Financial Results : Walaa profit tumbles 57% to SAR 64.3M; Q4 loss at SAR 20.1M

Walaa profit tumbles 57% to SAR 64.3M; Q4 loss at SAR 20.1M

11/03/2025 Argaam Exclusive

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Walaa Cooperative Insurance Co. reported a net profit of SAR 64.3 million for 2024, a 57% decline from SAR 148 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Gross Written Premium (GWP) 3,346.16 3,504.51 4.7 %
Insurance Revenues 2,887.64 3,344.58 15.8 %
Net Profit Before Zakat & Tax 162.98 62.75 (61.5 %)
Net Income 147.98 64.30 (56.5 %)
Average Shares 103.63 127.56 23.1 %
Earnings Per Share before unusual items (Riyals) 1.43 0.34 (75.8 %)
EPS (Riyal) 1.43 0.50 (64.7 %)

Insurance services turned a loss of SAR 36.08 million, versus a profit of SAR 28.12 million in 2023, on lower operating income from medical, motor and protection & savings segments.

 

Net investment amounted to SAR 139.72 million, compared to SAR 164.98 million in the year before, mainly driven by the reduction in unrealized gains on investments measured at fair value due to equity market performance during the year.

 

The net insurance finance expenses stood at SAR 8.57 million, compared to SAR 4.35 million in the year before.

 

Meanwhile, insurance revenue increased 15.82% year-on-year (YoY) to SAR 3.34 million in 2024, on higher earnings in motor, property, and engineering segments.

 

In addition, other operating expenses decreased and other income rose.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Gross Written Premium (GWP) 880.21 724.55 (17.7 %)
Insurance Revenues 781.15 883.90 13.2 %
Net Profit Before Zakat & Tax 50.25 (10.35) (120.6 %)
Net Income 45.25 (20.10) (144.4 %)
Average Shares 103.63 127.56 23.1 %
Earnings Per Share before unusual items (Riyal) 0.44 (0.16) (136.1 %)
EPS (Riyal) 0.44 (0.16) (136.1 %)

Insurance Operations

Item 2023 2024 Change‬
Gross Written Premium (GWP) 3,346.16 3,504.51 4.7 %
Insurance Revenues 2,887.64 3,344.58 15.8 %
Insurance Services Income 28.12 (36.08) (228.3 %)
Investment Income 164.98 139.73 (15.3 %)
Net Profit of Insurance Services and Investment 188.75 95.07 (49.6 %)

The company incurred a net loss of SAR 20.1 million in Q4 2024, versus a net profit of SAR 45.2 million in Q4 2023.

 

On a sequential basis, the insurer swung to losses from SAR 20.10 million earnings in Q3 2024.

 

Total shareholders’ equity, no minority interest, stood at SAR 1.83 billion by Dec. 31, 2024, compared to SAR 1.27 billion a year earlier.

 

