UCA turns to SAR 5.3M profit in H1 2024; Q2 at SAR 296,000

United Cooperative Assurance Co. (UCA) reported profits of SAR 5.3 million at the end of the first half of 2024, compared to losses of SAR 11.5 million in the same period in 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	596.10	626.20	5.1 %
Insurance Revenues	435.56	466.40	7.1 %
Net Profit Before Zakat & Tax	(9.93)	6.31	163.5 %
Net Income	(11.50)	5.31	146.1 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.29)	0.13	146.1 %

Insurance revenues rose by 7% to SAR 466.4 million due to business growth. Additionally, insurance service results increased by SAR 28.87 million, driven by a rise in insurance revenues by SAR 30.84 million. Furthermore, net investment results improved by 52% to SAR 7.22 million due to better investment returns.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Gross Written Premium (GWP)	187.02	234.41	25.3 %
Insurance Revenues	238.91	216.79	(9.3 %)
Net Profit Before Zakat & Tax	(0.05)	0.80	1601.9 %
Net Income	(1.54)	0.30	119.2 %
Average Shares	40.00	40.00	-
EPS (Riyals)	(0.04)	0.01	119.2 %

Item	Q1 2024	Q2 2024	Change‬
Gross Written Premium (GWP)	391.80	234.41	(40.2 %)
Insurance Revenues	249.61	216.79	(13.1 %)
Net Profit Before Zakat & Tax	5.51	0.80	(85.6 %)
Net Income	5.01	0.30	(94.1 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.13	0.01	(94.1 %)

In Q2 2024, UCA achieved profits of SAR 296,000 compared to losses SAR 1.54 million in the same quarter last year. This improvement was due to an increase in insurance service results by SAR 1.86 million and a 78% rise in net investment results. However, this was offset by a 9% decrease in insurance revenues due to a decline in earned revenues.

UCA’s Q2 earnings were 94.1% lower than a profit of SAR 5.01 million in Q1 2024.

Insurance Operations

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	596.10	626.20	5.0 %
Insurance Revenues	435.56	466.40	7.1 %
Insurance Services Income	(7.44)	21.14	384.1 %
Investment Income	4.75	7.23	52.2 %
Net Profit of Insurance Services and Investment	(5.21)	26.31	605.0 %

Shareholders' equity (no minority interests) reached SAR 270.46 million at the end of H1 2024, compared to SAR 244.647 million last year.

Accumulated losses at the end of the current period were SAR 175.25 million, representing 43.81% of the capital.

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Share Price

United Cooperative Assurance Co. (UCA)

	Current
Market Cap (M)	389.20
Shares Outstanding (M)	40.00
EPS ( Riyal) (TTM)	0.49
Book Value (BV) ( Riyal)	6.75
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	19.69
P/E (TTM)	19.69
Price/Book	1.44
Return on Average Assets (%) (TTM)	2.7
Return on Average Equity (%) (TTM)	7.6
Return on Market Cap (%)	4.7

