SAICO reports 61% net profit slump to SAR 3.2M in Q1 2024

13/05/2024 Argaam Exclusive

Saudi Arabian Cooperative Insurance Co. (SAICO) reported a net profit of SAR 3.2 million in Q1 2024, a decline of 61% from SAR 8.2 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Gross Written Premium (GWP) 464.70 507.10 9.1 %
Insurance Revenues 255.90 277.03 8.3 %
Net Profit Before Zakat & Tax 10.08 5.25 (47.9 %)
Net Income 8.23 3.21 (61.0 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.27 0.11 (61.0 %)

Net insurance service amounted to SAR 5.58 million in Q1 2024, compared to SAR 498,000 in Q1 2023. Net investment results for the current quarter rose by 29.72% year-on-year to SAR 6.88 million from SAR 5.03 million.

 

This was partially offset by a 136.55% increase in net insurance finance expenses for Q1 2024 to SAR 3.4 million from SAR 143 million in the same period last year.

 

Other operating expenses increased by SAR 1.28 million or 36.90%. Additionally, total comprehensive income for the current quarter amounted to SAR 3.21 million, compared to SAR 8.23 million in the year-earlier period.

Insurance Operations

Item 3m 2023 3m 2024 Change‬
Gross Written Premium (GWP) 464.70 507.10 9.1 %
Insurance Revenues 255.90 277.03 8.3 %
Insurance Services Income 0.50 5.58 1016.0 %
Investment Income 5.31 6.89 29.8 %
Net Profit of Insurance Services and Investment 4.37 9.06 107.3 %

On a quarterly basis, net earnings declined by 72.3% from SAR 11.58 million in Q4 2023.

 

Shareholders’ equity, no minority interest, reached SAR 316.81 million by March 31, 2024, compared to SAR 242.72 million in the prior-year period.

 

Accumulated losses reached SAR 73.03 million by March 31, 2024, accounting for 24.3% of capital.

 

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Share Price

Saudi Arabian Cooperative Insurance Co.
14.72
(0.08) (0.54 %)

Saudi Arabian Cooperative Insurance Co. (SAICO)

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Financial Ratios
Current
Market Cap (M) 441.60
Shares Outstanding (M) 30.00
EPS ( Riyal) (TTM) 1.62
Book Value (BV) ( Riyal) 11.69
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 9.06
P/E (TTM) 9.06
Price/Book 1.26
Return on Average Assets (%) (TTM) 2.8
Return on Average Equity (%) (TTM) 15.1
Return on Market Cap (%) 9.8
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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 4.79 69.4 % 0.24 6.56 105.5 %
Q2 2015 7.59 80.6 % 0.25 8.17 78.9 %
Q3 2015 10.36 12.2 % 0.35 11.15 12.7 %
Q4 2015 9.56 389.1 % 0.32 10.92 325.5 %
Q1 2016 0.30 (93.8 %) 0.01 1.67 (74.6 %)
Q2 2016 19.92 162.3 % 0.66 21.60 164.3 %
Q3 2016 15.46 49.2 % 0.52 17.37 55.8 %
Q4 2016 15.16 58.6 % 0.51 17.53 60.5 %
Q1 2017 7.84 2546.0 % 0.26 9.40 464.1 %
Q2 2017 9.82 (50.7 %) 0.33 11.51 (46.7 %)
Q3 2017 14.39 (6.9 %) 0.48 16.39 (5.6 %)
Q4 2017 11.33 (25.3 %) 0.38 14.62 (16.6 %)
Q1 2018 (2.10) (126.8 %) (0.07) 0.03 (99.6 %)
Q2 2018 (1.97) (120.0 %) (0.07) 0.41 (96.4 %)
Q3 2018 (9.61) (166.8 %) (0.32) (7.35) (144.9 %)
Q4 2018 (8.03) (170.9 %) (0.27) (6.11) (141.8 %)
Q1 2019 0.54 125.7 % 0.02 3.01 8784.7 %
Q2 2019 2.48 226.0 % 0.08 4.04 874.5 %
Q3 2019 (0.40) 95.9 % (0.01) 1.71 123.3 %
Q4 2019 (13.27) (65.1 %) (0.44) (11.16) (82.7 %)
Q1 2020 (12.15) (2352.3 %) (0.41) (10.04) (433.5 %)
Q2 2020 35.10 1315.5 % 1.17 37.21 820.6 %
Q3 2020 10.27 2675.1 % 0.34 12.48 629.5 %
Q4 2020 14.11 206.3 % 0.47 17.94 260.8 %
Q1 2021 (15.20) (25.1 %) (0.51) (15.21) (51.4 %)
Q2 2021 (17.11) (148.8 %) (0.57) (15.06) (140.5 %)
Q3 2021 (9.69) (194.3 %) (0.32) (7.64) (161.2 %)
Q4 2021 (20.64) (246.3 %) (0.69) (17.63) (198.3 %)
Q1 2022 2.00 113.2 % 0.07 4.25 127.9 %
Q2 2022 (46.34) (170.8 %) (1.54) (44.81) (197.5 %)
Q3 2022 (9.77) (0.9 %) (0.33) (7.17) 6.1 %
Q4 2022 (7.53) 63.5 % (0.25) (6.68) 62.1 %
Q1 2023 8.23 311.5 % 0.27 10.08 137.1 %
Q2 2023 29.07 162.7 % 0.97 30.92 169.0 %
Q3 2023 22.22 327.4 % 0.74 24.07 435.5 %
Q4 2023 11.58 253.8 % 0.39 13.27 298.8 %
Q1 2024 3.21 (61.0 %) 0.11 5.25 (47.9 %)