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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 1.56 0.0 % 0.04 (8.97) 53.3 %
Q2 2015 3.75 0.0 % 0.06 (40.41) (364.5 %)
Q3 2015 2.18 0.0 % 0.03 (18.57) (144.5 %)
Q4 2015 (0.33) 0.0 % (0.01) 11.69 230.1 %
Q1 2016 1.56 0.0 % 0.02 20.41 327.5 %
Q2 2016 3.75 0.0 % 0.06 30.59 175.7 %
Q3 2016 2.18 0.0 % 0.03 39.99 315.3 %
Q4 2016 (0.33) 0.0 % (0.01) 26.32 125.2 %
Q1 2017 1.56 0.0 % 0.02 32.23 57.9 %
Q2 2017 3.75 0.0 % 0.06 35.59 16.3 %
Q3 2017 2.18 0.0 % 0.03 44.38 11.0 %
Q4 2017 (0.33) 0.0 % (0.01) 32.05 21.8 %
Q1 2018 1.56 0.0 % 0.02 38.74 20.2 %
Q2 2018 3.75 0.0 % 0.06 34.33 (3.5 %)
Q3 2018 2.18 0.0 % 0.03 22.57 (49.1 %)
Q4 2018 (0.33) 0.0 % (0.01) 4.73 (85.2 %)
Q1 2019 1.56 0.0 % 0.02 15.32 (60.4 %)
Q2 2019 3.75 0.0 % 0.06 (15.83) (146.1 %)
Q3 2019 2.18 0.0 % 0.03 7.94 (64.8 %)
Q4 2019 (0.33) 0.0 % (0.01) 13.87 192.9 %
Q1 2020 1.56 0.0 % 0.02 (10.82) (170.6 %)
Q2 2020 3.75 0.0 % 0.05 28.35 279.1 %
Q3 2020 2.18 0.0 % 0.03 25.27 218.2 %
Q4 2020 (0.33) 0.0 % 0.00 29.82 115.1 %
Q1 2021 1.56 0.0 % 0.02 (23.86) (120.5 %)
Q2 2021 3.75 0.0 % 0.05 10.54 (62.8 %)
Q3 2021 2.18 0.0 % 0.03 (33.12) (231.0 %)
Q4 2021 (0.33) 0.0 % 0.00 (66.36) (322.5 %)
Q1 2022 (19.61) (1354.5 %) (0.23) (15.11) 36.7 %
Q2 2022 (48.10) (1381.9 %) (0.57) (46.10) (537.5 %)
Q3 2022 11.03 405.9 % 0.13 12.53 137.8 %
Q4 2022 (11.41) (3,315.9 %) (0.11) (7.77) 88.3 %
Q1 2023 24.31 224.0 % 0.23 26.81 277.5 %
Q2 2023 38.65 180.3 % 0.37 41.15 189.3 %
Q3 2023 39.78 260.5 % 0.38 44.78 257.2 %
Q4 2023 45.25 496.6 % 0.44 50.25 746.7 %
Q1 2024 39.86 64.0 % 0.38 22.31 (16.8 %)
Q2 2024 24.44 (36.8 %) 0.24 26.94 (34.5 %)
Q3 2024 20.10 (49.5 %) 0.19 23.85 (46.7 %)
Q4 2024 (20.10) (144.4 %) (0.16) (10.35) (120.6 %)
2024 64.30 (56.5 %) 0.50 62.75 (61.5 %)

