ACIG H1 2024 profit leaps 98% to SAR 27.9M, Q2 at SAR 2.9M

05/08/2024 Argaam Exclusive

Allied Cooperative Insurance Group (ACIG) reported a net profit of SAR 27.9 million in H1 2024, leaping 98% compared with SAR 14.1 million a year before



Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 509.91 449.09 (11.9 %)
Insurance Revenues 474.39 447.14 (5.7 %)
Net Profit Before Zakat & Tax 17.56 34.49 96.4 %
Net Income 14.06 27.89 98.3 %
Average Shares 29.10 29.10 -
EPS (Riyals) 0.48 0.96 98.3 %

The profit growth was attributed to higher earnings from insurance services results and net investment income. However, this was offset by a decrease in sales of motor and medical insurance policies.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 223.06 254.73 14.2 %
Insurance Revenues 247.78 215.72 (12.9 %)
Net Profit Before Zakat & Tax 13.52 7.89 (41.7 %)
Net Income 10.52 2.89 (72.5 %)
Average Shares 29.10 29.10 -
EPS (Riyals) 0.36 0.10 (72.5 %)

The insurer's Q2 2024 bottom line dropped 73% to SAR 2.9 million from SAR 10.5 million in Q4 2023.

 

The second-quarter bottom line also fell 88.4% from SAR 24.9 million in Q1 2024.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 509.91 449.09 (11.9 %)
Insurance Revenues 474.39 447.14 (5.7 %)
Insurance Services Income 13.62 25.89 90.1 %
Investment Income 16.81 20.95 24.6 %
Net Profit of Insurance Services and Investment 31.39 48.34 54.0 %

Shareholders' equity, no minority interest, reached SAR 282.23 million at the end of H1 2024, compared with SAR 200.5 million a year earlier.

 

Accumulated losses reached SAR 46.1 million in H1 2024, representing 15.8% of the company's capital.

 

View more financial results

 

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Share Price

Allied Cooperative Insurance Group
12.50
0.02 0.16 %

Allied Cooperative Insurance Group (ACIG)

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Financial Ratios
Current
Market Cap (M) 363.75
Shares Outstanding (M) 29.10
EPS ( Riyal) (TTM) 1.64
Book Value (BV) ( Riyal) 9.80
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 7.60
P/E (TTM) 7.60
Price/Book 1.28
Return on Average Assets (%) (TTM) 5.0
Return on Average Equity (%) (TTM) 18.4
Return on Market Cap (%) 11.0
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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 3.13 89.3 % 0.14 3.85 68.7 %
Q2 2015 3.15 70.5 % 0.14 3.15 9.3 %
Q3 2015 3.98 105.2 % 0.18 3.98 105.2 %
Q4 2015 0.15 (91.9 %) 0.01 0.15 (91.9 %)
Q1 2016 3.53 12.8 % 0.16 3.78 (1.7 %)
Q2 2016 4.04 28.3 % 0.18 4.41 39.8 %
Q3 2016 3.82 (4.2 %) 0.17 4.71 18.1 %
Q4 2016 (4.70) (3171.2 %) (0.21) (4.55) (3071.9 %)
Q1 2017 4.50 27.5 % 0.20 4.90 29.7 %
Q2 2017 6.11 51.2 % 0.27 6.61 50.1 %
Q3 2017 2.96 (22.5 %) 0.13 3.93 (16.4 %)
Q4 2017 2.40 151.1 % 0.11 2.67 158.6 %
Q1 2018 1.94 (56.8 %) 0.09 2.42 (50.7 %)
Q2 2018 (0.14) (102.2 %) (0.01) 2.94 (55.6 %)
Q3 2018 (2.22) (175.0 %) (0.10) (1.10) (128.0 %)
Q4 2018 (2.98) (224.3 %) (0.13) (1.88) (170.5 %)
Q1 2019 1.00 (48.8 %) 0.04 1.98 (18.2 %)
Q2 2019 1.28 1050.4 % 0.06 2.48 (15.4 %)
Q3 2019 (1.84) 16.9 % (0.08) (0.55) 50.0 %
Q4 2019 0.08 102.6 % 0.00 2.00 206.3 %
Q1 2020 2.23 123.8 % 0.10 2.88 45.4 %
Q2 2020 5.77 349.8 % 0.26 7.09 185.4 %
Q3 2020 (2.95) (60.1 %) (0.13) (1.45) (163.2 %)
Q4 2020 (5.96) (7746.2 %) (0.27) (4.96) (348.3 %)
Q1 2021 2.43 8.9 % 0.11 3.73 29.6 %
Q2 2021 (7.32) (226.8 %) (0.33) (5.54) (178.2 %)
Q3 2021 (28.63) (869.5 %) (1.27) (26.63) (1,732.7 %)
Q4 2021 (81.07) (1,259.2 %) (3.61) (75.57) (1,422.3 %)
Q1 2022 (30.46) (1354.3 %) (1.44) (31.96) (957.2 %)
Q2 2022 (3.16) 56.9 % (0.11) (11.09) (100.1 %)
Q3 2022 14.35 150.1 % 0.49 7.42 127.9 %
Q4 2022 9.85 112.1 % 0.34 10.85 114.4 %
Q1 2023 3.54 111.6 % 0.12 4.04 112.6 %
Q2 2023 10.52 433.3 % 0.36 13.52 221.9 %
Q3 2023 32.30 125.1 % 1.11 34.60 366.4 %
Q4 2023 17.04 73.1 % 0.59 20.04 84.8 %
Q1 2024 24.99 606.0 % 0.86 26.59 558.3 %
Q2 2024 2.89 (72.5 %) 0.10 7.89 (41.7 %)

