Salama Insurance profit shrink 21% to SAR 10.1M profit in Q1 2024

13/05/2024 Argaam Exclusive

Salama Cooperative Insurance Co.’s profits dropped 21% to SAR 10.1 million by the end of the first quarter of 2024, compared to profits of SAR 12.7 million in Q1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Gross Written Premium (GWP) 165.85 133.96 (19.2 %)
Insurance Revenues 201.78 188.49 (6.6 %)
Net Profit Before Zakat & Tax 13.15 11.05 (15.9 %)
Net Income 12.65 10.05 (20.5 %)
Average Shares 15.27 24.25 58.9 %
EPS (Riyals) 0.83 0.41 (50.0 %)

Salama’s revenues dropped in Q1 2024 on lower earned revenues as gross written premiums (GWPs) for the compulsory motor insurance and health insurance segments retreated.

 

Salama did not report other revenues related to the Hajj and Umrah joint insurance portfolio in Q1 2024, compared to SAR 6 million in Q1 2023, despite an increase of SAR 1.7 million in investment profits.

 

Other operating expenses fell by SAR 1.8 million in Q1 2024.

Insurance Operations

Item 3m 2023 3m 2024 Change‬
Gross Written Premium (GWP) 165.85 133.96 (19.2 %)
Insurance Revenues 201.78 188.49 (6.6 %)
Insurance Services Income 11.56 11.75 1.6 %
Investment Income 5.40 7.14 32.2 %
Net Profit of Insurance Services and Investment 15.63 17.58 12.5 %

Shareholders’ equity, no minority interest, grew to SAR 215.864 million as of March 31, 2024, compared to SAR 73.645 million a year earlier.

 

Accumulated losses stood at SAR 25.67 million by the end of Q1 2024, which represents 12.84% of capital.

 

View More Financial Results

 

View other reports

Share Price

Salama Cooperative Insurance Co.
17.08
0.36 2.15 %

Salama Cooperative Insurance Co. (SALAMA)

More


Financial Ratios
Current
Market Cap (M) 512.40
Shares Outstanding (M) 24.25
EPS ( Riyal) (TTM) 1.47
Book Value (BV) ( Riyal) 9.58
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 14.35
P/E (TTM) 14.35
Price/Book 2.21
Return on Average Assets (%) (TTM) 4.8
Return on Average Equity (%) (TTM) 21.2
Return on Market Cap (%) 5.1
more


Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 2.26 278.2 % 0.22 - -
Q2 2015 1.69 (46.2 %) 0.17 - -
Q3 2015 1.14 146.9 % 0.07 - -
Q4 2015 (3.21) (35.6 %) (0.21) - -
Q1 2016 1.25 (44.7 %) 0.07 2.50 -
Q2 2016 1.78 5.6 % 0.10 3.03 -
Q3 2016 7.49 555.0 % 0.40 8.74 -
Q4 2016 10.79 436.2 % 0.58 16.08 -
Q1 2017 12.93 935.8 % 0.85 14.18 467.5 %
Q2 2017 14.91 737.1 % 0.98 16.16 433.1 %
Q3 2017 20.78 177.5 % 1.36 22.03 152.1 %
Q4 2017 10.58 (1.9 %) 0.69 13.13 (18.4 %)
Q1 2018 5.79 (55.2 %) 0.38 7.29 (48.6 %)
Q2 2018 7.53 (49.5 %) 0.49 9.03 (44.1 %)
Q3 2018 4.33 (79.2 %) 0.28 5.83 (73.5 %)
Q4 2018 (7.30) (169.0 %) (0.48) (5.80) (144.2 %)
Q1 2019 (16.08) (377.8 %) (0.87) (14.58) (300.1 %)
Q2 2019 (36.88) (589.9 %) (1.99) (35.38) (491.9 %)
Q3 2019 (15.81) (465.4 %) (0.85) (14.31) (345.6 %)
Q4 2019 8.66 218.5 % 0.47 10.16 275.0 %
Q1 2020 (26.90) (67.3 %) (1.76) (25.40) (74.2 %)
Q2 2020 31.20 184.6 % 2.04 32.70 192.4 %
Q3 2020 1.68 110.6 % 0.11 3.18 122.2 %
Q4 2020 0.95 (89.1 %) 0.06 2.45 (75.9 %)
Q1 2021 (1.44) 94.7 % (0.09) 0.06 100.3 %
Q2 2021 (1.42) (104.6 %) (0.09) 0.08 (99.8 %)
Q3 2021 (38.09) (2364.8 %) (2.50) (38.09) (1297.2 %)
Q4 2021 (71.46) (7645.9 %) (4.68) (68.46) (2897.7 %)
Q1 2022 (3.19) (122.2 %) (0.17) (1.69) (2742.2 %)
Q2 2022 (74.22) (5,126.7 %) (4.01) (72.72) (90998.8 %)
Q3 2022 (6.16) 83.8 % (0.33) (6.16) 83.8 %
Q4 2022 44.71 162.6 % 2.41 44.71 165.3 %
Q1 2023 12.65 496.4 % 0.83 13.15 877.5 %
Q2 2023 17.65 123.8 % 1.16 19.15 126.3 %
Q3 2023 12.67 305.6 % 0.83 13.67 321.9 %
Q4 2023 8.33 (81.4 %) 0.42 9.33 (79.1 %)
Q1 2024 10.05 (20.5 %) 0.41 11.05 (15.9 %)

