Wataniya Insurance profit rises 86% to SAR 27.3M in Q1 2024

13/05/2024 Argaam Exclusive

Wataniya Insurance Co. reported an 86% rise in Q1 2024 net profit to SAR 27.3 million, from SAR 14.6 million in Q1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Gross Written Premium (GWP) 510.55 560.98 9.9 %
Insurance Revenues 257.68 409.83 59.0 %
Net Profit Before Zakat & Tax 17.39 31.53 81.3 %
Net Income 14.64 27.28 86.4 %
Average Shares 40.00 40.00 -
EPS (Riyals) 0.37 0.68 86.4 %

The profit was driven by a 59.04% year-on-year (YoY) increase in insurance revenue to SAR 409.83 million, largely due to the growth in operations. In addition, the company’s insurance services results increased YoY by 85%, or SAR 10.52 million. Investment revenue rose by SAR 8.48 million.

 

On a quarterly basis, the Q1 net profit fell 13.4% from SAR 31.50 million.

Insurance Operations

Item 3m 2023 3m 2024 Change‬
Gross Written Premium (GWP) 510.55 560.98 9.9 %
Insurance Revenues 257.68 409.83 59.0 %
Insurance Services Income 12.41 22.93 84.8 %
Investment Income 8.06 16.54 105.2 %
Net Profit of Insurance Services and Investment 16.76 38.16 127.7 %

Shareholders’ equity, no minority interest, rose to SAR 515.54 million, from SAR 414.77 million a year earlier.

 

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Share Price

Wataniya Insurance Co.
23.30
(0.40) (1.69 %)

Wataniya Insurance Co. (WATANIYA)

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Financial Ratios
Current
Market Cap (M) 932.00
Shares Outstanding (M) 40.00
EPS ( Riyal) (TTM) 2.55
Book Value (BV) ( Riyal) 13.98
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 9.13
P/E (TTM) 9.13
Price/Book 1.67
Return on Average Assets (%) (TTM) 5.4
Return on Average Equity (%) (TTM) 20.2
Return on Market Cap (%) 8.8
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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 2.53 (53.2 %) 0.06 3.17 (45.5 %)
Q2 2015 (3.39) 51.7 % (0.08) (2.97) 56.8 %
Q3 2015 3.34 26.2 % 0.08 3.88 26.5 %
Q4 2015 (15.04) (266.2 %) (0.38) (14.94) (256.6 %)
Q1 2016 5.81 129.7 % 0.15 6.32 99.6 %
Q2 2016 3.82 212.8 % 0.10 4.24 243.1 %
Q3 2016 7.43 122.3 % 0.19 8.05 107.5 %
Q4 2016 19.33 228.5 % 0.48 20.13 234.8 %
Q1 2017 14.89 156.2 % 0.37 15.71 148.5 %
Q2 2017 6.87 79.8 % 0.17 7.68 81.1 %
Q3 2017 5.83 (21.6 %) 0.15 8.20 1.9 %
Q4 2017 12.42 (35.7 %) 0.31 13.12 (34.8 %)
Q1 2018 15.38 3.3 % 0.38 16.65 6.0 %
Q2 2018 5.69 (17.3 %) 0.14 7.95 3.4 %
Q3 2018 2.81 (51.8 %) 0.07 4.69 (42.8 %)
Q4 2018 (9.01) (172.6 %) (0.23) (8.86) (167.5 %)
Q1 2019 4.91 (68.0 %) 0.12 7.14 (57.1 %)
Q2 2019 (16.00) (381.5 %) (0.40) (15.02) (289.0 %)
Q3 2019 (5.74) (304.7 %) (0.14) (5.73) (222.1 %)
Q4 2019 34.49 482.6 % 0.86 36.61 513.4 %
Q1 2020 (8.22) (267.4 %) (0.21) (7.02) (198.4 %)
Q2 2020 9.30 158.1 % 0.23 12.70 184.6 %
Q3 2020 (5.91) (2.9 %) (0.15) (4.66) 18.7 %
Q4 2020 12.04 (65.1 %) 0.30 13.57 (62.9 %)
Q1 2021 (19.29) (134.6 %) (0.48) (18.49) (163.3 %)
Q2 2021 (8.28) (189.0 %) (0.21) (7.11) (156.0 %)
Q3 2021 (27.21) (360.2 %) (0.68) (26.08) (459.9 %)
Q4 2021 0.30 (97.5 %) 0.01 1.20 (91.1 %)
Q1 2022 (25.85) (34.0 %) (0.85) (25.29) (36.8 %)
Q2 2022 0.16 101.9 % 0.00 1.18 116.5 %
Q3 2022 10.28 137.8 % 0.26 12.32 147.3 %
Q4 2022 (12.25) (4142.9 %) (0.31) (9.38) (879.6 %)
Q1 2023 14.64 156.6 % 0.37 17.39 168.8 %
Q2 2023 4.46 2755.8 % 0.11 6.72 471.5 %
Q3 2023 33.99 230.6 % 0.85 37.38 203.4 %
Q4 2023 31.50 357.2 % 0.79 35.01 473.2 %
Q1 2024 27.28 86.4 % 0.68 31.53 81.3 %

