Financial Results : Mutakamela H1 2025 profit leaps 37% to SAR 14.5M; Q2 at SAR 8.7M

Mutakamela H1 2025 profit leaps 37% to SAR 14.5M; Q2 at SAR 8.7M

05/08/2025 Argaam Exclusive

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Mutakamela Insurance Co. posted a 37% profit leap to SAR 14.5 million in H1 2025, from SAR 10.6 million in the year-earlier period.
 
 


Financials (M)

Item 6m 2024 6m 2025 Change‬
Gross Written Premium (GWP) 448.06 585.88 30.8 %
Insurance Revenues 470.31 426.95 (9.2 %)
Net Profit Before Zakat & Tax 16.44 19.99 21.6 %
Net Income 10.59 14.52 37.2 %
Average Shares 60.00 60.00 -
Earnings Per Share before unusual items (Riyals) 0.18 0.24 37.2 %
EPS (Riyal) 0.18 0.24 37.2 %

The improved performance was boosted by an increase in net insurance service results by 149% year-on-year (YoY), due to a decrease in insurance service expenses and a fall in other operating expenses by 25% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Gross Written Premium (GWP) 205.84 202.40 (1.7 %)
Insurance Revenues 238.33 220.59 (7.4 %)
Net Profit Before Zakat & Tax 2.43 11.48 372.0 %
Net Income 0.60 8.72 1351.4 %
Average Shares 60.00 60.00 -
Earnings Per Share before unusual items (Riyal) 0.01 0.15 1351.4 %
EPS (Riyal) 0.01 0.15 1351.4 %

However, the insurance services provider reported a decrease in business, mainly from medical and group life.

 

The second-quarter net earnings skyrocketed to SAR 8.72 million from SAR 0.60 million a year before, mainly supported by an increase in net insurance service result by 126% YoY.

 

The insurer's net income also leapt 50.2 94% from SAR 5.80 million in Q1 2025.

Insurance Operations

Item 6m 2024 6m 2025 Change‬
Gross Written Premium (GWP) 448.06 585.88 30.8 %
Insurance Revenues 470.31 426.95 (9.2 %)
Insurance Services Income 5.49 14.40 162.3 %
Investment Income 43.11 26.91 (37.6 %)
Net Profit of Insurance Services and Investment 32.07 31.65 (1.3 %)

Shareholders’ equity, with no minority interest, reached SAR 827.7 million by June 30, 2025, up from SAR 800.8 million in the prior-year period.

 

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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2016 5.28 23.5 % 0.09 6.76 22.1 %
Q2 2016 5.15 12.8 % 0.09 6.29 10.2 %
Q3 2016 4.91 17.2 % 0.08 6.31 14.9 %
Q4 2016 3.73 (32.9 %) 0.06 5.07 (28.6 %)
Q1 2017 7.15 35.4 % 0.12 8.82 30.4 %
Q2 2017 6.02 16.9 % 0.10 7.79 24.0 %
Q3 2017 6.39 30.2 % 0.11 7.98 26.4 %
Q4 2017 7.77 108.6 % 0.13 10.33 103.8 %
Q1 2018 8.08 13.0 % 0.13 9.67 9.7 %
Q2 2018 9.89 64.2 % 0.16 9.55 22.5 %
Q3 2018 7.85 22.9 % 0.13 9.23 15.7 %
Q4 2018 5.72 (26.4 %) 0.10 8.60 (16.8 %)
Q1 2019 8.87 9.8 % 0.15 11.22 16.0 %
Q2 2019 4.90 (50.4 %) 0.08 6.78 (29.0 %)
Q3 2019 6.13 (21.9 %) 0.10 8.32 (9.9 %)
Q4 2019 11.84 107.0 % 0.20 15.30 77.9 %
Q1 2020 (15.65) (276.4 %) (0.26) (14.97) (233.4 %)
Q2 2020 9.40 91.7 % 0.16 10.39 53.3 %
Q3 2020 (12.35) (301.4 %) (0.21) (10.30) (223.9 %)
Q4 2020 (8.75) (173.9 %) (0.15) (2.75) (118.0 %)
Q1 2021 2.31 114.8 % 0.04 4.75 131.7 %
Q2 2021 1.28 (86.4 %) 0.02 3.78 (63.6 %)
Q3 2021 (3.32) 73.1 % (0.06) (1.06) 89.7 %
Q4 2021 5.35 161.1 % 0.09 9.02 427.7 %
Q1 2022 (3.85) (266.8 %) (0.06) (1.46) (130.7 %)
Q2 2022 (8.12) (734.6 %) (0.14) (4.82) (227.5 %)
Q3 2022 10.16 406.0 % 0.17 13.16 1339.2 %
Q4 2022 10.39 94.2 % 0.17 9.82 8.9 %
Q1 2023 9.60 349.2 % 0.16 13.51 1026.0 %
Q2 2023 10.41 228.1 % 0.17 13.17 373.0 %
Q3 2023 3.58 (64.7 %) 0.06 7.16 (45.6 %)
Q4 2023 13.39 28.9 % 0.22 15.39 56.7 %
Q1 2024 9.99 4.0 % 0.17 - -
Q2 2024 0.60 (94.2 %) 0.01 2.43 (81.5 %)
Q3 2024 4.52 26.2 % 0.08 8.65 20.7 %
Q4 2024 0.06 (99.6 %) 0.00 1.39 (91.0 %)
Q1 2025 5.80 (41.9 %) 0.10 8.50 -
Q2 2025 8.72 1351.4 % 0.15 11.48 372.0 %

