Financial Results : Walaa loses SAR 117.3M in H1 2025, SAR 49.4M in Q2

Walaa loses SAR 117.3M in H1 2025, SAR 49.4M in Q2

05/08/2025 Argaam Exclusive

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Walaa Cooperative Insurance Co. incurred a net loss of SAR 117.3 million in H1 2025, versus a net profit of SAR 64.3 million a year earlier.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Gross Written Premium (GWP) 1,591.14 966.00 (39.3 %)
Insurance Revenues 1,563.25 1,475.03 (5.6 %)
Net Profit Before Zakat & Tax 49.24 (107.13) (317.5 %)
Net Income 64.30 (117.30) (282.4 %)
Average Shares 103.63 127.56 23.1 %
Earnings Per Share before unusual items (Riyals) 0.42 (0.92) (316.6 %)
EPS (Riyal) 0.62 (0.92) (248.2 %)

This loss was due to a decrease in insurance revenues to SAR 1.47 billion, compared to SAR 1.56 billion during the same period of the previous year. This decline was mainly due to a decrease in insurance revenues in the medical, motor, energy, engineering, and protection & savings (non-investment-linked) segments, with a decrease of 37.05%, 10.05%, 38.29%, 22.74%, and 23.19%, respectively. However, this decline was partially offset by an increase in insurance revenues in the property and other general insurance segments by 121.59% and 30.86%, respectively.

 

Net loss before Zakat and income tax for the current period amounted to SAR 107.13 million, compared to a net profit before Zakat and income tax of SAR 69.55 million a year earlier.

 

Insurance service results recorded a loss of SAR 100.51 million, compared to a loss of SAR 8.56 million a year before, representing an increase of 1.07%. This negative change was mainly due to the motor, property, and engineering segments.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Gross Written Premium (GWP) 943.12 443.53 (53.0 %)
Insurance Revenues 796.18 686.81 (13.7 %)
Net Profit Before Zakat & Tax 26.94 (44.18) (264.0 %)
Net Income 24.44 (49.35) (302.0 %)
Average Shares 103.63 127.56 23.1 %
Earnings Per Share before unusual items (Riyal) 0.24 (0.39) (264.1 %)
EPS (Riyal) 0.24 (0.39) (264.1 %)

In the second quarter, Walaa turned to a net loss of SAR 49.4 million from a profit of SAR 24.4 million in Q2 2024.

 

Sequentially, the insurer narrowed losses from SAR 67.95 million in Q1 2025.

Insurance Operations

Item 6m 2024 6m 2025 Change‬
Gross Written Premium (GWP) 1,591.14 966.00 (39.3 %)
Insurance Revenues 1,563.25 1,475.03 (5.6 %)
Insurance Services Income (8.56) (100.51) (1,074.2 %)
Investment Income 81.35 16.09 (80.2 %)
Net Profit of Insurance Services and Investment 66.93 (90.03) (234.5 %)

Total shareholders’ equity, no minority interest, stood at SAR 1.71 billion as of June 30, 2025, compared to SAR 1.33 billion in the prior-year period.

 

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