Financial Results : Salama turns to SAR 35.4M loss in Q1 2025

Salama turns to SAR 35.4M loss in Q1 2025

08/05/2025 Argaam Exclusive

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Salama Cooperative Insurance Co. reported a net loss of SAR 35.4 million in the first quarter of 2025, against a profit of SAR 10.1 million in Q1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Gross Written Premium (GWP) 133.96 164.97 23.2 %
Insurance Revenues 188.49 131.88 (30.0 %)
Net Profit Before Zakat & Tax 11.05 (35.64) (422.5 %)
Net Income 10.05 (35.42) (452.4 %)
Average Shares 24.25 30.00 23.7 %
Earnings Per Share before unusual items 0.41 (1.22) (394.7 %)
EPS (Riyal) 0.41 (1.18) (384.9 %)

The losses were attributed to a 30% YoY decline in insurance revenues to SAR 131.88 million. This fall was mainly due to a decrease in gross earned premiums, as a result of an increase in gross written premiums during the quarter, mainly in the motor and health insurance segments.

 

Meanwhile, the company reported a higher net loss of the insurance results for Q1 2025 to SAR -35.65 million, compared to a net profit of the insurance results at SAR 11.75 million for the year-earlier period. This is mainly due to a decrease in insurance revenues and higher insurance service expenses.

Insurance Operations

Item 3m 2024 3m 2025 Change‬
Gross Written Premium (GWP) 133.96 164.97 23.1 %
Insurance Revenues 188.49 131.88 (30.0 %)
Insurance Services Income 11.75 (35.65) (403.4 %)
Investment Income 7.14 6.94 (2.8 %)
Net Profit of Insurance Services and Investment 17.58 (29.99) (270.6 %)

Sequentially, the insurer turned to losses versus a profit of SAR 2.75 million in Q4 2024.

 

Total shareholders’ equity, no minority interest, grew to SAR 317.35 million as of March 31, 2025, compared to SAR 215.03 million a year earlier.

 

Accumulated losses stood at SAR 45.07 million by the end of Q1 2025, representing 15% of the company’s capital.

 

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