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2015	5.59	599.9 %	0.14	6.59	186.7 %
Q2 2015	16.46	185.8 %	0.41	17.46	198.7 %
Q3 2015	10.57	(45.2 %)	0.26	12.07	(41.9 %)
Q4 2015	(89.09)	(5.2 %)	(2.23)	(89.09)	(4.0 %)
2015	(56.48)	32.6 %	(1.41)	(52.98)	34.0 %
Q1 2016	18.24	226.2 %	0.46	19.24	191.9 %
Q2 2016	42.16	156.2 %	1.05	43.16	147.3 %
Q3 2016	23.09	118.5 %	0.58	26.09	116.2 %
Q4 2016	10.28	111.5 %	0.26	11.28	112.7 %
2016	93.77	266.0 %	2.34	99.77	288.3 %
Q1 2017	32.72	79.4 %	0.82	34.22	77.8 %
Q2 2017	25.93	(38.5 %)	0.65	27.43	(36.4 %)
Q3 2017	(3.67)	(115.9 %)	(0.09)	(2.17)	(108.3 %)
Q4 2017	(24.38)	(337.2 %)	(0.61)	(22.88)	(302.9 %)
2017	30.61	(67.4 %)	0.77	36.61	(63.3 %)
Q1 2018	(9.11)	(127.8 %)	(0.23)	(7.61)	(122.2 %)
Q2 2018	1.08	(95.8 %)	0.03	3.08	(88.8 %)
Q3 2018	(13.94)	(280.4 %)	(0.35)	(11.94)	(451.4 %)
Q4 2018	(42.20)	(73.1 %)	(1.06)	(43.70)	(91.0 %)
2018	(64.17)	(309.7 %)	(1.60)	(60.17)	(264.4 %)
Q1 2019	(6.53)	28.3 %	(0.16)	(5.53)	27.3 %
Q2 2019	6.29	480.2 %	0.16	7.29	136.3 %
Q3 2019	6.56	147.1 %	0.16	7.56	163.3 %
Q4 2019	1.22	102.9 %	0.03	6.22	114.2 %
2019	7.54	111.7 %	0.19	15.54	125.8 %
Q1 2020	(5.09)	22.0 %	(0.13)	(3.09)	44.1 %
Q2 2020	(3.42)	(154.3 %)	(0.09)	(1.42)	(119.4 %)
Q3 2020	(15.20)	(331.6 %)	(0.38)	(13.20)	(274.6 %)
Q4 2020	(20.18)	(1756.6 %)	(0.50)	1.82	(70.7 %)
2020	(43.88)	(682.0 %)	(1.10)	(15.88)	(202.2 %)
Q1 2021	(28.99)	(469.5 %)	(0.72)	(26.99)	(773.5 %)
Q2 2021	(8.53)	(149.8 %)	(0.21)	(6.53)	(361.5 %)
Q3 2021	(20.44)	(34.5 %)	(0.51)	(18.44)	(39.7 %)
Q4 2021	(15.72)	22.1 %	(0.39)	(13.72)	(852.3 %)
2021	(73.67)	(67.9 %)	(1.84)	(65.67)	(313.5 %)
Q1 2022	(21.59)	25.5 %	(0.54)	(19.59)	27.4 %
Q2 2022	(14.59)	(71.0 %)	(0.36)	(14.59)	(123.4 %)
Q3 2022	(14.88)	27.2 %	(0.37)	(13.88)	24.7 %
Q4 2022	(4.43)	71.8 %	(0.11)	(4.43)	67.7 %
2022	(55.48)	24.7 %	(1.39)	(52.48)	20.1 %
Q1 2023	(9.96)	53.9 %	(0.25)	(9.88)	49.6 %
Q2 2023	(1.54)	89.4 %	(0.04)	(0.05)	99.6 %
Q3 2023	2.07	113.9 %	0.05	2.85	120.6 %
Q4 2023	14.73	432.7 %	0.37	16.64	475.9 %
2023	5.29	109.5 %	0.13	9.56	118.2 %
Q1 2024	5.01	150.3 %	0.13	5.51	155.8 %
Q2 2024	0.30	119.2 %	0.01	0.80	1601.9 %

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	(83.83)	0.4 %	(2.82)	(80.30)	(2.6 %)
2015	(56.48)	32.6 %	(1.41)	(52.98)	34.0 %
2016	93.77	266.0 %	2.34	99.77	288.3 %
2017	30.61	(67.4 %)	0.77	36.61	(63.3 %)
2018	(64.17)	(309.7 %)	(1.60)	(60.17)	(264.4 %)
2019	7.54	111.7 %	0.19	15.54	125.8 %
2020	(43.88)	(682.0 %)	(1.10)	(15.88)	(202.2 %)
2021	(73.67)	(67.9 %)	(1.84)	(65.67)	(313.5 %)
2022	(55.48)	24.7 %	(1.39)	(52.48)	20.1 %
2023	5.29	109.5 %	0.13	9.56	118.2 %

