AICC profit down 25% to SAR 21.1M in H1 2024; Q2 at SAR 13.2M

05/08/2024 Argaam Exclusive

=Arabia Insurance Cooperative Co. (AICC) reported a net profit of SAR 21.1 million for H1 2024, a drop of 25% year-on-year (YoY) from SAR 28 million.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 606.60 335.13 (44.8 %)
Insurance Revenues 406.97 367.83 (9.6 %)
Net Profit Before Zakat & Tax 36.75 27.59 (24.9 %)
Net Income 28.02 21.06 (24.8 %)
Average Shares 53.00 53.00 -
EPS (Riyals) 0.53 0.40 (24.8 %)

The profit decline is attributed to the decrease in insurance revenues in the motor insurance segment and the medical insurance segment, despite the increase in insurance revenues of the engineering insurance segment.

 

There was also a decline in insurance services result and other income by approximately SAR 21.3 million, despite the decrease in other operating expenses and the provision for Zakat and income tax by approximately SAR 8.1 million, in addition to the increase in investment income by approximately SAR 5.3 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 296.85 - -
Insurance Revenues 209.69 169.56 (19.1 %)
Net Profit Before Zakat & Tax 25.19 17.32 (31.2 %)
Net Income 20.70 13.22 (36.1 %)
Average Shares 53.00 53.00 -
EPS (Riyals) 0.39 0.25 (36.1 %)

Q2 2024 net profit stood at SAR 13.2 million, a slump of 36% YoY, on lower insurance revenue and lower other income.

 

On a quarterly basis, net profit grew 68.8%, from SAR 7.8 million.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 606.60 335.13 (44.8 %)
Insurance Revenues 406.97 367.83 (9.6 %)
Insurance Services Income 30.88 20.00 (35.2 %)
Investment Income 13.52 18.90 39.8 %
Net Profit of Insurance Services and Investment 41.33 35.46 (14.2 %)

Total shareholders’ equity, no minority interest, stood at SAR 582.35 million by June 30, 2024, compared to SAR 522.79 million a year earlier.

 

View more financial results

 

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Share Price

Arabia Insurance Cooperative Co.
12.64
(0.16) (1.25 %)

Arabia Insurance Cooperative Co. (AICC)

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Financial Ratios
Current
Market Cap (M) 669.92
Shares Outstanding (M) 53.00
EPS ( Riyal) (TTM) 0.85
Book Value (BV) ( Riyal) 11.26
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 14.94
P/E (TTM) 14.94
Price/Book 1.12
Return on Average Assets (%) (TTM) 2.6
Return on Average Equity (%) (TTM) 7.8
Return on Market Cap (%) 6.1
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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 1.71 182.4 % 0.09 2.21 206.5 %
Q2 2015 (0.01) 99.9 % 0.00 0.49 105.8 %
Q3 2015 (20.25) (1,759.6 %) (0.69) (19.75) (3,253.3 %)
Q4 2015 5.29 (56.2 %) 0.18 6.54 (50.0 %)
Q1 2016 2.72 58.9 % 0.09 3.22 45.5 %
Q2 2016 1.61 16490.8 % 0.05 2.11 329.7 %
Q3 2016 (1.69) 91.6 % (0.06) (1.69) 91.4 %
Q4 2016 4.32 (18.4 %) 0.15 4.82 (26.3 %)
Q1 2017 3.79 39.5 % 0.13 5.16 60.2 %
Q2 2017 1.56 (2.7 %) 0.05 3.65 73.2 %
Q3 2017 2.51 248.2 % 0.09 3.87 328.4 %
Q4 2017 2.33 (46.1 %) 0.08 3.15 (34.5 %)
Q1 2018 2.51 (33.7 %) 0.09 3.83 (25.8 %)
Q2 2018 (0.27) (117.1 %) (0.01) 1.31 (64.1 %)
Q3 2018 (0.91) (136.2 %) (0.03) 1.15 (70.3 %)
Q4 2018 (3.96) (270.0 %) (0.14) (2.86) (190.9 %)
Q1 2019 (6.35) (352.7 %) (0.22) (5.20) (235.9 %)
Q2 2019 (13.51) (4,963.6 %) (0.46) (12.48) (1052.5 %)
Q3 2019 (17.27) (1,800.0 %) (0.59) (16.21) (1513.7 %)
Q4 2019 (5.19) (31.1 %) (0.18) (3.87) (35.2 %)
Q1 2020 (1.31) 79.4 % (0.04) 0.19 103.7 %
Q2 2020 3.14 123.3 % 0.11 4.64 137.2 %
Q3 2020 3.30 119.1 % 0.11 5.30 132.7 %
Q4 2020 1.12 121.6 % 0.04 2.12 154.8 %
Q1 2021 0.20 115.1 % 0.01 2.32 1118.8 %
Q2 2021 0.18 (94.4 %) 0.01 1.68 (63.9 %)
Q3 2021 0.50 (84.9 %) 0.02 1.93 (63.7 %)
Q4 2021 (6.39) (669.7 %) (0.22) (5.39) (354.1 %)
Q1 2022 (10.28) (5286.2 %) (0.35) (9.28) (500.5 %)
Q2 2022 11.03 6129.5 % 0.38 12.17 625.4 %
Q3 2022 (10.79) (2270.3 %) (0.37) (9.55) (596.0 %)
Q4 2022 16.25 354.3 % 0.56 18.42 441.8 %
Q1 2023 7.32 171.2 % 0.14 11.56 224.5 %
Q2 2023 20.70 87.7 % 0.39 25.19 107.1 %
Q3 2023 22.23 306.0 % 0.42 27.60 389.1 %
Q4 2023 10.22 (37.1 %) 0.19 11.94 (35.2 %)
Q1 2024 7.84 7.0 % 0.15 10.27 (11.2 %)
Q2 2024 13.22 (36.1 %) 0.25 17.32 (31.2 %)