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 2015 197.23 8.9 % - - - -
Q2 2015 199.44 13.6 % - - - -
Q3 2015 227.81 19.4 % - - - -
Q4 2015 128.52 25.8 % - - - -
Q1 2016 262.06 32.9 % - - - -
Q2 2016 222.33 11.5 % - - - -
Q3 2016 268.44 17.8 % - - - -
Q4 2016 263.78 105.2 % - - - -
Q1 2017 299.76 14.4 % - - - -
Q2 2017 217.64 (2.1 %) - - - -
Q3 2017 284.37 5.9 % - - - -
Q4 2017 300.56 13.9 % - - - -
Q1 2018 310.53 3.6 % - - - -
Q2 2018 248.07 14.0 % - - - -
Q3 2018 256.94 (9.6 %) - - - -
Q4 2018 289.41 (3.7 %) - - - -
Q1 2019 275.64 (11.2 %) - - - -
Q2 2019 298.12 20.2 % - - - -
Q3 2019 282.72 10.0 % - - - -
Q4 2019 358.92 24.0 % - - - -
Q1 2020 333.98 21.2 % - - - -
Q2 2020 298.07 0.0 % - - - -
Q3 2020 412.57 45.9 % - - - -
Q4 2020 428.09 19.3 % - - - -
Q1 2021 343.36 2.8 % - - - -
Q2 2021 842.56 182.7 % - - - -
Q3 2021 548.31 32.9 % - - - -
Q4 2021 604.60 41.2 % - - - -
Q1 2022 394.29 14.8 % (57.45) - (11.92) -
Q2 2022 1,006.97 19.5 % (1.31) - (29.84) -
Q3 2022 596.17 8.7 % 0.70 - 8.35 -
Q4 2022 644.51 6.6 % (61.94) - (14.70) -
Q1 2023 466.68 18.4 % 4.34 107.5 % 33.69 382.6 %
Q2 2023 1,238.64 23.0 % 3.89 396.0 % 46.17 254.7 %
Q3 2023 760.63 27.6 % 13.68 1848.3 % 39.86 377.3 %
Q4 2023 880.21 36.6 % 6.22 110.0 % 69.04 569.5 %
Q1 2024 648.02 38.9 % (14.35) (431.0 %) 27.61 (18.1 %)
Q2 2024 943.12 (23.9 %) 5.79 48.7 % 39.33 (14.8 %)
Q3 2024 1,188.82 56.3 % (5.00) (136.5 %) 31.48 (21.0 %)
Q4 2024 724.55 (17.7 %) (22.52) (462.1 %) (3.34) (104.8 %)
2024 3,504.51 4.7 % (36.08) (228.3 %) 95.07 (49.6 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2015 44.31 0.16 0.14 (0.86)
Q2 2015 64.33 0.11 (0.40) (0.68)
Q3 2015 64.33 0.11 (1.34) (1.28)
Q4 2015 64.33 0.11 (0.94) (1.20)
Q1 2016 64.33 0.11 (0.50) (1.02)
Q2 2016 64.33 0.11 0.59 (0.52)
Q3 2016 64.33 0.11 1.49 (0.09)
Q4 2016 64.33 0.11 1.68 0.55
Q1 2017 64.33 0.11 1.85 1.01
Q2 2017 64.33 0.11 1.91 1.57
Q3 2017 64.33 0.11 1.96 2.28
Q4 2017 64.33 0.11 2.06 2.66
Q1 2018 64.33 0.11 2.15 3.32
Q2 2018 64.33 0.11 2.12 3.27
Q3 2018 64.33 0.11 1.77 3.52
Q4 2018 64.33 0.11 1.33 3.59
Q1 2019 64.33 0.11 0.96 4.03
Q2 2019 64.33 0.11 0.18 1.70
Q3 2019 64.33 0.11 0.01 1.69
Q4 2019 64.33 0.11 0.30 2.20
Q1 2020 78.75 0.09 (0.06) 1.79
Q2 2020 78.75 0.09 0.52 2.32
Q3 2020 78.75 0.09 0.61 3.01
Q4 2020 78.75 0.09 0.65 3.43
Q1 2021 78.75 0.09 0.46 3.14
Q2 2021 78.75 0.09 0.22 3.35
Q3 2021 78.75 0.09 (0.43) 2.83
Q4 2021 78.75 0.09 (1.55) 2.09
Q1 2022 84.97 (0.16) (1.34) 11.00
Q2 2022 84.97 (0.78) (1.99) 10.41
Q3 2022 84.97 (0.67) (1.43) 10.57
Q4 2022 103.63 (0.66) (0.66) 10.77
Q1 2023 103.63 (0.23) (0.23) 11.01
Q2 2023 103.63 0.60 0.60 11.38
Q3 2023 103.63 0.88 0.88 11.76
Q4 2023 103.63 1.43 1.43 12.24
Q1 2024 103.63 1.58 1.38 12.62
Q2 2024 103.63 1.44 1.24 12.86
Q3 2024 103.63 1.25 1.06 13.05
Q4 2024 127.56 0.50 0.34 14.30

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E
Q1 2015 More than 100 More than 100
Q2 2015 More than 100 NEG
Q3 2015 More than 100 NEG
Q4 2015 More than 100 NEG
Q1 2016 More than 100 NEG
Q2 2016 More than 100 29.28
Q3 2016 More than 100 13.03
Q4 2016 More than 100 16.71
Q1 2017 More than 100 18.89
Q2 2017 More than 100 17.90
Q3 2017 More than 100 17.58
Q4 2017 More than 100 19.66
Q1 2018 More than 100 19.22
Q2 2018 More than 100 18.39
Q3 2018 More than 100 18.40
Q4 2018 More than 100 22.45
Q1 2019 More than 100 33.41
Q2 2019 More than 100 More than 100
Q3 2019 More than 100 More than 100
Q4 2019 More than 100 More than 100
Q1 2020 More than 100 NEG
Q2 2020 More than 100 35.62
Q3 2020 More than 100 More than 100
Q4 2020 More than 100 45.75
Q1 2021 More than 100 More than 100
Q2 2021 More than 100 More than 100
Q3 2021 More than 100 NEG
Q4 2021 More than 100 NEG
Q1 2022 NEG NEG
Q2 2022 NEG NEG
Q3 2022 NEG NEG
Q4 2022 NEG NEG
Q1 2023 NEG NEG
Q2 2023 30.89 30.89
Q3 2023 20.56 20.56
Q4 2023 13.67 13.67
Q1 2024 17.61 20.11
Q2 2024 20.65 23.90
Q3 2024 17.97 21.31
Q4 2024 38.40 More than 100

