Financial Results : Al Sagr incurs losses of SAR 17.9M in Q1 2025

Al Sagr incurs losses of SAR 17.9M in Q1 2025

11/05/2025 Argaam Exclusive

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Al Sagr Cooperative Insurance Co. incurred a net loss of SAR 17.9 million in Q1 2025, compared to a profit of SAR 7.4 million in the same period last year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Gross Written Premium (GWP) 108.87 147.90 35.8 %
Insurance Revenues 118.79 150.71 26.9 %
Net Income 7.43 (17.92) (341.3 %)
Average Shares 21.24 30.00 41.3 %
Earnings Per Share before unusual items 0.35 (0.60) (270.9 %)
EPS (Riyals) 0.35 (0.60) (270.9 %)

The company attributed the loss to a decline in insurance service results, investment income, and its share of surplus from insurance pools, which dropped by SAR 34 million, SAR 2.7 million, and SAR 1.7 million, respectively. These declines were partially offset by a SAR 13 million decrease in net expenses from retained reinsurance contracts.

 

Meanwhile, insurance revenues rose by 27%, driven by a 36% increase in gross written premiums (GWPs) on higher volumes in motor and medical insurance lines.

 

Quarter-on-quarter, Al Sagr swung from a profit of SAR 10.8 million.

Insurance Operations

Item 3m 2024 3m 2025 Change‬
Gross Written Premium (GWP) 108.87 147.90 35.9 %
Insurance Revenues 118.79 150.71 26.9 %
Insurance Services Income 4.54 (17.98) (496.0 %)
Investment Income 8.20 5.49 (33.0 %)
Net Profit of Insurance Services and Investment 12.94 (12.38) (195.7 %)

Total shareholders’ equity, no minority interest, surged to SAR 385.63 million by March 31, 2025, compared to SAR 205.62 million a year earlier.

 

The comprehensive loss amounted to SAR 15.3 million in Q1 2025, compared to a profit of SAR 7.4 million in Q1 2024, representing a decrease of 306%.

 

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