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 113.68 29.2 % - - - -
Q2 2015 113.09 20.3 % - - - -
Q3 2015 84.80 13.3 % - - - -
Q4 2015 80.17 29.0 % - - - -
Q1 2016 141.72 24.7 % - - - -
Q2 2016 141.49 25.1 % - - - -
Q3 2016 132.05 55.7 % - - - -
Q4 2016 156.10 94.7 % - - - -
Q1 2017 227.88 60.8 % - - - -
Q2 2017 201.97 42.7 % - - - -
Q3 2017 158.98 20.4 % - - - -
Q4 2017 161.86 3.7 % - - - -
Q1 2018 246.23 8.1 % - - - -
Q2 2018 224.27 11.0 % - - - -
Q3 2018 153.00 (3.8 %) - - - -
Q4 2018 111.48 (31.1 %) - - - -
Q1 2019 150.96 (38.7 %) - - - -
Q2 2019 137.44 (38.7 %) - - - -
Q3 2019 95.16 (37.8 %) - - - -
Q4 2019 119.94 7.6 % - - - -
Q1 2020 85.80 (43.2 %) - - - -
Q2 2020 96.62 (29.7 %) - - - -
Q3 2020 157.52 65.5 % - - - -
Q4 2020 87.68 (26.9 %) - - - -
Q1 2021 118.24 37.8 % - - - -
Q2 2021 117.06 21.2 % - - - -
Q3 2021 125.32 (20.4 %) - - - -
Q4 2021 106.91 21.9 % - - - -
Q1 2022 147.05 24.4 % (1.80) - 6.81 -
Q2 2022 192.78 64.7 % (71.20) - (67.52) -
Q3 2022 242.37 93.4 % (8.02) - (5.54) -
Q4 2022 209.91 96.3 % 57.24 - 62.09 -
Q1 2023 165.85 12.8 % 11.56 741.0 % 15.63 129.6 %
Q2 2023 153.64 (20.3 %) 11.19 115.7 % 15.93 123.6 %
Q3 2023 268.09 10.6 % 14.68 283.1 % 21.15 481.9 %
Q4 2023 201.39 (4.1 %) 0.60 (98.9 %) 10.84 (82.5 %)
Q1 2024 133.96 (19.2 %) 11.75 1.7 % 17.58 12.4 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 10.11 0.35 0.35 2.89
Q2 2015 10.11 0.20 0.20 3.06
Q3 2015 15.27 0.18 0.18 11.47
Q4 2015 15.27 0.12 0.12 11.26
Q1 2016 18.51 0.05 0.05 9.35
Q2 2016 18.51 0.05 0.05 9.45
Q3 2016 18.51 0.39 0.39 9.85
Q4 2016 18.51 1.15 1.15 10.43
Q1 2017 15.27 2.16 2.16 13.50
Q2 2017 15.27 3.02 3.02 14.48
Q3 2017 15.27 3.89 3.89 15.84
Q4 2017 15.27 3.88 3.88 16.53
Q1 2018 15.27 3.41 3.41 16.91
Q2 2018 15.27 2.93 2.93 17.40
Q3 2018 15.27 1.85 1.85 17.69
Q4 2018 15.27 0.68 0.68 17.21
Q1 2019 18.51 (0.62) (0.62) 13.32
Q2 2019 18.51 (3.02) (3.02) 11.33
Q3 2019 18.51 (4.11) (4.11) 10.48
Q4 2019 18.51 (3.25) (3.25) 10.94
Q1 2020 15.27 (4.65) (4.65) 11.51
Q2 2020 15.27 (0.19) (0.19) 13.50
Q3 2020 15.27 0.96 0.96 13.61
Q4 2020 15.27 0.45 0.45 13.67
Q1 2021 15.27 2.12 2.12 13.59
Q2 2021 15.27 (0.01) (0.01) 13.50
Q3 2021 15.27 (2.62) (2.62) 11.00
Q4 2021 15.27 (7.36) (7.36) 6.30
Q1 2022 18.51 (6.17) (6.17) 6.11
Q2 2022 18.51 (10.10) (10.10) 1.08
Q3 2022 18.51 (8.37) (8.37) 0.75
Q4 2022 18.51 (2.10) (2.10) 3.29
Q1 2023 15.27 (1.51) (1.51) 4.81
Q2 2023 15.27 4.51 4.51 5.97
Q3 2023 15.27 5.74 5.74 6.80
Q4 2023 20.00 2.57 2.57 10.25
Q1 2024 24.25 2.01 2.01 8.87

