Al Sagr Cooperative Insurance Co. reported a profit of SAR 7.4 million in Q1 2024, a 26% decline from SAR 10 million a year before.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 114.02 | 108.87 | (4.5 %) |
| Insurance Revenues | 116.92 | 118.79 | 1.6 % |
| Net Profit Before Zakat & Tax | 11.22 | 8.83 | (21.4 %) |
| Net Income | 10.02 | 7.43 | (25.9 %) |
| Average Shares | 14.00 | 14.00 | - |
| EPS (Riyals) | 0.72 | 0.53 | (25.9 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 106.19 | 108.87 | 2.5 % |
| Insurance Revenues | 121.35 | 118.79 | (2.1 %) |
| Net Profit Before Zakat & Tax | 10.31 | 8.83 | (14.4 %) |
| Net Income | 7.31 | 7.43 | 1.5 % |
| Average Shares | 14.00 | 14.00 | - |
| EPS (Riyals) | 0.52 | 0.53 | 1.5 % |
The annual profit slump was attributed mainly to the SAR 4.9 million slip in the insurance service segment’s results due to the SAR 4.3 million drop in the share of surplus from insurance pools.
On the other hand, insurance revenue increased 2% year-on-year (YoY) in Q1 2024, mainly due to higher premiums from the medical business.
Sequentially, the bottom line grew 1.5% from SAR 7.31 million in Q4 2023.
| Item | 3m 2023 | 3m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 114.02 | 108.87 | (4.5 %) |
| Insurance Revenues | 116.92 | 118.79 | 1.6 % |
| Insurance Services Income | 9.45 | 4.54 | (52.0 %) |
| Investment Income | 7.89 | 8.20 | 3.9 % |
| Net Profit of Insurance Services and Investment | 18.32 | 12.94 | (29.4 %) |
Shareholders' equity, no minority interest, advanced to SAR 205.62 million at the end of Q1 2024, compared with SAR 163.48 million a year earlier.
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