Walaa profit falls 18% to SAR 84.4M in 9M 2024; Q3 at SAR 20.1M

03/11/2024 Argaam Exclusive

Walaa Cooperative Insurance Co. posted a net profit of SAR 84.4 million in the first nine months of 2024, declining 18% from SAR 102.7 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Gross Written Premium (GWP) 2,465.95 2,779.96 12.7 %
Insurance Revenues 2,106.49 2,460.68 16.8 %
Net Profit Before Zakat & Tax 112.73 73.09 (35.2 %)
Net Income 102.73 84.40 (17.8 %)
Average Shares 85.06 103.63 21.8 %
EPS (Riyals) 1.21 0.81 (32.6 %)

The decline in profits was due to a loss in insurance services results in the current period, amounting to SAR 13.56 million, compared to a profit of SAR 21.90 million a year ago.

 

The company also reported a decline in insurance services results due to weaker performance across medical, protection and savings, and engineering insurance segments compared to the same period last year.

 

Other operating expenses for the current period increased to SAR 27.486 million, up from SAR 14.932 million in the same period last year, representing an 84.1% rise.

 

Net finance costs from insurance rose to SAR 7.7 million in the current period, compared to SAR 4.14 million in the same period last year, marking an 85.9% increase.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Gross Written Premium (GWP) 760.63 1,188.82 56.3 %
Insurance Revenues 741.67 897.43 21.0 %
Net Profit Before Zakat & Tax 44.78 23.85 (46.7 %)
Net Income 39.78 20.10 (49.5 %)
Average Shares 85.06 103.63 21.8 %
EPS (Riyals) 0.47 0.19 (58.5 %)

In Q3 2024, the insurance services provider's profit fell 49.5% to SAR 20.10 million, from SAR 39.78 million in Q3 2023.

 

On a quarterly basis, the company’s profit declined 17.7%, from SAR 24.44 million in Q2 2024.

 

Shareholders’ equity, no minority interest, amounted to SAR 1.35 billion as of Sept. 30, 2024, compared to SAR 1.21 billion in the same period a year ago.

Insurance Operations

Item 9m 2023 9m 2024 Change‬
Gross Written Premium (GWP) 2,465.95 2,779.96 12.7 %
Insurance Revenues 2,106.49 2,460.68 16.8 %
Insurance Services Income 21.90 (13.56) (161.9 %)
Investment Income 101.96 119.68 17.4 %
Net Profit of Insurance Services and Investment 119.72 98.41 (17.8 %)

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Share Price

Walaa Cooperative Insurance Co.
18.20
0.00 0.00 %

Walaa Cooperative Insurance Co. (WALAA)