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 More than 100 More than 100
Q1 2016 More than 100 More than 100
Q2 2016 More than 100 More than 100
Q3 2016 More than 100 More than 100
Q4 2016 23.44 23.44
Q1 2017 20.61 20.61
Q2 2017 17.63 17.63
Q3 2017 17.70 17.70
Q4 2017 20.62 20.62
Q1 2018 24.62 24.62
Q2 2018 23.42 23.42
Q3 2018 28.64 28.64
Q4 2018 More than 100 More than 100
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 More than 100 More than 100
Q4 2020 More than 100 More than 100
Q1 2021 39.04 39.04
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 7.28 7.28
Q3 2023 6.76 6.76
Q4 2023 11.34 11.34
Q1 2024 15.24 15.24

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Comprehensive Motor Insurance Other classes
Q1 2015 10.62 95.01 8.06
Q2 2015 9.81 98.40 4.88
Q3 2015 3.76 76.81 4.22
Q4 2015 5.50 72.51 2.16
Q1 2016 10.78 123.59 7.35
Q2 2016 8.24 130.03 3.21
Q3 2016 4.08 123.46 4.52
Q4 2016 6.92 146.21 2.97
Q1 2017 26.25 193.06 8.57
Q2 2017 23.07 173.17 5.73
Q3 2017 12.71 138.97 7.31
Q4 2017 16.75 140.11 5.01
Q1 2018 19.22 217.89 9.12
Q2 2018 20.35 199.21 4.71
Q3 2018 50.62 98.48 3.90
Q4 2018 28.89 76.91 5.69
Q1 2019 23.47 122.14 5.36
Q2 2019 55.66 77.40 4.38
Q3 2019 21.12 69.11 4.75
Q4 2019 23.01 91.70 5.41
Q1 2020 21.09 58.55 6.16
Q2 2020 14.19 78.75 3.68
Q3 2020 28.63 122.32 6.58
Q4 2020 25.46 54.27 7.96
Q1 2021 19.78 89.20 9.26
Q2 2021 16.78 95.52 4.76
Q3 2021 25.37 92.14 7.81
Q4 2021 24.43 74.62 7.87
Q1 2022 29.94 108.46 8.65
Q2 2022 31.76 157.97 3.05
Q3 2022 40.23 195.49 6.65
Q4 2022 40.64 162.15 7.11
Q1 2023 37.14 119.15 9.57
Q2 2023 32.21 112.99 8.44
Q3 2023 34.39 214.26 19.44
Q4 2023 36.91 154.63 9.85
Q1 2024 32.26 84.35 17.35

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2024, Argaam Investment, All Rights Reserved
Call Request