Al-Etihad Insurance 9M 2020 net profit up 71% to SAR 80.8 mln

02/11/2020 Argaam Exclusive

Al-Etihad Cooperative Insurance Co. reported a net profit before Zakat and tax of SAR 80.8 million for the first nine months of 2020, a 71% increase, compared to SAR 47.3 million in the same period last year. 

Financials (M)

Item 9m 2019 9m 2020 Change‬
Gross Written Premium (GWP) 628.09 510.44 (18.7 %)
Net Profit Before Zakat & Tax 47.26 80.75 70.9 %
Net Income 38.26 71.75 87.6 %
Average Shares 45.00 45.00 -
EPS (Riyals) 0.85 1.59 87.6 %

The company attributed the increase in net profit to a decrease in net claims incurred by 22%.

Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Gross Written Premium (GWP) 235.88 202.31 (14.2 %)
Net Profit Before Zakat & Tax 14.14 29.92 111.6 %
Net Income 11.14 26.42 137.2 %
Average Shares 45.00 45.00 -
EPS (Riyals) 0.25 0.59 137.2 %

The insurer reported a net profit of SAR 29.9 million for Q3 2020 due to lower net claims incurred by 28%.

 

When compared to previous quarter, Q3 net profit fell 10.2% on higher net claims incurred.

Insurance Operations (M)

Item 9m 2019 9m 2020 Change‬
Gross Written Premium (GWP) 628.09 510.44 (18.7 %)
Net Written Premiums (NWP) 569.46 463.64 (18.6 %)
Net Incurred Claims (468.06) (360.97) 22.9 %

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Share Price

Al-Etihad Cooperative Insurance Co.
20.60
0.12 0.59 %

Al-Etihad Cooperative Insurance Co. (ALETIHAD)

Financial Ratios
Current
Market Cap (M) 927.00
Shares Outstanding ((M)) 45.00
EPS ( Riyal) (TTM) 2.22
Book Value (BV) ( Riyal) 14.14
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 9.29
P/E (TTM) 9.29
Price/Book 1.46
Return on Average Assets (%) (TTM) 6.1
Return on Average Equity (%) (TTM) 17.8
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