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Comprehensive Motor Insurance Property & casualty Insurance - Engineering Protection & Saving Other classes insurance energy
Q1 2015 10.63 143.25 12.49 13.09 - 17.76 -
Q2 2015 19.55 106.20 17.32 43.40 - 12.97 -
Q3 2015 17.36 93.07 88.91 10.22 - 18.26 -
Q4 2015 21.28 78.73 3.79 10.10 - 14.63 -
Q1 2016 43.18 147.42 5.78 26.60 - 39.09 -
Q2 2016 51.32 134.83 18.24 4.43 - 13.52 -
Q3 2016 32.80 147.48 53.89 13.31 - 20.97 -
Q4 2016 21.61 142.54 83.46 4.07 - 12.10 -
Q1 2017 13.43 225.76 6.37 15.49 - 38.71 -
Q2 2017 26.55 139.02 21.55 6.49 - 24.02 -
Q3 2017 29.87 130.79 58.79 42.07 - 22.86 -
Q4 2017 33.45 211.03 7.61 22.79 - 25.68 -
Q1 2018 24.15 213.42 5.53 15.04 - 52.38 -
Q2 2018 24.89 109.27 64.90 22.72 - 26.29 -
Q3 2018 31.90 123.38 66.25 9.05 - 26.36 -
Q4 2018 14.62 166.14 60.87 26.26 - 21.51 -
Q1 2019 17.60 185.16 20.23 19.02 - 33.64 -
Q2 2019 12.73 159.64 72.56 21.19 - 32.00 -
Q3 2019 23.81 118.66 87.52 14.77 - 37.96 -
Q4 2019 42.24 158.81 59.71 47.52 - 50.64 -
Q1 2020 26.80 206.82 17.72 34.94 0.66 47.05 -
Q2 2020 24.58 162.30 43.54 20.05 1.33 46.26 -
Q3 2020 15.60 156.08 162.36 28.46 3.41 46.67 -
Q4 2020 53.43 174.22 78.19 38.70 5.98 77.58 -
Q1 2021 56.59 164.10 10.52 29.41 18.67 64.06 -
Q2 2021 94.19 134.23 33.74 14.34 52.45 60.72 452.90
Q3 2021 98.02 163.05 77.56 27.31 35.23 98.65 48.49
Q4 2021 113.60 149.17 184.19 18.33 48.55 83.46 7.31
Q1 2022 174.07 113.96 13.47 12.87 16.30 39.54 24.10
Q2 2022 191.81 138.85 45.69 21.37 60.76 69.00 479.49
Q3 2022 175.00 94.81 74.86 61.94 37.92 112.59 39.06
Q4 2022 115.96 93.03 73.18 76.83 98.10 89.35 98.05
Q1 2023 123.56 104.55 25.27 42.62 86.72 66.90 17.07
Q2 2023 246.47 130.89 27.95 86.68 67.77 198.70 480.18
Q3 2023 130.22 264.70 96.88 63.56 69.27 116.99 18.97
Q4 2023 179.87 295.08 148.71 52.05 60.12 82.89 61.53
Q1 2024 147.14 126.94 25.73 188.57 67.10 68.34 24.21
Q2 2024 126.76 90.63 17.94 58.40 77.28 85.70 486.41
Q3 2024 150.24 232.32 462.93 29.80 64.61 186.93 62.00
Q4 2024 91.21 234.53 148.91 37.55 68.30 124.85 19.20


Financial Ratios
Current
Market Cap (M Riyal) 1,441.41
Shares Outstanding (M) 127.56
EPS ( Riyal) (TTM) (0.92)
Book Value (BV) ( Riyal) 13.42
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/Book 0.84
Return on Average Assets (%) (TTM) (2.89 )
Return on Average Equity (%) (TTM) (7.71 )
Return on Market Cap (%) (5.24 )
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Share Price

Walaa Cooperative Insurance Co.
11.30
(0.30) (2.59 %)

Walaa Cooperative Insurance Co. (WALAA)

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