 % 0.77 (96.0 %) 9.34 (63.5 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 21.24 0.19 0.19 15.54
Q2 2015 21.24 0.61 0.61 15.41
Q3 2015 21.24 1.81 1.81 16.50
Q4 2015 21.24 4.06 4.06 19.10
Q1 2016 21.24 7.42 7.42 22.25
Q2 2016 21.24 9.61 9.61 24.82
Q3 2016 21.24 9.41 9.41 25.86
Q4 2016 21.24 7.14 7.14 23.96
Q1 2017 21.24 3.98 3.98 24.02
Q2 2017 21.24 1.50 1.50 21.84
Q3 2017 21.24 0.71 0.71 22.09
Q4 2017 21.24 0.43 0.43 22.01
Q1 2018 21.24 0.65 0.65 22.38
Q2 2018 21.24 0.43 0.43 21.45
Q3 2018 21.24 0.39 0.39 21.63
Q4 2018 21.24 (0.47) (0.47) 20.81
Q1 2019 21.24 (0.86) (0.86) 20.77
Q2 2019 21.24 (1.17) (1.17) 20.38
Q3 2019 21.24 (2.69) (2.69) 18.91
Q4 2019 21.24 (2.27) (2.27) 18.56
Q1 2020 21.24 (5.00) (5.00) 15.50
Q2 2020 21.24 (4.10) (4.10) 16.14
Q3 2020 21.24 (4.23) (4.23) 14.89
Q4 2020 21.24 (5.30) (5.30) 13.37
Q1 2021 21.24 (4.40) (4.40) 11.52
Q2 2021 21.24 (5.38) (5.38) 11.20
Q3 2021 21.24 (4.74) (4.74) 10.47
Q4 2021 21.24 (3.51) (3.51) 9.85
Q1 2022 21.24 (2.87) (2.87) 8.23
Q2 2022 21.24 (4.04) (4.04) 6.56
Q3 2022 21.24 (3.03) (3.03) 6.77
Q4 2022 21.24 (2.52) (2.52) 7.23
Q1 2023 21.24 (0.73) (0.73) 7.70
Q2 2023 21.24 1.26 1.26 8.03
Q3 2023 21.24 1.90 1.90 8.87
Q4 2023 21.24 1.99 1.99 9.33
Q1 2024 21.24 1.87 1.87 9.68
Q2 2024 21.24 2.04 2.04 10.18
Q3 2024 30.00 0.95 0.95 12.41

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 19.05 19.05
Q4 2015 12.77 12.77
Q1 2016 6.07 6.07
Q2 2016 6.01 6.01
Q3 2016 5.91 5.91
Q4 2016 9.22 9.22
Q1 2017 15.73 15.73
Q2 2017 31.15 31.15
Q3 2017 More than 100 More than 100
Q4 2017 More than 100 More than 100
Q1 2018 More than 100 More than 100
Q2 2018 More than 100 More than 100
Q3 2018 More than 100 More than 100
Q4 2018 NEG NEG
Q1 2019 NEG NEG
Q2 2019 NEG NEG
Q3 2019 NEG NEG
Q4 2019 NEG NEG
Q1 2020 NEG NEG
Q2 2020 NEG NEG
Q3 2020 NEG NEG
Q4 2020 NEG NEG
Q1 2021 NEG NEG
Q2 2021 NEG NEG
Q3 2021 NEG NEG
Q4 2021 NEG NEG
Q1 2022 NEG NEG
Q2 2022 NEG NEG
Q3 2022 NEG NEG
Q4 2022 NEG NEG
Q1 2023 NEG NEG
Q2 2023 13.33 13.33
Q3 2023 11.66 11.66
Q4 2023 11.80 11.80
Q1 2024 15.94 15.94
Q2 2024 12.36 12.36
Q3 2024 20.34 20.34

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Comprehensive Motor Insurance Property & casualty Other classes
Q1 2015 88.35 25.27 4.55 8.50
Q2 2015 224.18 13.14 10.31 18.27
Q3 2015 195.57 4.44 0.47 6.54
Q4 2015 241.61 14.80 0.41 7.41
Q1 2016 41.38 20.65 1.78 5.68
Q2 2016 8.90 14.44 9.12 17.18
Q3 2016 3.32 5.30 0.17 3.91
Q4 2016 30.15 8.21 0.29 5.52
Q1 2017 71.85 14.64 1.35 4.98
Q2 2017 64.31 6.08 8.35 14.44
Q3 2017 52.15 6.19 0.19 2.45
Q4 2017 69.17 8.90 0.20 4.04
Q1 2018 42.20 16.48 1.67 3.80
Q2 2018 51.83 9.77 6.70 9.34
Q3 2018 74.85 7.08 6.28 5.60
Q4 2018 104.92 5.89 0.69 3.28
Q1 2019 84.81 12.49 7.98 -
Q2 2019 74.60 11.67 7.73 -
Q3 2019 96.37 7.74 13.97 -
Q4 2019 111.73 19.46 7.16 -
Q1 2020 59.97 28.52 9.02 -
Q2 2020 27.75 61.64 7.60 -
Q3 2020 66.34 18.16 23.29 -
Q4 2020 55.45 15.67 5.70 -
Q1 2021 28.45 36.26 4.04 -
Q2 2021 19.35 58.68 6.46 -
Q3 2021 36.81 99.76 25.26 -
Q4 2021 67.28 39.14 16.79 -
Q1 2022 56.87 50.90 5.28 -
Q2 2022 52.76 49.25 10.15 -
Q3 2022 68.09 35.56 28.87 -
Q4 2022 54.47 55.42 7.63 -
Q1 2023 59.71 45.13 9.18 -
Q2 2023 40.71 67.56 17.52 -
Q3 2023 68.74 23.33 33.42 -
Q4 2023 48.59 48.49 9.11 -
Q1 2024 47.42 47.72 13.73 -
Q2 2024 41.84 92.76 12.07 -
Q3 2024 73.05 66.29 27.45 -


Financial Ratios
Current
Market Cap (M) 501.00
Shares Outstanding (M) 30.00
EPS ( Riyal) (TTM) 0.95
Book Value (BV) ( Riyal) 12.41
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 17.66
P/E (TTM) 17.66
Price/Book 1.35
Return on Average Assets (%) (TTM) 4.4
Return on Average Equity (%) (TTM) 10.1
Return on Market Cap (%) 4.9
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Share Price

Al Sagr Cooperative Insurance Co.
16.70
(0.02) (0.12 %)

Al Sagr Cooperative Insurance Co. (ALSAGR INSURANCE)

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