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 206.37 19.1 % - - - -
Q2 2015 117.59 60.2 % - - - -
Q3 2015 129.45 12.1 % - - - -
Q4 2015 65.31 (9.0 %) - - - -
Q1 2016 219.86 6.5 % - - - -
Q2 2016 78.07 (33.6 %) - - - -
Q3 2016 148.09 14.4 % - - - -
Q4 2016 61.68 (5.6 %) - - - -
Q1 2017 266.35 21.1 % - - - -
Q2 2017 82.55 5.7 % - - - -
Q3 2017 151.60 2.4 % - - - -
Q4 2017 78.20 26.8 % - - - -
Q1 2018 268.11 0.7 % - - - -
Q2 2018 164.47 99.2 % - - - -
Q3 2018 176.85 16.7 % - - - -
Q4 2018 102.89 31.6 % - - - -
Q1 2019 270.90 1.0 % - - - -
Q2 2019 207.95 26.4 % - - - -
Q3 2019 130.84 (26.0 %) - - - -
Q4 2019 125.35 21.8 % - - - -
Q1 2020 302.77 11.8 % - - - -
Q2 2020 179.69 (13.6 %) - - - -
Q3 2020 159.39 21.8 % - - - -
Q4 2020 144.03 14.9 % - - - -
Q1 2021 308.42 1.9 % - - - -
Q2 2021 226.76 26.2 % - - - -
Q3 2021 178.01 11.7 % - - - -
Q4 2021 188.91 31.2 % - - - -
Q1 2022 267.73 (13.2 %) (23.57) - (18.20) -
Q2 2022 194.28 (14.3 %) 5.45 - 5.29 -
Q3 2022 318.57 79.0 % 9.96 - 14.85 -
Q4 2022 261.84 38.6 % (5.31) - (2.70) -
Q1 2023 510.55 90.7 % 12.41 152.7 % 16.76 192.1 %
Q2 2023 421.25 116.8 % 4.80 (11.9 %) 10.32 95.1 %
Q3 2023 - - 22.46 125.5 % 36.65 146.7 %
Q4 2023 353.25 34.9 % 24.96 570.4 % 40.73 1609.5 %
Q1 2024 560.98 9.9 % 22.93 84.8 % 38.16 127.7 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 40.00 0.18 0.18 1.77
Q2 2015 40.00 0.27 0.27 1.68
Q3 2015 40.00 0.29 0.29 1.77
Q4 2015 40.00 (0.31) (0.31) 1.39
Q1 2016 40.00 (0.23) (0.23) 1.53
Q2 2016 40.00 (0.05) (0.05) 1.63
Q3 2016 40.00 0.05 0.05 4.15
Q4 2016 40.00 0.91 0.91 4.63
Q1 2017 40.00 1.14 1.14 5.01
Q2 2017 40.00 1.21 1.21 5.18
Q3 2017 40.00 1.17 1.17 5.32
Q4 2017 40.00 1.00 1.00 5.63
Q1 2018 40.00 1.01 1.01 6.02
Q2 2018 40.00 0.98 0.98 6.18
Q3 2018 40.00 0.91 0.91 6.26
Q4 2018 40.00 0.37 0.37 5.99
Q1 2019 40.00 0.11 0.11 6.13
Q2 2019 40.00 (0.43) (0.43) 5.73
Q3 2019 40.00 (0.65) (0.65) 5.56
Q4 2019 40.00 0.44 0.44 6.46
Q1 2020 40.00 0.11 0.11 6.25
Q2 2020 40.00 0.75 0.75 6.48
Q3 2020 40.00 0.74 0.74 6.33
Q4 2020 40.00 0.18 0.18 6.65
Q1 2021 40.00 (0.10) (0.10) 6.16
Q2 2021 40.00 (0.54) (0.54) 5.95
Q3 2021 40.00 (1.07) (1.07) 5.27
Q4 2021 40.00 (1.36) (1.36) 5.28
Q1 2022 30.23 (2.02) (2.02) 6.98
Q2 2022 40.00 (1.31) (1.31) 9.99
Q3 2022 40.00 (0.38) (0.38) 10.26
Q4 2022 40.00 (0.69) (0.69) 10.00
Q1 2023 40.00 0.32 0.32 10.37
Q2 2023 40.00 0.43 0.43 10.47
Q3 2023 40.00 1.02 1.02 11.33
Q4 2023 40.00 2.11 2.11 12.21
Q1 2024 40.00 2.43 2.43 12.89

