Financial Results : SAICO profit up 10% to SAR 27.7M in H1 2025; Q2 at SAR 13.4M

SAICO profit up 10% to SAR 27.7M in H1 2025; Q2 at SAR 13.4M

04/08/2025 Argaam Exclusive

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Saudi Arabian Cooperative Insurance Co. (SAICO) reported a profit of SAR 27.6 million in H1 2025, a 10% increase from SAR 25.1 million in the year-earlier period.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Gross Written Premium (GWP) 740.30 728.60 (1.6 %)
Insurance Revenues 536.14 555.69 3.6 %
Net Profit Before Zakat & Tax 29.14 30.79 5.7 %
Net Income 25.05 27.66 10.4 %
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items (Riyals) 0.84 0.92 10.4 %
EPS (Riyal) 0.84 0.92 10.4 %

The positive performance was driven by a 4% year-on-year (YoY) increase in revenues due to the growth in motor insurance, property and casualty insurance, and protection insurance. Additionally, other operating expenses declined by 45% YoY, or by SAR 3.78 million.

 

This growth was partially offset by an 8% YoY decline in net results from insurance services by SAR 2.41 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Gross Written Premium (GWP) 233.20 213.19 (8.6 %)
Insurance Revenues 259.11 292.24 12.8 %
Net Profit Before Zakat & Tax 23.89 14.98 (37.3 %)
Net Income 21.84 13.41 (38.6 %)
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items (Riyal) 0.73 0.45 (38.6 %)
EPS (Riyal) 0.73 0.45 (38.6 %)

Net profit fell 38.6% in Q2 2025 to SAR 13.41 million from SAR 21.84 million in Q2 2024.

 

On a sequential basis, net profit retreated 5.9% from SAR 14.25 million in Q1 2025.

Insurance Operations

Item 6m 2024 6m 2025 Change‬
Gross Written Premium (GWP) 740.30 728.60 (1.6 %)
Insurance Revenues 536.14 555.69 3.6 %
Insurance Services Income 29.08 26.67 (8.3 %)
Investment Income 14.51 12.23 (15.7 %)
Net Profit of Insurance Services and Investment 35.52 33.33 (6.2 %)

Total shareholders’ equity, after minority interest, stood at SAR 412 million by June 30, 2025, compared to SAR 338.65 million a year earlier.

 

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