Salama deepens net loss to SAR 8.3 mln in Q1 2022

24/05/2022 Argaam Exclusive

Salama Cooperative Insurance Co. deepened its net loss to SAR 8.3 million by the end of Q1 2022, compared to SAR 1.5 million in a year-earlier period.

Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Gross Written Premium (GWP) 118.24 147.05 24.4 %
Net Profit Before Zakat & Tax 0.06 (6.83) (10764.1 %)
Net Income (1.44) (8.33) (479.7 %)
Average Shares 10.00 10.00 -
EPS (Riyals) (0.14) (0.83) (479.7 %)

This was triggered by higher losses from insurance operations, increased net incurred claims, higher other underwriting expenses and lower gains from capital investments.

 

Sequentially, net loss shrank by 88.8% from SAR 74.07 million in Q4 2021.

Insurance Operations (M)

Item 3m 2021 3m 2022 Change‬
Gross Written Premium (GWP) 118.24 147.05 24.4 %
Net Written Premiums (NWP) 105.28 129.69 23.2 %
Net Incurred Claims (65.78) (78.33) (19.1 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 87.91 million as of March 31, 2022, compared to SAR 207.21 million in a year-earlier period.

 

Accumulated losses accounted for 67% of capital, or SAR 167.092 million, at the end of Q1 2022.

 

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Share Price

Salama Cooperative Insurance Co.
14.90
0.20 1.36 %

Salama Cooperative Insurance Co. (Salama)

Financial Ratios
Current
Market Cap (M) 149.00
Shares Outstanding ((M)) 10.00
EPS ( Riyal) (TTM) (5.83)
Book Value (BV) ( Riyal) 3.29
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/Book 4.53
Return on Average Assets (%) (TTM) (8.51 )
Return on Average Equity (%) (TTM) (90.33 )
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