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Financial Ratios
Current
Market Cap (M) 2,321.56
Shares Outstanding (M) 103.63
EPS ( Riyal) (TTM) 1.25
Book Value (BV) ( Riyal) 13.05
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 21.23
P/E (TTM) 17.91
Price/Book 1.72
Return on Average Assets (%) (TTM) 3.2
Return on Average Equity (%) (TTM) 10.1
Return on Market Cap (%) 5.6
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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 1.56 0.0 % 0.04 (8.97) 53.3 %
Q2 2015 3.75 0.0 % 0.06 (40.41) (364.5 %)
Q3 2015 2.18 0.0 % 0.03 (18.57) (144.5 %)
Q4 2015 (0.33) 0.0 % (0.01) 11.69 230.1 %
Q1 2016 1.56 0.0 % 0.02 20.41 327.5 %
Q2 2016 3.75 0.0 % 0.04 30.59 175.7 %
Q3 2016 2.18 0.0 % 0.03 39.99 315.3 %
Q4 2016 (0.33) 0.0 % 0.00 26.32 125.2 %
Q1 2017 1.56 0.0 % 0.02 32.23 57.9 %
Q2 2017 3.75 0.0 % 0.04 35.59 16.3 %
Q3 2017 2.18 0.0 % 0.03 44.38 11.0 %
Q4 2017 (0.33) 0.0 % 0.00 32.05 21.8 %
Q1 2018 1.56 0.0 % 0.02 38.74 20.2 %
Q2 2018 3.75 0.0 % 0.06 34.33 (3.5 %)
Q3 2018 2.18 0.0 % 0.03 22.57 (49.1 %)
Q4 2018 (0.33) 0.0 % (0.01) 4.73 (85.2 %)
Q1 2019 1.56 0.0 % 0.02 15.32 (60.4 %)
Q2 2019 3.75 0.0 % 0.04 (15.83) (146.1 %)
Q3 2019 2.18 0.0 % 0.03 7.94 (64.8 %)
Q4 2019 (0.33) 0.0 % 0.00 13.87 192.9 %
Q1 2020 1.56 0.0 % 0.02 (10.82) (170.6 %)
Q2 2020 3.75 0.0 % 0.04 28.35 279.1 %
Q3 2020 2.18 0.0 % 0.03 25.27 218.2 %
Q4 2020 (0.33) 0.0 % 0.00 29.82 115.1 %
Q1 2021 1.56 0.0 % 0.02 (23.86) (120.5 %)
Q2 2021 3.75 0.0 % 0.05 10.54 (62.8 %)
Q3 2021 2.18 0.0 % 0.03 (33.12) (231.0 %)
Q4 2021 (0.33) 0.0 % 0.00 (66.36) (322.5 %)
Q1 2022 (19.61) (1354.5 %) (0.23) (15.11) 36.7 %
Q2 2022 (48.10) (1381.9 %) (0.57) (46.10) (537.5 %)
Q3 2022 11.03 405.9 % 0.13 12.53 137.8 %
Q4 2022 (11.41) (3,315.9 %) (0.13) (7.77) 88.3 %
Q1 2023 24.31 224.0 % 0.29 26.81 277.5 %
Q2 2023 38.65 180.3 % 0.45 41.15 189.3 %
Q3 2023 39.78 260.5 % 0.47 44.78 257.2 %
Q4 2023 45.25 496.6 % 0.53 50.25 746.7 %
Q1 2024 39.86 64.0 % 0.38 22.30 (16.8 %)
Q2 2024 24.44 (36.8 %) 0.24 26.94 (34.5 %)
Q3 2024 20.10 (49.5 %) 0.19 23.85 (46.7 %)