Insurance Operations Performance (M)

Compared With The
Period Gross Written Premium (GWP) Change Insurance Services Income Change Net Profit of Insurance Services and Investment Change
Q1 2016 158.60 (12.1 %) - - - -
Q2 2016 271.79 9.0 % - - - -
Q3 2016 179.52 2.2 % - - - -
Q4 2016 226.37 14.5 % - - - -
Q1 2017 299.54 88.9 % - - - -
Q2 2017 227.03 (16.5 %) - - - -
Q3 2017 147.14 (18.0 %) - - - -
Q4 2017 251.83 11.2 % - - - -
Q1 2018 298.48 (0.4 %) - - - -
Q2 2018 224.83 (1.0 %) - - - -
Q3 2018 140.58 (4.5 %) - - - -
Q4 2018 206.83 (17.9 %) - - - -
Q1 2019 358.92 20.2 % - - - -
Q2 2019 288.39 28.3 % - - - -
Q3 2019 166.41 18.4 % - - - -
Q4 2019 197.95 (4.3 %) - - - -
Q1 2020 205.63 (42.7 %) - - - -
Q2 2020 212.41 (26.3 %) - - - -
Q3 2020 113.80 (31.6 %) - - - -
Q4 2020 142.89 (27.8 %) - - - -
Q1 2021 228.67 11.2 % - - - -
Q2 2021 246.42 16.0 % - - - -
Q3 2021 112.34 (1.3 %) - - - -
Q4 2021 175.69 23.0 % - - - -
Q1 2022 209.87 (8.2 %) (4.57) - 0.63 -
Q2 2022 262.02 6.3 % (13.13) - (5.42) -
Q3 2022 149.02 32.7 % 1.58 - 13.65 -
Q4 2022 227.35 29.4 % 20.72 - 16.99 -
Q1 2023 263.97 25.8 % 13.16 388.1 % 19.07 2913.3 %
Q2 2023 276.57 5.6 % 10.26 178.2 % 26.57 590.2 %
Q3 2023 253.89 70.4 % 1.07 (32.0 %) 14.29 4.7 %
Q4 2023 166.51 (26.8 %) 5.70 (72.5 %) 13.06 (23.1 %)
Q1 2024 242.22 (8.2 %) 2.28 (82.7 %) 18.37 (3.7 %)
Q2 2024 205.84 (25.6 %) 3.20 (68.8 %) 13.70 (48.4 %)
Q3 2024 228.12 (10.1 %) 6.43 499.6 % 20.34 42.4 %
Q4 2024 140.08 (15.9 %) (3.74) (165.6 %) 9.65 (26.1 %)
Q1 2025 383.48 58.3 % 6.39 179.9 % 13.91 (24.2 %)
Q2 2025 202.40 (1.7 %) 8.01 149.9 % 17.73 29.4 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 60.00 0.33 0.33 3.45
Q2 2016 60.00 0.34 0.34 3.56
Q3 2016 60.00 0.35 0.35 3.66
Q4 2016 60.00 0.32 0.32 3.69
Q1 2017 60.00 0.35 0.35 3.83
Q2 2017 60.00 0.36 0.36 3.94
Q3 2017 60.00 0.39 0.39 4.05
Q4 2017 60.00 0.46 0.46 4.19
Q1 2018 60.00 0.47 0.47 4.27
Q2 2018 60.00 0.54 0.54 4.38
Q3 2018 60.00 0.56 0.56 4.46
Q4 2018 60.00 0.53 0.53 4.69
Q1 2019 60.00 0.54 0.54 4.78
Q2 2019 60.00 0.46 0.46 5.10
Q3 2019 60.00 0.43 0.43 5.23
Q4 2019 60.00 0.53 0.53 5.45
Q1 2020 60.00 0.12 0.12 5.10
Q2 2020 60.00 0.20 0.20 5.47
Q3 2020 60.00 (0.11) (0.11) 11.87
Q4 2020 60.00 (0.46) (0.46) 11.69
Q1 2021 60.00 (0.16) (0.16) 11.65
Q2 2021 60.00 (0.29) (0.29) 11.70
Q3 2021 60.00 (0.14) (0.14) 11.65
Q4 2021 60.00 0.09 0.09 11.70
Q1 2022 60.00 (0.01) (0.01) 12.36
Q2 2022 60.00 (0.17) (0.17) 12.02
Q3 2022 60.00 0.06 0.06 12.03
Q4 2022 60.00 0.14 0.14 12.43
Q1 2023 60.00 0.37 0.37 12.82
Q2 2023 60.00 0.68 0.68 12.88
Q3 2023 60.00 0.57 0.57 12.76
Q4 2023 60.00 0.62 0.62 13.34
Q1 2024 60.00 0.62 0.62 13.44
Q2 2024 60.00 0.46 0.46 13.35
Q3 2024 60.00 0.48 0.48 13.47
Q4 2024 60.00 0.25 0.25 13.55
Q1 2025 60.00 0.18 0.18 13.65
Q2 2025 60.00 0.32 0.32 13.80

