Arabia Insurance Cooperative Co. (AICC) reported a net profit rose to SAR 7.8 million in Q1 2024, from SAR 7.3 million in the year-earlier period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Insurance Revenues | 197.28 | 198.27 | 0.5 % |
| Net Income | 7.32 | 7.84 | 7.0 % |
| Average Shares | 53.00 | 53.00 | - |
| EPS (Riyals) | 0.14 | 0.15 | 7.0 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Insurance Revenues | 197.96 | 198.27 | 0.2 % |
| Net Income | 10.22 | 7.84 | (23.3 %) |
| Average Shares | 53.00 | 53.00 | - |
| EPS (Riyals) | 0.19 | 0.15 | (23.3 %) |
AICC said net investment income and other income grew by approximately SAR 6 million, while other expenses and the provision for Zakat and income tax fell approximately SAR 4.5 million, despite the decrease in net insurance results by approximately SAR 10 million.
Insurance revenue rose driven by the increase in revenues from the engineering insurance segment, despite the decrease in revenues from the medical insurance segment.
| Item | 3m 2023 | 3m 2024 | Change |
|---|---|---|---|
| Insurance Revenues | 197.28 | 198.27 | 0.5 % |
| Insurance Services Income | 16.22 | 5.99 | (63.1 %) |
| Investment Income | 6.43 | 9.23 | 43.5 % |
| Net Profit of Insurance Services and Investment | 21.16 | 13.40 | (36.7 %) |
On a quarterly basis, net earnings fell 23.3% from SAR 10.22 million in Q4 2023.
Shareholders’ equity (no minority interest) at the end Q1 2024 amounted to SAR 569.17 million, compared to SAR 500.47 million in the same period of the previous year.
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