Salama Insurance deepens 9M 2022 loss to SAR 63.8 mln; Q3 profit at SAR 6.1 mln

06/11/2022 Argaam Exclusive

Salama Cooperative Insurance Co. widened net losses to SAR 63.8 million in the first nine months of 2022, compared to SAR 41 million in the prior-year period.

Financials (M)

Item 9m 2021 9m 2022 Change‬
Gross Written Premium (GWP) 360.62 582.20 61.4 %
Net Profit Before Zakat & Tax (37.95) (60.83) (60.3 %)
Net Income (40.95) (63.83) (55.9 %)
Average Shares 10.00 10.00 -
EPS (Riyals) (4.10) (6.38) (55.9 %)

Losses widened on higher net incurred claims and higher other underwriting expenses, which came as a result of the increase in sales of vehicle insurance policies.

Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Gross Written Premium (GWP) 125.32 242.37 93.4 %
Net Profit Before Zakat & Tax (38.09) 6.06 115.9 %
Net Income (38.09) 6.06 115.9 %
Average Shares 10.00 10.00 -
EPS (Riyals) (3.81) 0.61 115.9 %

In Q3 2022, the insurer turned to a profit of SAR 6.1 million, against a loss of SAR 38.1 million.

 

Sequentially, the company turned to profit against net loss of SAR 61.6 million in Q2 2022.

 

Total shareholders’ equity, no minority interest, stood at SAR 32.402 million by the end of September 2022, compared to SAR 165.348 million in the year-earlier period.

 

Accumulated losses reached SAR 67.598 million as of Sept. 30, 2022, accounting for 68% of the insurance services provider’s capital of SAR 100 million.

Insurance Operations (M)

Item 9m 2021 9m 2022 Change‬
Gross Written Premium (GWP) 360.62 582.20 61.4 %
Net Written Premiums (NWP) 316.47 518.29 63.8 %
Net Incurred Claims (241.21) (310.56) (28.8 %)

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Share Price

Salama Cooperative Insurance Co.
14.44
0.04 0.28 %

Salama Cooperative Insurance Co. (Salama)

Financial Ratios
Current
Market Cap (M) 144.40
Shares Outstanding ((M)) 10.00
EPS ( Riyal) (TTM) (5.83)
Book Value (BV) ( Riyal) 3.79
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/Book 3.81
Return on Average Assets (%) (TTM) (8.45 )
Return on Average Equity (%) (TTM) (86.96 )
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