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 454.98 67.3 % - - - -
Q2 2015 168.50 12.2 % - - - -
Q3 2015 154.68 (31.1 %) - - - -
Q4 2015 110.06 (29.9 %) - - - -
Q1 2016 342.36 (24.8 %) - - - -
Q2 2016 179.15 6.3 % - - - -
Q3 2016 160.44 3.7 % - - - -
Q4 2016 119.87 8.9 % - - - -
Q1 2017 374.92 9.5 % - - - -
Q2 2017 148.94 (16.9 %) - - - -
Q3 2017 157.11 (2.1 %) - - - -
Q4 2017 123.61 3.1 % - - - -
Q1 2018 370.65 (1.1 %) - - - -
Q2 2018 212.63 42.8 % - - - -
Q3 2018 159.55 1.5 % - - - -
Q4 2018 207.17 67.6 % - - - -
Q1 2019 359.35 (3.0 %) - - - -
Q2 2019 194.86 (8.4 %) - - - -
Q3 2019 141.98 (11.0 %) - - - -
Q4 2019 138.16 (33.3 %) - - - -
Q1 2020 334.64 (6.9 %) - - - -
Q2 2020 189.83 (2.6 %) - - - -
Q3 2020 141.39 (0.4 %) - - - -
Q4 2020 129.18 (6.5 %) - - - -
Q1 2021 357.00 6.7 % - - - -
Q2 2021 161.31 (15.0 %) - - - -
Q3 2021 109.38 (22.6 %) - - - -
Q4 2021 149.85 16.0 % - - - -
Q1 2022 424.99 19.0 % (10.19) - 4.87 -
Q2 2022 249.57 54.7 % (45.23) - (43.78) -
Q3 2022 177.61 62.4 % (7.86) - (5.83) -
Q4 2022 187.25 25.0 % (14.56) - (11.49) -
Q1 2023 464.70 9.3 % 0.50 104.9 % 4.37 (10.3 %)
Q2 2023 228.64 (8.4 %) 28.13 162.2 % 32.24 173.6 %
Q3 2023 - - 25.35 422.4 % 29.63 608.6 %
Q4 2023 206.43 10.2 % (3.97) 72.7 % 2.17 118.8 %
Q1 2024 507.10 9.1 % 5.58 1020.7 % 9.06 107.5 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 19.73 1.02 1.02 3.79
Q2 2015 30.00 0.79 0.79 7.59
Q3 2015 30.00 0.82 0.82 7.93
Q4 2015 30.00 1.08 1.08 8.24
Q1 2016 30.00 0.93 0.93 8.25
Q2 2016 30.00 1.34 1.34 8.92
Q3 2016 30.00 1.51 1.51 9.43
Q4 2016 30.00 1.69 1.69 9.94
Q1 2017 30.00 1.95 1.95 10.20
Q2 2017 30.00 1.61 1.61 10.53
Q3 2017 30.00 1.57 1.57 11.01
Q4 2017 30.00 1.45 1.45 11.38
Q1 2018 30.00 1.11 1.11 11.31
Q2 2018 30.00 0.72 0.72 11.25
Q3 2018 30.00 (0.08) (0.08) 10.93
Q4 2018 30.00 (0.72) (0.72) 10.69
Q1 2019 30.00 (0.64) (0.64) 10.68
Q2 2019 30.00 (0.49) (0.49) 10.76
Q3 2019 30.00 (0.18) (0.18) 10.75
Q4 2019 30.00 (0.35) (0.35) 10.35
Q1 2020 30.00 (0.78) (0.78) 9.95
Q2 2020 30.00 0.31 0.31 11.12
Q3 2020 30.00 0.67 0.67 11.46
Q4 2020 30.00 1.58 1.58 11.88
Q1 2021 30.00 1.48 1.48 11.38
Q2 2021 30.00 (0.26) (0.26) 10.81
Q3 2021 30.00 (0.93) (0.93) 10.48
Q4 2021 30.00 (2.09) (2.09) 9.76
Q1 2022 30.00 (1.51) (1.51) 9.80
Q2 2022 30.00 (2.49) (2.49) 8.26
Q3 2022 30.00 (2.49) (2.49) 7.93
Q4 2022 30.00 (2.05) (2.05) 7.85
Q1 2023 30.00 (1.85) (1.85) 8.12
Q2 2023 30.00 0.67 0.67 9.09
Q3 2023 30.00 1.73 1.73 9.80
Q4 2023 30.00 2.37 2.37 10.45
Q1 2024 30.00 2.20 2.20 10.56

