Walaa Cooperative Insurance Co. posted a net profit of SAR 39.9 million in Q1 2024, soaring 64% compared with SAR 24.3 million a year earlier.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 466.68 | 648.02 | 38.9 % |
| Insurance Revenues | 659.64 | 767.07 | 16.3 % |
| Net Profit Before Zakat & Tax | 26.81 | 42.61 | 59.0 % |
| Net Income | 24.31 | 39.86 | 64.0 % |
| Average Shares | 85.06 | 85.06 | - |
| EPS (Riyals) | 0.29 | 0.47 | 64.0 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 880.21 | 648.02 | (26.4 %) |
| Insurance Revenues | 781.15 | 767.07 | (1.8 %) |
| Net Profit Before Zakat & Tax | 50.25 | 42.61 | (15.2 %) |
| Net Income | 45.25 | 39.86 | (11.9 %) |
| Average Shares | 85.06 | 85.06 | - |
| EPS (Riyals) | 0.53 | 0.47 | (11.9 %) |
Insurance revenues amounted to SAR 767.07 million, up 16.29% year-on-year (YoY) from SAR 659.63 million, mainly driven by business growth in motor, property, and engineering insurance segments.
Net investment results amounted to SAR 44.36 million, leaping 48.8% from SAR 29.81 million a year earlier.
Other income reached SAR 21.01 million, soaring from SAR 1.13 million in Q1 2023.
Meanwhile, other operating expenses fell 25% YoY to SAR 6 million.
| Item | 3m 2023 | 3m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 466.68 | 648.02 | 38.9 % |
| Insurance Revenues | 659.64 | 767.07 | 16.3 % |
| Insurance Services Income | 4.34 | (14.35) | (430.6 %) |
| Investment Income | 29.81 | 44.36 | 48.8 % |
| Net Profit of Insurance Services and Investment | 33.69 | 27.61 | (18.0 %) |
In Q1 2024, the insurance services provider's profit fell 11.9% from SAR 45.25 million in Q4 2023, owing primarily to a 1.8% fall in revenues to SAR 767.07 million.
Shareholders’ equity, no minority interest, amounted to SAR 1.31 billion as of March 31, 2024, compared to SAR 1.14 billion in the same period a year ago.
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