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 197.23 8.9 % - - - -
Q2 2015 199.44 13.6 % - - - -
Q3 2015 227.81 19.4 % - - - -
Q4 2015 128.52 25.8 % - - - -
Q1 2016 262.06 32.9 % - - - -
Q2 2016 222.33 11.5 % - - - -
Q3 2016 268.44 17.8 % - - - -
Q4 2016 263.78 105.2 % - - - -
Q1 2017 299.76 14.4 % - - - -
Q2 2017 217.64 (2.1 %) - - - -
Q3 2017 284.37 5.9 % - - - -
Q4 2017 300.56 13.9 % - - - -
Q1 2018 310.53 3.6 % - - - -
Q2 2018 248.07 14.0 % - - - -
Q3 2018 256.94 (9.6 %) - - - -
Q4 2018 289.41 (3.7 %) - - - -
Q1 2019 275.64 (11.2 %) - - - -
Q2 2019 298.12 20.2 % - - - -
Q3 2019 282.72 10.0 % - - - -
Q4 2019 358.92 24.0 % - - - -
Q1 2020 333.98 21.2 % - - - -
Q2 2020 298.07 0.0 % - - - -
Q3 2020 412.57 45.9 % - - - -
Q4 2020 428.09 19.3 % - - - -
Q1 2021 343.36 2.8 % - - - -
Q2 2021 842.56 182.7 % - - - -
Q3 2021 548.31 32.9 % - - - -
Q4 2021 604.60 41.2 % - - - -
Q1 2022 394.29 14.8 % (57.45) - (11.92) -
Q2 2022 1,006.97 19.5 % (1.31) - (29.84) -
Q3 2022 596.17 8.7 % 0.70 - 8.35 -
Q4 2022 644.51 6.6 % (61.94) - (14.70) -
Q1 2023 466.68 18.4 % 4.34 107.5 % 33.69 382.6 %
Q2 2023 1,238.64 23.0 % 3.89 396.0 % 46.16 254.7 %
Q3 2023 760.63 27.6 % 13.68 1848.3 % 39.86 377.4 %
Q4 2023 880.21 36.6 % 6.22 110.0 % 69.04 569.5 %
Q1 2024 648.02 38.9 % (14.35) (431.0 %) 27.61 (18.1 %)
Q2 2024 943.12 (23.9 %) 5.79 48.7 % 39.33 (14.8 %)
Q3 2024 1,188.82 56.3 % (5.00) (136.5 %) 31.48 (21.0 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 44.31 0.16 0.14 (0.86)
Q2 2015 64.33 0.11 (0.40) (0.68)
Q3 2015 64.33 0.11 (1.34) (1.28)
Q4 2015 64.33 0.11 (0.94) (1.20)
Q1 2016 85.06 0.08 (0.37) (0.77)
Q2 2016 85.06 0.08 0.45 (0.39)
Q3 2016 85.06 0.08 1.12 (0.07)
Q4 2016 85.06 0.08 1.27 0.42
Q1 2017 85.06 0.08 1.40 0.76
Q2 2017 85.06 0.08 1.44 1.19
Q3 2017 85.06 0.08 1.48 1.72
Q4 2017 85.06 0.08 1.56 2.01
Q1 2018 64.33 0.11 2.15 3.32
Q2 2018 64.33 0.11 2.12 3.27
Q3 2018 64.33 0.11 1.77 3.52
Q4 2018 64.33 0.11 1.33 3.59
Q1 2019 85.06 0.08 0.73 3.05
Q2 2019 85.06 0.08 0.14 1.28
Q3 2019 85.06 0.08 0.01 1.28
Q4 2019 85.06 0.08 0.23 1.66
Q1 2020 85.06 0.08 (0.06) 1.66
Q2 2020 85.06 0.08 0.48 2.15
Q3 2020 85.06 0.08 0.56 2.79
Q4 2020 85.06 0.08 0.60 3.17
Q1 2021 78.75 0.09 0.46 3.14
Q2 2021 78.75 0.09 0.22 3.35
Q3 2021 78.75 0.09 (0.43) 2.83
Q4 2021 78.75 0.09 (1.55) 2.09
Q1 2022 85.06 (0.16) (1.34) 10.19
Q2 2022 85.06 (0.77) (1.99) 9.64
Q3 2022 85.06 (0.67) (1.42) 9.78
Q4 2022 85.06 (0.80) (0.80) 13.13
Q1 2023 85.06 (0.28) (0.28) 13.41
Q2 2023 85.06 0.74 0.74 13.86
Q3 2023 85.06 1.07 1.07 14.33
Q4 2023 85.06 1.74 1.74 14.91
Q1 2024 103.63 1.58 1.38 12.62
Q2 2024 103.63 1.44 1.24 12.86
Q3 2024 103.63 1.25 1.06 13.05

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 NEG
Q3 2015 More than 100 NEG
Q4 2015 More than 100 NEG
Q1 2016 More than 100 NEG
Q2 2016 More than 100 35.00
Q3 2016 More than 100 15.58
Q4 2016 More than 100 19.98
Q1 2017 More than 100 22.59
Q2 2017 More than 100 21.41
Q3 2017 More than 100 21.01
Q4 2017 More than 100 23.51
Q1 2018 More than 100 19.22
Q2 2018 More than 100 18.39
Q3 2018 More than 100 18.40
Q4 2018 More than 100 22.45
Q1 2019 More than 100 39.95
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 NEG
Q2 2020 More than 100 42.58
Q3 2020 More than 100 More than 100
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 NEG
Q4 2021 More than 100 NEG
Q1 2022 NEG NEG
Q2 2022 NEG NEG
Q3 2022 NEG NEG
Q4 2022 NEG NEG
Q1 2023 NEG NEG
Q2 2023 36.94 36.94
Q3 2023 24.58 24.58
Q4 2023 16.34 16.34
Q1 2024 17.61 20.11
Q2 2024 20.65 23.90
Q3 2024 17.97 21.31