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2015 31.03 31.03
Q2 2015 25.99 25.99
Q3 2015 17.82 17.82
Q4 2015 13.77 13.77
Q1 2016 15.34 15.34
Q2 2016 9.78 9.78
Q3 2016 6.96 6.96
Q4 2016 9.31 9.31
Q1 2017 9.15 9.15
Q2 2017 9.92 9.92
Q3 2017 10.66 10.66
Q4 2017 10.24 10.24
Q1 2018 14.27 14.27
Q2 2018 21.26 21.26
Q3 2018 NEG NEG
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 33.28 33.28
Q3 2020 30.22 30.22
Q4 2020 13.06 13.06
Q1 2021 16.59 16.59
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 19.14 19.14
Q3 2023 7.72 7.72
Q4 2023 6.34 6.34
Q1 2024 8.76 8.76

Business Segments - Gross Premium Written (Million)

Compared With The
Period Property & Casualty Motor Medical / Health Protection Comprehensive Motor Insurance Medical Insurance property and others Fire and burglary Marine Insurance Insurance - Engineering General responsibility Other classes
Q1 2014 - - - - 50.30 95.07 9.76 87.78 6.96 11.64 4.29 6.07
Q2 2014 - - - - 37.66 71.91 1.70 12.48 8.33 11.90 3.52 2.71
Q3 2014 - - - - 71.86 105.33 11.34 5.02 16.70 5.85 3.84 4.66
Q4 2014 - - - - 69.48 43.28 4.92 16.12 5.27 10.91 4.60 2.48
Q1 2015 - - - - 122.58 174.79 8.50 118.53 6.03 8.59 8.27 7.69
Q2 2015 - - - - 47.45 71.46 2.69 12.55 13.69 15.14 2.62 2.90
Q3 2015 - - - - 46.04 68.29 11.67 6.15 10.17 6.17 2.18 4.01
Q4 2015 - - - - 49.52 35.99 2.74 5.08 5.97 3.93 3.05 3.77
Q1 2016 - - - - 89.22 98.22 14.16 118.79 6.26 4.31 6.65 4.75
Q2 2016 - - - - 52.85 82.64 3.96 16.95 8.89 8.13 2.95 2.78
Q3 2016 - - - - 38.86 88.59 8.02 7.73 2.67 9.33 1.77 3.47
Q4 2016 - - - - 35.44 51.50 6.76 3.94 8.41 5.00 5.02 3.80
Q1 2017 - - - - 87.13 118.68 13.06 137.09 5.97 4.44 5.88 2.68
Q2 2017 - - - - 48.63 60.51 7.36 14.06 9.75 3.34 2.62 2.67
Q3 2017 - - - - 24.21 111.95 8.44 3.51 2.42 1.85 1.00 3.74
Q4 2017 - - - - 36.33 62.97 8.04 2.82 4.95 3.90 2.36 2.24
Q1 2018 - - - - 60.87 145.02 164.76 - - - - -
Q2 2018 - - - - 57.93 124.86 29.85 - - - - -
Q3 2018 - - - - 34.03 105.06 20.45 - - - - -
Q4 2018 - - - - 90.15 89.94 27.07 - - - - -
Q1 2019 - - - - 110.44 94.44 154.47 - - - - -
Q2 2019 - - - - 67.52 100.52 26.82 - - - - -
Q3 2019 - - - - 53.56 72.56 15.86 - - - - -
Q4 2019 - - - - 40.24 62.64 35.28 - - - - -
Q1 2020 - - - - 66.08 96.47 172.10 - - - - -
Q2 2020 - - - - 52.22 94.00 43.61 - - - - -
Q3 2020 - - - - 46.52 70.63 24.24 - - - - -
Q4 2020 - - - - 54.88 56.34 17.95 - - - - -
Q1 2021 - - - - 70.55 134.86 151.59 - - - - -
Q2 2021 - - - - 30.67 102.67 27.98 - - - - -
Q3 2021 - - - - 22.35 61.10 25.93 - - - - -
Q4 2021 - - - - 62.35 67.19 20.31 - - - - -
Q1 2023 231.74 124.39 106.44 2.14 - - - - - - - -
Q2 2023 44.56 83.44 99.95 0.70 - - - - - - - -
Q1 2024 308.57 121.85 74.35 2.32 - - - - - - - -

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