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 187.02 107.1 % - - - -
Q2 2015 143.87 243.8 % - - - -
Q3 2015 113.13 124.5 % - - - -
Q4 2015 105.41 (8.2 %) - - - -
Q1 2016 147.27 (21.3 %) - - - -
Q2 2016 146.77 2.0 % - - - -
Q3 2016 136.48 20.6 % - - - -
Q4 2016 80.09 (24.0 %) - - - -
Q1 2017 81.77 (44.5 %) - - - -
Q2 2017 102.30 (30.3 %) - - - -
Q3 2017 112.80 (17.4 %) - - - -
Q4 2017 133.11 66.2 % - - - -
Q1 2018 115.96 41.8 % - - - -
Q2 2018 114.12 11.6 % - - - -
Q3 2018 164.54 45.9 % - - - -
Q4 2018 105.39 (20.8 %) - - - -
Q1 2019 144.39 24.5 % - - - -
Q2 2019 130.55 14.4 % - - - -
Q3 2019 129.38 (21.4 %) - - - -
Q4 2019 125.03 18.6 % - - - -
Q1 2020 134.00 (7.2 %) - - - -
Q2 2020 134.21 2.8 % - - - -
Q3 2020 108.25 (16.3 %) - - - -
Q4 2020 138.66 10.9 % - - - -
Q1 2021 152.15 13.5 % - - - -
Q2 2021 132.69 (1.1 %) - - - -
Q3 2021 161.34 49.1 % - - - -
Q4 2021 146.41 5.6 % - - - -
Q1 2022 177.84 16.9 % (28.61) - (27.25) -
Q2 2022 169.09 27.4 % (6.80) - (5.06) -
Q3 2022 226.74 40.5 % 9.72 - 14.53 -
Q4 2022 257.03 75.6 % (7.23) - (0.71) -
Q1 2023 286.86 61.3 % 2.66 109.3 % 11.31 141.5 %
Q2 2023 223.06 31.9 % 10.96 261.3 % 20.08 497.2 %
Q3 2023 261.34 15.3 % 29.60 204.5 % 40.58 179.3 %
Q4 2023 276.15 7.4 % 3.86 153.4 % 13.53 2005.6 %
Q1 2024 194.36 (32.2 %) 22.25 737.4 % 35.04 209.7 %
Q2 2024 254.73 14.2 % 3.64 (66.8 %) 13.31 (33.7 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 22.48 0.39 0.39 5.05
Q2 2015 22.48 0.45 0.45 5.25
Q3 2015 22.48 0.54 0.54 5.20
Q4 2015 22.48 0.46 0.46 5.20
Q1 2016 22.48 0.48 0.48 5.28
Q2 2016 22.48 0.52 0.52 5.52
Q3 2016 22.48 0.51 0.51 5.63
Q4 2016 22.48 0.30 0.30 5.57
Q1 2017 22.48 0.34 0.34 5.71
Q2 2017 22.48 0.43 0.43 5.95
Q3 2017 22.48 0.39 0.39 6.08
Q4 2017 22.48 0.71 0.71 6.14
Q1 2018 22.48 0.60 0.60 6.22
Q2 2018 22.48 0.32 0.32 6.34
Q3 2018 22.48 0.09 0.09 6.22
Q4 2018 22.48 (0.15) (0.15) 6.14
Q1 2019 22.48 (0.19) (0.19) 6.27
Q2 2019 22.48 (0.13) (0.13) 6.36
Q3 2019 22.48 (0.11) (0.11) 6.32
Q4 2019 22.48 0.02 0.02 6.43
Q1 2020 22.48 0.08 0.08 6.39
Q2 2020 22.48 0.28 0.28 6.74
Q3 2020 22.48 0.23 0.23 6.79
Q4 2020 22.48 (0.04) (0.04) 6.53
Q1 2021 22.48 (0.03) (0.03) 6.71
Q2 2021 22.48 (0.61) (0.61) 6.40
Q3 2021 22.48 (1.76) (1.76) 5.06
Q4 2021 22.48 (5.10) (5.10) 1.49
Q1 2022 21.15 (6.97) (6.97) 8.49
Q2 2022 29.10 (4.92) (4.92) 6.06
Q3 2022 29.10 (3.45) (3.45) 6.35
Q4 2022 29.10 (0.32) (0.32) 6.49
Q1 2023 29.10 0.84 0.84 6.61
Q2 2023 29.10 1.31 1.31 6.98
Q3 2023 29.10 1.93 1.93 8.09
Q4 2023 29.10 2.18 2.18 8.74
Q1 2024 29.10 2.92 2.92 9.60
Q2 2024 29.10 2.65 2.65 9.70