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Comprehensive Motor Insurance Property & casualty Insurance - Engineering Protection & Saving Other classes insurance energy
Q1 2015 10.63 143.25 12.49 13.09 - 17.76 -
Q2 2015 19.55 106.20 17.32 43.40 - 12.97 -
Q3 2015 17.36 93.07 88.91 10.22 - 18.26 -
Q4 2015 21.28 78.73 3.79 10.10 - 14.63 -
Q1 2016 43.18 147.42 5.78 26.60 - 39.09 -
Q2 2016 51.32 134.83 18.24 4.43 - 13.52 -
Q3 2016 32.80 147.48 53.89 13.31 - 20.97 -
Q4 2016 21.61 142.54 83.46 4.07 - 12.10 -
Q1 2017 13.43 225.76 6.37 15.49 - 38.71 -
Q2 2017 26.55 139.02 21.55 6.49 - 24.02 -
Q3 2017 29.87 130.79 58.79 42.07 - 22.86 -
Q4 2017 33.45 211.03 7.61 22.79 - 25.68 -
Q1 2018 24.15 213.42 5.53 15.04 - 52.38 -
Q2 2018 24.89 109.27 64.90 22.72 - 26.29 -
Q3 2018 31.90 123.38 66.25 9.05 - 26.36 -
Q4 2018 14.62 166.14 60.87 26.26 - 21.51 -
Q1 2019 17.60 185.16 20.23 19.02 - 33.64 -
Q2 2019 12.73 159.64 72.56 21.19 - 32.00 -
Q3 2019 23.81 118.66 87.52 14.77 - 37.96 -
Q4 2019 42.24 158.81 59.71 47.52 - 50.64 -
Q1 2020 26.80 206.82 17.72 34.94 0.66 47.05 -
Q2 2020 24.58 162.30 43.54 20.05 1.33 46.26 -
Q3 2020 15.60 156.08 162.36 28.46 3.41 46.67 -
Q4 2020 53.43 174.22 78.19 38.70 5.98 77.58 -
Q1 2021 56.59 164.10 10.52 29.41 18.67 64.06 -
Q2 2021 94.19 134.23 33.74 14.34 52.45 60.72 452.90
Q3 2021 98.02 163.05 77.56 27.31 35.23 98.65 48.49
Q4 2021 113.60 149.17 184.19 18.33 48.55 83.46 7.31
Q1 2022 174.07 113.96 13.47 12.87 16.30 39.54 24.10
Q2 2022 191.81 138.85 45.69 21.37 60.76 69.00 479.49
Q3 2022 175.00 94.81 74.86 61.94 37.92 112.59 39.06
Q4 2022 115.96 93.03 73.18 76.83 98.10 89.35 98.05
Q1 2023 123.56 104.55 25.27 42.62 86.72 66.90 17.07
Q2 2023 246.47 130.89 27.95 86.68 67.77 198.70 480.18
Q3 2023 130.22 264.70 96.88 63.56 69.27 116.99 18.97
Q4 2023 179.87 295.08 148.71 52.05 60.12 82.89 61.53
Q1 2024 147.14 126.94 25.73 188.57 67.10 68.34 24.21
Q2 2024 126.76 90.63 17.94 58.40 77.28 85.70 486.41
Q3 2024 150.24 232.32 462.93 29.80 64.61 186.93 62.00

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