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	335.79	(13.4 %)	-	-	-	-
Q2 2015	271.76	40.9 %	-	-	-	-
Q3 2015	313.53	26.6 %	-	-	-	-
Q4 2015	350.66	4.1 %	-	-	-	-
2015	1,271.74	9.1 %	-	-	-	-
Q1 2016	347.60	3.5 %	-	-	-	-
Q2 2016	260.93	(4.0 %)	-	-	-	-
Q3 2016	63.73	(79.7 %)	-	-	-	-
Q4 2016	147.34	(58.0 %)	-	-	-	-
2016	819.60	(35.6 %)	-	-	-	-
Q1 2017	108.91	(68.7 %)	-	-	-	-
Q2 2017	251.43	(3.6 %)	-	-	-	-
Q3 2017	116.29	82.5 %	-	-	-	-
Q4 2017	103.93	(29.5 %)	-	-	-	-
2017	580.57	(29.2 %)	-	-	-	-
Q1 2018	104.02	(4.5 %)	-	-	-	-
Q2 2018	88.76	(64.7 %)	-	-	-	-
Q3 2018	120.93	4.0 %	-	-	-	-
Q4 2018	78.27	(24.7 %)	-	-	-	-
2018	391.97	(32.5 %)	-	-	-	-
Q1 2019	114.41	10.0 %	-	-	-	-
Q2 2019	86.22	(2.9 %)	-	-	-	-
Q3 2019	66.95	(44.6 %)	-	-	-	-
Q4 2019	152.71	95.1 %	-	-	-	-
2019	420.29	7.2 %	-	-	-	-
Q1 2020	240.65	110.3 %	-	-	-	-
Q2 2020	148.51	72.3 %	-	-	-	-
Q3 2020	128.75	92.3 %	-	-	-	-
Q4 2020	98.95	(35.2 %)	-	-	-	-
2020	616.86	46.8 %	-	-	-	-
Q1 2021	116.14	(51.7 %)	-	-	-	-
Q2 2021	91.12	(38.6 %)	-	-	-	-
Q3 2021	106.94	(16.9 %)	-	-	-	-
Q4 2021	95.56	(3.4 %)	-	-	-	-
2021	409.76	(33.6 %)	-	-	-	-
Q1 2022	308.47	165.6 %	(16.50)	-	(13.30)	-
Q2 2022	176.94	94.2 %	(19.58)	-	(3.57)	-
Q3 2022	227.85	113.1 %	(2.48)	-	(12.07)	-
Q4 2022	108.58	13.6 %	(4.41)	-	(5.46)	-
2022	821.84	100.6 %	(42.97)	-	(34.39)	-
Q1 2023	409.08	32.6 %	(7.74)	53.1 %	(3.99)	70.0 %
Q2 2023	187.02	5.7 %	6.33	132.3 %	4.80	234.8 %
Q3 2023	244.23	7.2 %	16.44	763.4 %	19.57	262.1 %
Q4 2023	189.10	74.2 %	18.12	510.7 %	20.22	470.4 %
2023	1,029.42	25.3 %	27.12	163.1 %	34.58	200.5 %
Q1 2024	391.80	(4.2 %)	14.49	287.0 %	18.14	554.2 %
Q2 2024	234.41	25.3 %	8.19	29.5 %	9.71	102.1 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	1,165.15	(9.9 %)	-	-	-	-
2015	1,271.74	9.1 %	-	-	-	-
2016	819.60	(35.6 %)	-	-	-	-
2017	580.57	(29.2 %)	-	-	-	-
2018	391.97	(32.5 %)	-	-	-	-
2019	420.29	7.2 %	-	-	-	-
2020	616.86	46.8 %	-	-	-	-
2021	409.76	(33.6 %)	-	-	-	-
2022	821.84	100.6 %	(42.97)	-	(34.39)	-
2023	1,029.42	25.3 %	27.12	163.1 %	34.58	200.5 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2015	40.00	(1.98)	(1.98)	9.14
Q2 2015	40.00	(1.09)	(1.09)	9.51
Q3 2015	40.00	(1.30)	(1.30)	9.68
Q4 2015	40.00	(1.41)	(1.41)	7.37
Q1 2016	40.00	(1.10)	(1.10)	7.77
Q2 2016	40.00	(0.45)	(0.45)	8.87
Q3 2016	40.00	(0.14)	(0.14)	9.40
Q4 2016	40.00	2.34	2.34	9.74
Q1 2017	40.00	2.71	2.71	10.58
Q2 2017	40.00	2.30	2.30	11.24
Q3 2017	40.00	1.63	1.63	11.15
Q4 2017	40.00	0.77	0.77	10.53
Q1 2018	40.00	(0.28)	(0.28)	10.35
Q2 2018	40.00	(0.90)	(0.90)	10.40
Q3 2018	40.00	(1.16)	(1.16)	10.05
Q4 2018	40.00	(1.60)	(1.60)	9.02
Q1 2019	40.00	(1.54)	(1.54)	8.87
Q2 2019	40.00	(1.41)	(1.41)	9.02
Q3 2019	40.00	(0.90)	(0.90)	9.19
Q4 2019	40.00	0.19	0.19	9.39
Q1 2020	40.00	0.22	0.22	9.36
Q2 2020	40.00	(0.02)	(0.02)	9.27
Q3 2020	40.00	(0.56)	(0.56)	8.89
Q4 2020	40.00	(1.10)	(1.10)	8.32
Q1 2021	40.00	(1.69)	(1.69)	7.54
Q2 2021	40.00	(1.82)	(1.82)	7.31
Q3 2021	40.00	(1.95)	(1.95)	6.63
Q4 2021	40.00	(1.84)	(1.84)	6.25
Q1 2022	40.00	(1.66)	(1.66)	7.15
Q2 2022	40.00	(1.81)	(1.81)	6.79
Q3 2022	40.00	(1.67)	(1.67)	6.42
Q4 2022	40.00	(1.39)	(1.39)	6.40
Q1 2023	40.00	(1.10)	(1.10)	6.15
Q2 2023	40.00	(0.77)	(0.77)	6.12
Q3 2023	40.00	(0.35)	(0.35)	6.17
Q4 2023	40.00	0.13	0.13	6.63
Q1 2024	40.00	0.51	0.51	6.75
Q2 2024	40.00	0.55	0.55	6.76