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 36.37 36.37
Q4 2015 42.56 42.56
Q1 2016 34.32 34.32
Q2 2016 31.91 31.91
Q3 2016 29.16 29.16
Q4 2016 More than 100 More than 100
Q1 2017 More than 100 More than 100
Q2 2017 32.81 32.81
Q3 2017 47.78 47.78
Q4 2017 31.48 31.48
Q1 2018 33.15 33.15
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 More than 100 More than 100
Q1 2020 More than 100 More than 100
Q2 2020 More than 100 More than 100
Q3 2020 More than 100 More than 100
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 13.16 13.16
Q2 2023 11.88 11.88
Q3 2023 6.96 6.96
Q4 2023 6.31 6.31
Q1 2024 6.34 6.34
Q2 2024 7.22 7.22

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Comprehensive Motor Insurance property and others Other classes
Q1 2015 65.36 109.76 5.88 6.02
Q2 2015 50.38 81.67 4.80 7.02
Q3 2015 36.33 56.79 4.14 15.86
Q4 2015 24.95 72.24 5.01 3.21
Q1 2016 44.05 93.72 5.48 4.02
Q2 2016 54.11 76.42 7.00 9.25
Q3 2016 56.28 68.27 4.42 7.51
Q4 2016 32.32 40.46 5.27 2.04
Q1 2017 24.40 46.43 7.04 3.91
Q2 2017 31.56 62.15 3.76 4.82
Q3 2017 35.74 70.23 3.63 3.20
Q4 2017 23.46 92.50 6.69 10.47
Q1 2018 41.55 69.37 3.39 1.65
Q2 2018 38.39 71.16 1.55 3.01
Q3 2018 45.31 111.71 1.29 6.23
Q4 2018 27.50 71.43 3.14 3.33
Q1 2019 34.74 97.59 3.39 8.69
Q2 2019 37.30 88.41 1.55 3.29
Q3 2019 42.71 74.72 7.24 4.71
Q4 2019 24.29 93.98 3.72 3.04
Q1 2020 31.39 85.93 4.56 12.11
Q2 2020 22.86 95.92 6.62 8.81
Q3 2020 34.24 64.45 3.54 6.02
Q4 2020 38.22 92.93 4.60 2.92
Q1 2021 46.31 93.09 5.00 7.75
Q2 2021 34.48 90.85 2.62 4.74
Q3 2021 45.11 100.02 3.80 12.42
Q4 2021 33.59 99.54 9.18 4.11
Q1 2022 58.84 106.95 6.85 5.20
Q2 2022 62.26 92.90 5.96 7.97
Q3 2022 57.21 155.83 - 26.50
Q4 2022 36.89 211.29 - -
Q1 2023 47.46 228.48 10.91 -
Q2 2023 35.52 167.83 19.72 -
Q3 2023 47.30 194.06 19.98 -
Q4 2023 48.81 200.03 27.30 -
Q1 2024 42.68 84.93 66.76 -
Q2 2024 36.62 165.21 52.91 -

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