Financial Results : Mutakamela profit dips 42% to SAR 5.8M in Q1 2025

Mutakamela profit dips 42% to SAR 5.8M in Q1 2025

07/05/2025 Argaam Exclusive

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Mutakamela Insurance Co. posted a 42% profit fall to SAR 5.8 million in Q1 2025, from SAR 10 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Gross Written Premium (GWP) 242.22 383.48 58.3 %
Insurance Revenues 231.98 206.36 (11.0 %)
Net Profit Before Zakat & Tax - 8.50 -
Net Income 9.99 5.80 (41.9 %)
Average Shares 60.00 60.00 -
Earnings Per Share before unusual items (Riyal) 0.17 0.10 (41.9 %)
EPS (Riyal) 0.17 0.10 (41.9 %)

The insurer cited a 44% year-on-year (YoY) decrease in net investment and other income, along with lower revenues due to weak performance from the medical and group life segments

Insurance Operations

Item 3m 2024 3m 2025 Change‬
Gross Written Premium (GWP) 242.22 383.48 58.3 %
Insurance Revenues 231.98 206.36 (11.0 %)
Insurance Services Income 2.28 6.39 180.3 %
Investment Income 31.83 17.93 (43.7 %)
Net Profit of Insurance Services and Investment 18.37 13.91 (24.3 %)

On a quarterly basis, net earnings skyrocketed from SAR 0.06 million in Q4 2024, thanks to a rise in revenue. Net insurance service results also surged 271% YoY on a drop in insurance service costs.

 

Mutakamela also recorded a 39% quarter-on-quarter increase in net investment income.

 

Shareholders' equity, no minority interest, rose to SAR 819.21 million as of March 31, 2025, from SAR 806.11 million a year earlier.

 

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