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 More than 100 More than 100
Q4 2015 NEG NEG
Q1 2016 NEG NEG
Q2 2016 NEG NEG
Q3 2016 More than 100 More than 100
Q4 2016 19.05 19.05
Q1 2017 16.47 16.47
Q2 2017 14.17 14.17
Q3 2017 17.99 17.99
Q4 2017 18.28 18.28
Q1 2018 18.48 18.48
Q2 2018 17.54 17.54
Q3 2018 18.22 18.22
Q4 2018 42.19 42.19
Q1 2019 More than 100 More than 100
Q2 2019 NEG NEG
Q3 2019 NEG NEG
Q4 2019 27.44 27.44
Q1 2020 More than 100 More than 100
Q2 2020 22.03 22.03
Q3 2020 More than 100 More than 100
Q4 2020 More than 100 More than 100
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 More than 100 More than 100
Q2 2023 42.99 42.99
Q3 2023 17.11 17.11
Q4 2023 8.64 8.64
Q1 2024 11.68 11.68

Business Segments - Gross Premium Written (Million)

Compared With The
Period Marine Insurance Property & casualty Insurance - Engineering Accidents and responsibility Term Life Motor
Q1 2015 15.29 46.75 25.55 11.26 - -
Q2 2015 7.64 20.90 6.33 8.94 - -
Q3 2015 10.68 10.03 4.23 6.03 - -
Q4 2015 7.92 6.24 6.68 2.81 - -
Q1 2016 12.72 45.36 30.65 14.30 - -
Q2 2016 6.75 16.19 2.92 3.68 - -
Q3 2016 8.68 19.16 4.92 8.38 - -
Q4 2016 7.04 3.89 5.07 1.46 - -
Q1 2017 14.08 58.20 19.73 13.71 - -
Q2 2017 6.40 12.03 4.21 3.41 - -
Q3 2017 10.03 24.25 5.35 4.57 - -
Q4 2017 8.24 8.25 4.65 10.03 - -
Q1 2018 13.67 52.46 21.89 16.30 - -
Q2 2018 6.29 15.97 5.31 5.21 - -
Q3 2018 8.96 20.82 8.53 4.18 - -
Q4 2018 8.26 13.89 5.83 7.25 - -
Q1 2019 14.53 58.11 21.71 15.75 - -
Q2 2019 8.96 15.75 4.53 6.04 - -
Q3 2019 21.69 21.23 12.37 4.03 - -
Q4 2019 11.23 11.78 15.73 6.30 - -
Q1 2020 17.55 65.30 35.28 18.52 - -
Q2 2020 7.09 14.95 0.36 11.54 - -
Q3 2020 10.14 30.49 18.53 9.71 - -
Q4 2020 8.45 12.55 4.85 9.04 - -
Q1 2021 13.25 73.52 32.24 21.84 - -
Q2 2021 9.39 39.20 12.12 19.72 - -
Q3 2021 10.48 36.21 10.68 18.21 - -
Q4 2021 14.28 18.93 41.65 9.53 - -
Q1 2022 - 132.72 - - 15.17 119.84
Q2 2022 - 80.11 - - 18.56 95.60
Q3 2022 - 199.25 - - 5.81 113.51
Q4 2022 - 80.85 - - 7.54 173.45
Q1 2023 - 200.20 - - 22.04 288.31
Q2 2023 - 116.30 - - 90.55 214.41
Q3 2023 - 106.62 - - 10.60 225.62
Q4 2023 - 111.57 - - 13.98 227.70
Q1 2024 - 207.19 - - 28.72 325.07

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