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E
Q1 2016 More than 100 More than 100
Q2 2016 More than 100 More than 100
Q3 2016 32.72 32.72
Q4 2016 More than 100 More than 100
Q1 2017 More than 100 More than 100
Q2 2017 More than 100 More than 100
Q3 2017 More than 100 More than 100
Q4 2017 43.26 43.26
Q1 2018 42.03 42.03
Q2 2018 30.22 30.22
Q3 2018 24.74 24.74
Q4 2018 32.69 32.69
Q1 2019 31.84 31.84
Q2 2019 30.04 30.04
Q3 2019 39.50 39.50
Q4 2019 30.15 30.15
Q1 2020 More than 100 More than 100
Q2 2020 More than 100 More than 100
Q3 2020 NEG NEG
Q4 2020 NEG NEG
Q1 2021 NEG NEG
Q2 2021 NEG NEG
Q3 2021 NEG NEG
Q4 2021 More than 100 More than 100
Q1 2022 NEG NEG
Q2 2022 NEG NEG
Q3 2022 More than 100 More than 100
Q4 2022 More than 100 More than 100
Q1 2023 39.21 39.21
Q2 2023 25.35 25.35
Q3 2023 30.86 30.86
Q4 2023 28.06 28.06
Q1 2024 30.34 30.34
Q2 2024 39.70 39.70
Q3 2024 33.73 33.73
Q4 2024 More than 100 More than 100
Q1 2025 More than 100 More than 100
Q2 2025 More than 100 More than 100

Business Segments - Gross Premium Written (Million)

Compared With The
Period Comprehensive Motor Insurance Medical Insurance Property & casualty GROUP LIFE Term Life Protection..
Q1 2016 63.52 16.87 26.93 - - -
Q2 2016 84.75 38.01 55.05 - - -
Q3 2016 58.25 27.63 16.93 - - -
Q4 2016 92.46 41.32 26.28 - - -
Q1 2017 199.70 14.75 24.38 - - -
Q2 2017 73.68 18.50 49.93 - - -
Q3 2017 52.63 29.50 20.99 - - -
Q4 2017 102.13 41.59 35.12 - - -
Q1 2018 180.02 28.73 63.02 - - -
Q2 2018 48.76 30.11 103.26 - - -
Q3 2018 51.81 27.86 36.24 - - -
Q4 2018 116.39 24.16 41.81 - - -
Q1 2019 232.08 44.91 55.61 - - -
Q2 2019 79.36 64.19 97.14 - - -
Q3 2019 51.52 54.88 37.80 - - -
Q4 2019 106.10 26.18 43.14 - - -
Q1 2020 57.91 56.95 63.17 - - -
Q2 2020 44.72 50.35 59.92 - - -
Q3 2020 26.93 33.77 32.85 - - -
Q4 2020 52.29 35.22 34.76 - - -
Q1 2021 48.17 48.98 101.96 - - -
Q2 2021 36.26 64.19 72.05 - - -
Q3 2021 37.57 24.29 29.15 - - -
Q4 2021 67.34 61.66 27.16 - - -
Q1 2022 64.98 45.02 69.50 11.37 19.00 -
Q2 2022 46.35 66.78 62.20 68.18 18.51 -
Q3 2022 44.90 51.64 33.51 1.16 17.82 -
Q4 2022 84.44 46.09 74.34 4.91 17.58 -
Q1 2023 113.53 73.23 56.99 2.38 17.85 -
Q2 2023 54.54 85.17 54.29 65.43 7.60 9.52
Q3 2023 57.40 122.01 55.55 1.12 14.55 3.27
Q4 2023 42.91 62.66 39.55 2.95 3.12 15.33
Q1 2024 84.92 84.97 45.42 7.93 9.25 9.74
Q2 2024 43.55 61.02 73.28 9.69 9.08 9.23
Q3 2024 62.29 91.74 43.98 10.86 8.13 11.13
Q4 2024 63.49 19.97 31.23 7.03 7.64 10.71
Q1 2025 96.00 50.20 213.72 5.07 7.88 10.60
Q2 2025 67.59 30.77 78.65 7.98 6.92 10.49


Financial Ratios
Current
Market Cap (M Riyal) 843.00
Shares Outstanding (M) 60.00
EPS ( Riyal) (TTM) 0.32
Book Value (BV) ( Riyal) 13.80
Par Value ( Riyal) 10.00
Recurring P/E 44.13
P/E (TTM) 44.13
Price/Book 1.02
Return on Average Assets (%) (TTM) 1.0
Return on Average Equity (%) (TTM) 2.3
Return on Market Cap (%) 1.9
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Share Price

Mutakamela Insurance Co.
13.98
(0.02) (0.14 %)

Mutakamela Insurance Co. (MUTAKAMELA)

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