Wataniya Insurance Co. reported an 86% rise in Q1 2024 net profit to SAR 27.3 million, from SAR 14.6 million in Q1 2023.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 510.55 | 560.98 | 9.9 % |
| Insurance Revenues | 257.68 | 409.83 | 59.0 % |
| Net Profit Before Zakat & Tax | 17.39 | 31.53 | 81.3 % |
| Net Income | 14.64 | 27.28 | 86.4 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.37 | 0.68 | 86.4 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 353.25 | 560.98 | 58.8 % |
| Insurance Revenues | 439.95 | 409.83 | (6.8 %) |
| Net Profit Before Zakat & Tax | 35.01 | 31.53 | (9.9 %) |
| Net Income | 31.50 | 27.28 | (13.4 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.79 | 0.68 | (13.4 %) |
The profit was driven by a 59.04% year-on-year (YoY) increase in insurance revenue to SAR 409.83 million, largely due to the growth in operations. In addition, the company’s insurance services results increased YoY by 85%, or SAR 10.52 million. Investment revenue rose by SAR 8.48 million.
On a quarterly basis, the Q1 net profit fell 13.4% from SAR 31.50 million.
| Item | 3m 2023 | 3m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 510.55 | 560.98 | 9.9 % |
| Insurance Revenues | 257.68 | 409.83 | 59.0 % |
| Insurance Services Income | 12.41 | 22.93 | 84.8 % |
| Investment Income | 8.06 | 16.54 | 105.2 % |
| Net Profit of Insurance Services and Investment | 16.76 | 38.16 | 127.7 % |
Shareholders’ equity, no minority interest, rose to SAR 515.54 million, from SAR 414.77 million a year earlier.
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