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	29.69	(2.82)	(2.82)	5.16
2015	40.00	(1.41)	(1.41)	7.37
2016	40.00	2.34	2.34	9.74
2017	40.00	0.77	0.77	10.53
2018	40.00	(1.60)	(1.60)	9.02
2019	40.00	0.19	0.19	9.39
2020	40.00	(1.10)	(1.10)	8.32
2021	40.00	(1.84)	(1.84)	6.25
2022	40.00	(1.39)	(1.39)	6.40
2023	40.00	0.13	0.13	6.63

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E
Q1 2015	NEG	NEG
Q2 2015	NEG	NEG
Q3 2015	NEG	NEG
Q4 2015	NEG	NEG
Q1 2016	NEG	NEG
Q2 2016	NEG	NEG
Q3 2016	NEG	NEG
Q4 2016	6.81	6.81
Q1 2017	6.36	6.36
Q2 2017	7.26	7.26
Q3 2017	10.90	10.90
Q4 2017	20.61	20.61
Q1 2018	NEG	NEG
Q2 2018	NEG	NEG
Q3 2018	NEG	NEG
Q4 2018	NEG	NEG
Q1 2019	NEG	NEG
Q2 2019	NEG	NEG
Q3 2019	NEG	NEG
Q4 2019	48.34	48.34
Q1 2020	36.53	36.53
Q2 2020	NEG	NEG
Q3 2020	NEG	NEG
Q4 2020	NEG	NEG
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	NEG	NEG
Q2 2023	NEG	NEG
Q3 2023	NEG	NEG
Q4 2023	More than 100	More than 100
Q1 2024	20.41	20.41
Q2 2024	19.22	19.22

