Wataniya Insurance turns to SAR 84.6M profit in 2023; Q4 at SAR 31.5M

14/03/2024 Argaam Exclusive

Wataniya Insurance Co. swung to a net profit of SAR 84.6 million for 2023, from a net loss of SAR 27.7 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Gross Written Premium (GWP) 1,042.42 1,627.88 56.2 %
Insurance Revenues 835.08 1,378.64 65.1 %
Net Profit Before Zakat & Tax (21.17) 96.49 555.8 %
Net Income (27.66) 84.58 405.8 %
Average Shares 40.00 40.00 -
EPS (Riyals) (0.69) 2.11 405.8 %

The profit was driven by an increase in insurance revenue to SAR 543.55 million, or 65.08% compared to 2022. In addition, the company’s insurance services results increased 162.14% year-on-year (YoY) to SAR 164.66 million. Investment revenue rose 426.36% YoY to SAR 36.47 million.

 

In Q4 2023, the insurer turned a profit of SAR 31.5 million versus a loss of SAR 12.25 million in the year-earlier period.

 

The fourth-quarter net profit declined from SAR 33.99 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Gross Written Premium (GWP) 261.84 353.25 34.9 %
Insurance Revenues 214.98 439.95 104.6 %
Net Profit Before Zakat & Tax (9.38) 35.01 473.2 %
Net Income (12.25) 31.50 357.2 %
Average Shares 40.00 40.00 -
EPS (Riyals) (0.31) 0.79 357.2 %

Insurance Operations

Item 2022 2023 Change‬
Gross Written Premium (GWP) 1,042.42 1,627.88 56.2 %
Insurance Revenues 835.08 1,378.64 65.1 %
Insurance Services Income (13.47) 64.63 579.8 %
Investment Income 8.55 45.03 426.7 %
Net Profit of Insurance Services and Investment (0.75) 104.45 14026.7 %

Total shareholder equity (no minority interest) at the end of 2023 amounted to SAR 488.27 million compared to SAR 400 million at the end of 2022.

 

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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 2014 5.41 67712.5 % 0.14 5.81 1270.5 %
Q2 2014 (7.02) (22.5 %) (0.18) (6.87) (14.9 %)
Q3 2014 2.65 8378.1 % 0.07 3.07 771.0 %
Q4 2014 9.05 132.2 % 0.23 9.54 134.0 %
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 %
2023 84.58 405.8 % 2.11 96.49 555.8 %

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 2014 173.23 (12.5 %) - - - -
Q2 2014 73.39 (25.4 %) - - - -
Q3 2014 115.52 (6.3 %) - - - -
Q4 2014 71.78 6.5 % - - - -
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 %
2023 1,627.88 56.2 % 64.63 579.8 % 104.45 14026.9 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 40.00 (0.71) (0.71) 1.59
Q2 2014 40.00 (0.74) (0.74) 1.41
Q3 2014 40.00 (0.68) (0.68) 1.48
Q4 2014 40.00 0.25 0.25 1.70
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2014 NEG NEG
Q2 2014 NEG NEG
Q3 2014 NEG NEG
Q4 2014 More than 100 More than 100
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

Business Segments - Gross Premium Written (Million)

Compared With The
Period Marine Insurance Property & casualty Insurance - Engineering Accidents and responsibility Term Life Motor
Q1 2014 19.59 44.37 20.41 10.62 - -
Q2 2014 2.75 10.12 4.07 2.17 - -
Q3 2014 8.83 9.27 2.10 6.68 - -
Q4 2014 9.49 5.35 4.91 2.63 - -
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

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