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 196.88 5.7 % - - - -
Q2 2015 91.17 2.6 % - - - -
Q3 2015 267.88 6.1 % - - - -
Q4 2015 98.02 (15.9 %) - - - -
Q1 2016 132.29 (32.8 %) - - - -
Q2 2016 85.78 (5.9 %) - - - -
Q3 2016 109.77 (59.0 %) - - - -
Q4 2016 91.26 (6.9 %) - - - -
Q1 2017 112.37 (15.1 %) - - - -
Q2 2017 68.74 (19.9 %) - - - -
Q3 2017 58.77 (46.5 %) - - - -
Q4 2017 74.51 (18.3 %) - - - -
Q1 2018 116.86 4.0 % - - - -
Q2 2018 77.26 12.4 % - - - -
Q3 2018 96.21 63.7 % - - - -
Q4 2018 60.45 (18.9 %) - - - -
Q1 2019 91.73 (21.5 %) - - - -
Q2 2019 73.70 (4.6 %) - - - -
Q3 2019 111.01 15.4 % - - - -
Q4 2019 55.98 (7.4 %) - - - -
Q1 2020 120.92 31.8 % - - - -
Q2 2020 91.27 23.8 % - - - -
Q3 2020 70.90 (36.1 %) - - - -
Q4 2020 67.71 21.0 % - - - -
Q1 2021 175.59 45.2 % - - - -
Q2 2021 65.01 (28.8 %) - - - -
Q3 2021 91.56 29.1 % - - - -
Q4 2021 90.16 33.2 % - - - -
Q1 2022 216.72 23.4 % (5.69) - (4.85) -
Q2 2022 156.48 140.7 % 15.78 - 16.57 -
Q3 2022 196.47 114.6 % (6.47) - (5.41) -
Q4 2022 163.53 81.4 % 19.55 - 20.88 -
Q1 2023 309.75 42.9 % 16.22 385.2 % 21.13 535.4 %
Q2 2023 296.85 89.7 % 14.66 (7.1 %) 20.20 21.9 %
Q3 2023 - - 26.39 508.2 % 32.88 707.9 %
Q4 2023 130.59 (20.1 %) 1.20 (93.8 %) 8.30 (60.2 %)
Q1 2024 232.96 (24.8 %) 5.98 (63.1 %) 13.51 (36.1 %)
Q2 2024 - - 14.02 (4.4 %) 21.95 8.7 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 18.67 0.23 0.23 3.52
Q2 2015 29.28 0.43 0.43 8.86
Q3 2015 29.28 (0.22) (0.22) 8.03
Q4 2015 29.28 (0.45) (0.45) 8.12
Q1 2016 29.28 (0.42) (0.42) 8.19
Q2 2016 29.28 (0.36) (0.36) 8.28
Q3 2016 29.28 0.27 0.27 8.13
Q4 2016 29.28 0.24 0.24 8.34
Q1 2017 29.28 0.27 0.27 8.49
Q2 2017 29.28 0.27 0.27 8.56
Q3 2017 29.28 0.42 0.42 8.67
Q4 2017 29.28 0.35 0.35 8.71
Q1 2018 29.28 0.30 0.30 8.77
Q2 2018 29.28 0.24 0.24 8.75
Q3 2018 29.28 0.13 0.13 8.64
Q4 2018 29.28 (0.09) (0.09) 8.57
Q1 2019 29.28 (0.39) (0.39) 8.45
Q2 2019 29.28 (0.84) (0.84) 8.12
Q3 2019 29.28 (1.40) (1.40) 7.60
Q4 2019 29.28 (1.45) (1.45) 7.37
Q1 2020 29.28 (1.27) (1.27) 7.30
Q2 2020 29.28 (0.70) (0.70) 7.43
Q3 2020 29.28 0.00 0.00 7.56
Q4 2020 29.28 0.21 0.21 7.58
Q1 2021 29.28 0.27 0.27 7.59
Q2 2021 29.28 0.16 0.16 7.57
Q3 2021 29.28 0.07 0.07 7.61
Q4 2021 29.28 (0.19) (0.19) 7.37
Q1 2022 29.28 (0.55) (0.55) 7.71
Q2 2022 29.28 (0.18) (0.18) 8.04
Q3 2022 29.28 (0.56) (0.56) 7.68
Q4 2022 29.28 0.21 0.21 8.29
Q1 2023 53.00 0.45 0.45 9.44
Q2 2023 53.00 0.63 0.63 9.86
Q3 2023 53.00 1.25 1.25 10.30
Q4 2023 53.00 1.14 1.14 10.56
Q1 2024 53.00 1.15 1.15 10.74
Q2 2024 53.00 1.01 1.01 10.99