Period	P/E	Adjusted P/E
2014	NEG	NEG
2015	NEG	NEG
2016	6.81	6.81
2017	20.61	20.61
2018	NEG	NEG
2019	48.34	48.34
2020	NEG	NEG
2021	NEG	NEG
2022	NEG	NEG
2023	More than 100	More than 100

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Medical Insurance	Comprehensive Motor Insurance	energy-insurance	Engineering	Other classes
Q1 2015	31.70	207.02	-	-	97.07
Q2 2015	16.54	164.98	41.33	-	48.90
Q3 2015	51.39	160.54	41.33	-	60.27
Q4 2015	23.96	262.03	41.33	-	23.34
Q1 2016	23.23	263.08	(1.43)	-	62.72
Q2 2016	6.54	152.18	30.20	-	72.01
Q3 2016	17.96	5.24	30.28	-	10.25
Q4 2016	17.94	71.30	30.28	-	27.81
Q1 2017	18.95	5.65	25.87	-	58.44
Q2 2017	2.39	91.16	26.32	-	131.56
Q3 2017	9.04	61.60	26.32	-	19.33
Q4 2017	45.26	15.39	26.32	-	16.96
Q1 2018	25.10	21.09	30.60	(8.65)	35.88
Q2 2018	11.14	37.09	24.65	6.52	9.36
Q3 2018	16.28	37.55	24.65	36.06	6.38
Q4 2018	6.40	19.42	24.65	18.19	9.61
Q1 2019	10.35	11.35	39.09	11.16	42.47
Q2 2019	3.78	11.99	30.90	28.45	11.10
Q3 2019	7.59	6.54	30.90	5.99	15.93
Q4 2019	7.86	10.67	30.90	89.42	13.86
Q1 2020	8.16	64.79	33.93	85.58	48.17
Q2 2020	9.21	75.99	29.20	13.02	21.10
Q3 2020	16.81	60.18	29.20	5.13	17.43
Q4 2020	7.33	33.64	29.20	16.37	12.42
Q1 2021	30.48	32.10	25.46	6.10	22.00
Q2 2021	15.61	16.02	24.15	4.30	31.04
Q3 2021	29.14	17.70	24.15	22.85	13.09
Q4 2021	25.74	37.35	24.15	4.48	3.83
Q1 2022	31.39	107.02	-	-	170.06
Q2 2022	21.49	67.50	-	-	87.95
Q3 2022	16.76	58.78	-	-	152.31
Q4 2022	11.21	88.65	-	-	8.72
Q1 2023	58.46	274.90	-	-	75.72
Q2 2023	11.13	110.40	-	-	65.49
Q3 2023	15.19	145.21	-	-	83.82
Q4 2023	19.25	129.51	-	-	40.34
Q1 2024	54.52	200.10	-	-	137.18
Q2 2024	17.23	126.35	-	-	90.83

Period	Medical Insurance	Comprehensive Motor Insurance	energy-insurance	Engineering	Other classes
2014	166.42	585.13	140.48	-	273.13
2015	123.59	794.57	156.50	-	197.08
2016	65.67	491.81	89.33	-	172.78
2017	75.64	173.80	104.84	-	226.28
2018	58.93	115.16	104.54	52.12	61.23
2019	29.57	40.55	131.79	135.02	83.36
2020	41.51	234.60	121.54	120.10	99.12
2021	100.97	103.18	97.92	37.72	69.96
2022	80.86	321.94	-	-	419.04
2023	104.04	660.02	-	-	265.37

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UCA turns to SAR 5.3M profit in H1 2024; Q2 at SAR 296,000

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

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Share Price

United Cooperative Assurance Co. (UCA)

Financial Ratios

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million)

Revenue by Business Segment (Latest) 2024 Q2

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UCA turns to SAR 5.3M profit in H1 2024; Q2 at SAR 296,000

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

View other reports

Share Price

United Cooperative Assurance Co. (UCA)

Financial Ratios

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

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Business Segments - Gross Premium Written (Million)