Buruj Cooperative Insurance Co. swung to a net profit of SAR 3.8 million in Q1 2024 against a net loss of SAR 17.8 million a year earlier.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 140.09 | 108.87 | (22.3 %) |
| Insurance Revenues | 81.70 | 105.77 | 29.5 % |
| Net Profit Before Zakat & Tax | (15.35) | 5.32 | 134.7 % |
| Net Income | (17.85) | 3.82 | 121.4 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | (0.59) | 0.13 | 121.4 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 80.33 | 108.87 | 35.5 % |
| Insurance Revenues | 106.24 | 105.77 | (0.4 %) |
| Net Profit Before Zakat & Tax | 3.94 | 5.32 | 35.2 % |
| Net Income | 5.92 | 3.82 | (35.5 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.20 | 0.13 | (35.5 %) |
The company reported a positive increase in revenues in Q1 2024, on a 19.83% rise in the total earned premiums to SAR 17.2 million. This is despite a 22.29% retreat in gross written premiums (GWPs) to SAR 31.2 million.
It realized a surplus in the insurance services of SAR 2.4 million, against a deficit of SAR 21.4 million in Q1 2023.
This is due to a 29.46% increase in insurance revenues to SAR 24 million, in addition to a 61.79% hike in net investment income to SAR 2.4 million in Q1 2024.
Sequentially, net earnings dropped 35.5% from SAR 5.92 million in Q4 2023.
| Item | 3m 2023 | 3m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 140.09 | 108.87 | (22.3 %) |
| Insurance Revenues | 81.70 | 105.77 | 29.5 % |
| Insurance Services Income | (21.46) | 2.42 | 111.3 % |
| Investment Income | 3.87 | 6.26 | 61.8 % |
| Net Profit of Insurance Services and Investment | (19.41) | 8.81 | 145.4 % |
Shareholders’ equity, with no minority interest, rose to SAR 445.2 million as of March 31, 2024, from SAR 399.6 million in the year-earlier period.
Total comprehensive income for the current period amounted to SAR 3.8 million against a total comprehensive loss of SAR 17.8 million for the same period of the previous year.
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