Arabian Shield Cooperative Insurance Co. reported a net profit surge to SAR 15.8 million in Q1 2024, from SAR 1.9 million in the year-earlier period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 459.02 | 616.45 | 34.3 % |
| Insurance Revenues | 260.54 | 397.93 | 52.7 % |
| Net Profit Before Zakat & Tax | 6.83 | 21.47 | 214.5 % |
| Net Income | 1.85 | 15.78 | 752.4 % |
| Average Shares | 67.84 | 79.82 | 17.6 % |
| EPS (Riyals) | 0.03 | 0.20 | 624.5 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 376.57 | 616.45 | 63.7 % |
| Insurance Revenues | 319.84 | 397.93 | 24.4 % |
| Net Profit Before Zakat & Tax | 20.84 | 21.47 | 3.0 % |
| Net Income | 15.31 | 15.78 | 3.1 % |
| Average Shares | 67.84 | 79.82 | 17.6 % |
| EPS (Riyals) | 0.23 | 0.20 | (12.4 %) |
This was spurred by higher insurance service results, increased insurance revenue, higher net investment income, in addition to an increase in insurance service expenses, as well as net expenses from reinsurance contracts.
The insurer also cited an increase in net insurance finance expenses and higher other operating expenses. Moreover, gross written premiums (GWPs) increased 34% annually.
On a quarterly basis, net earnings grew 3.1% from SAR 15.3 million in Q4 2023.
| Item | 3m 2023 | 3m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 459.02 | 616.45 | 34.3 % |
| Insurance Revenues | 260.54 | 397.93 | 52.7 % |
| Insurance Services Income | 0.09 | 10.06 | 11077.8 % |
| Investment Income | 12.74 | 21.03 | 65.1 % |
| Net Profit of Insurance Services and Investment | 12.71 | 28.78 | 126.4 % |
Shareholders’ equity, no minority interest, reached SAR 1.56 billion by March 31, 2024, compared to SAR 1.19 billion in the prior-year period.
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