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 NEG NEG
Q4 2015 NEG NEG
Q1 2016 NEG NEG
Q2 2016 NEG NEG
Q3 2016 More than 100 More than 100
Q4 2016 More than 100 More than 100
Q1 2017 More than 100 More than 100
Q2 2017 More than 100 More than 100
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 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 NEG NEG
Q1 2022 NEG NEG
Q2 2022 NEG NEG
Q3 2022 NEG NEG
Q4 2022 More than 100 More than 100
Q1 2023 24.71 24.71
Q2 2023 20.20 20.20
Q3 2023 10.86 10.86
Q4 2023 13.29 13.29
Q1 2024 14.17 14.17
Q2 2024 14.50 14.50

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Comprehensive Motor Insurance Fire insurance Insurance - Engineering Marine Insurance Other classes Property & Accidents Insurance Protection & Savings Insurance
Q1 2015 32.97 113.39 14.83 21.21 10.22 4.27 - -
Q2 2015 43.81 12.14 19.97 2.75 8.08 4.41 - -
Q3 2015 140.61 104.84 9.25 1.71 7.15 4.32 - -
Q4 2015 24.99 40.27 10.31 6.07 10.70 5.68 - -
Q1 2016 48.95 50.96 6.36 14.51 6.35 5.16 - -
Q2 2016 39.32 27.61 4.96 5.98 3.87 4.04 - -
Q3 2016 30.69 72.83 4.79 (4.28) 3.71 2.02 - -
Q4 2016 37.76 28.63 10.55 4.85 5.30 4.17 - -
Q1 2017 49.86 40.55 5.06 8.80 4.20 3.90 - -
Q2 2017 33.47 25.35 2.50 2.31 1.98 3.13 - -
Q3 2017 28.03 19.53 3.43 2.79 2.86 2.13 - -
Q4 2017 25.58 28.57 6.43 5.29 4.73 3.91 - -
Q1 2018 37.90 61.82 3.45 6.91 3.84 2.94 - -
Q2 2018 25.24 39.63 4.17 3.89 1.90 2.43 - -
Q3 2018 62.94 17.34 9.01 2.26 2.29 2.37 - -
Q4 2018 24.81 16.84 7.52 2.84 4.64 3.80 - -
Q1 2019 16.31 57.74 3.21 6.44 2.76 5.27 - -
Q2 2019 35.48 22.69 6.01 2.17 3.12 4.22 - -
Q3 2019 87.40 9.56 5.34 3.82 2.44 2.44 - -
Q4 2019 22.26 16.55 8.08 3.53 2.92 2.64 - -
Q1 2020 27.39 76.77 2.61 8.35 1.68 4.11 - -
Q2 2020 31.91 16.51 20.02 11.56 3.97 7.31 - -
Q3 2020 48.10 8.96 6.80 1.56 1.52 (0.40) - -
Q4 2020 21.89 28.69 6.07 3.68 2.73 4.66 - -
Q1 2021 45.79 76.94 26.01 8.16 7.35 11.34 - -
Q2 2021 17.78 20.18 20.13 2.71 0.67 3.79 - -
Q3 2021 65.89 14.28 3.50 1.11 2.45 4.09 - -
Q4 2021 36.62 33.83 5.18 7.11 2.45 4.97 - -
Q1 2022 74.14 87.70 - - - - 54.35 0.53
Q2 2022 83.56 33.33 - - - - 39.40 0.19
Q3 2022 153.48 26.14 - - - - 16.83 0.01
Q4 2022 130.03 16.64 - - - - 16.85 0.02
Q1 2023 125.89 85.13 - - - - 98.53 0.20
Q2 2023 103.30 38.96 - - - - 153.96 0.64
Q3 2023 153.63 15.53 - - - - 17.19 0.04
Q4 2023 95.82 21.77 - - - - 13.00 -
Q1 2024 91.52 36.39 - - - - 104.67 0.39
Q2 2024 58.47 21.61 - - - - 21.72 0.37

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