Tawuniya 2024 profit leaps 66% to SAR 1.02B; Q4 at SAR 168M

27/02/2025 Argaam Exclusive

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The Company for Cooperative Insurance (Tawuniya) reported a net profit of SAR 1.02 billion in 2024, compared to SAR 616.4 million a year earlier.

Financials (M)

Item	2023	2024	Change‬
Gross Written Premium (GWP)	18,359.52	19,821.55	8.0 %
Insurance Revenues	15,265.42	18,272.96	19.7 %
Net Profit Before Zakat & Tax	717.81	1,108.78	54.5 %
Net Income	616.43	1,022.03	65.8 %
Average Shares	150.00	150.00	-
Earnings Per Share before unusual items (Riyals)	4.11	6.57	59.9 %
EPS (Riyal)	4.11	6.81	65.8 %

Insurance revenue jumped 19.7% year-on-year (YoY) to SAR 18.2 billion on growth in key segments.

Insurance services soared 136.9% YoY to SAR 2.8 billion, thanks to growth in insurance revenue.

Tawuniya recorded a net profit from insurance results for the current year of SAR 1.11 billion, a rise of 63.16% YoY.

The company’s investment portfolio saw growth, driving its investment income to SAR 680.44 million, compared to SAR 435.54 million in 2023.

Gross written premiums (GWPs) saw an increase of 7.9% YoY to SAR 19.8 billion.

On the other hand, net insurance finance expenses increased by 3.07% on an annual basis to SAR 70.41 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Gross Written Premium (GWP)	5,386.36	5,458.00	1.3 %
Insurance Revenues	4,199.95	4,778.53	13.8 %
Net Profit Before Zakat & Tax	110.72	197.86	78.7 %
Net Income	89.82	167.96	87.0 %
Average Shares	150.00	150.00	-
Earnings Per Share before unusual items (Riyal)	0.60	1.12	87.0 %
EPS (Riyal)	0.60	1.12	87.0 %

Item	Q3 2024	Q4 2024	Change‬
Gross Written Premium (GWP)	4,071.46	5,458.00	34.1 %
Insurance Revenues	4,696.24	4,778.53	1.8 %
Net Profit Before Zakat & Tax	225.38	197.86	(12.2 %)
Net Income	197.56	167.96	(15.0 %)
Average Shares	150.00	150.00	-
Earnings Per Share before unusual items (Riyal)	1.32	1.12	(15.0 %)
EPS (Riyal)	1.32	1.12	(15.0 %)

Insurance Operations

Item	2023	2024	Change‬
Gross Written Premium (GWP)	18,359.52	19,821.55	8.0 %
Insurance Revenues	15,265.42	18,272.96	19.7 %
Insurance Services Income	681.17	1,111.43	63.2 %
Investment Income	413.06	567.03	37.3 %
Net Profit of Insurance Services and Investment	1,025.92	1,608.05	56.7 %

The fourth-quarter net earnings climbed 87% to SAR 168 million, from SAR 89.8 million in Q4 2023.

On a sequential basis, net earnings dropped 15% from SAR 197.5 million in Q3 2024.

Shareholders’ equity, no minority interest, rose to SAR 4.47 billion as of Dec. 31, 2024, from SAR 3.62 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	87.79	167.4 %	0.59	-	-
Q2 2015	204.65	12.1 %	1.36	-	-
Q3 2015	216.62	10.9 %	1.44	-	-
Q4 2015	89.38	(40.2 %)	0.60	-	-
2015	598.43	6.8 %	3.99	-	-
Q1 2016	47.21	(46.2 %)	0.31	-	-
Q2 2016	229.12	12.0 %	1.53	-	-
Q3 2016	259.56	19.8 %	1.73	-	-
Q4 2016	196.89	120.3 %	1.31	-	-
2016	732.78	22.5 %	4.89	-	-
Q1 2017	142.61	202.1 %	0.95	160.30	-
Q2 2017	230.95	0.8 %	1.54	248.76	-
Q3 2017	141.51	(45.5 %)	0.94	159.71	-
Q4 2017	(715.74)	(463.5 %)	(4.77)	(715.78)	-
2017	(200.20)	(127.3 %)	(1.33)	(146.54)	-
Q1 2018	27.08	(81.0 %)	0.18	41.93	(73.8 %)
Q2 2018	23.46	(89.8 %)	0.16	38.27	(84.6 %)
Q3 2018	(36.52)	(125.8 %)	(0.24)	(22.87)	(114.3 %)
Q4 2018	(293.35)	59.0 %	(1.96)	(270.67)	62.2 %
2018	(279.33)	(39.5 %)	(1.86)	(213.34)	(45.6 %)
Q1 2019	29.04	7.3 %	0.19	46.03	9.8 %
Q2 2019	51.55	119.7 %	0.34	70.41	84.0 %
Q3 2019	92.97	354.6 %	0.62	109.11	577.1 %
Q4 2019	154.03	152.5 %	1.03	176.62	165.3 %
2019	327.59	217.3 %	2.18	402.17	288.5 %
Q1 2020	66.85	130.2 %	0.45	85.06	84.8 %
Q2 2020	188.20	265.1 %	1.25	210.11	198.4 %
Q3 2020	94.53	1.7 %	0.63	113.80	4.3 %
Q4 2020	43.75	(71.6 %)	0.29	105.50	(40.3 %)
2020	393.33	20.1 %	2.62	514.46	27.9 %
Q1 2021	59.14	(11.5 %)	0.39	80.81	(5.0 %)
Q2 2021	143.66	(23.7 %)	0.96	165.94	(21.0 %)
Q3 2021	64.37	(31.9 %)	0.43	89.91	(21.0 %)
Q4 2021	(0.61)	(101.4 %)	0.00	13.48	(87.2 %)
2021	266.56	(32.2 %)	1.78	350.14	(31.9 %)
Q1 2022	(13.67)	(123.1 %)	(0.09)	7.79	(90.4 %)
Q2 2022	64.47	(55.1 %)	0.43	88.43	(46.7 %)
Q3 2022	18.00	(72.0 %)	0.12	40.48	(55.0 %)
Q4 2022	233.40	38425.6 %	1.56	254.88	1790.5 %
2022	302.19	13.4 %	2.01	391.58	11.8 %
Q1 2023	74.47	644.6 %	0.50	101.35	1201.2 %
Q2 2023	245.85	281.4 %	1.64	275.86	211.9 %
Q3 2023	206.29	1046.2 %	1.38	229.88	467.9 %
Q4 2023	89.82	(61.5 %)	0.60	110.72	(56.6 %)
2023	616.43	104.0 %	4.11	717.81	83.3 %
Q1 2024	196.69	164.1 %	1.31	230.08	127.0 %
Q2 2024	459.81	87.0 %	3.07	455.46	65.1 %
Q3 2024	197.56	(4.2 %)	1.32	225.38	(2.0 %)
Q4 2024	167.96	87.0 %	1.12	197.86	78.7 %
2024	1,022.03	65.8 %	6.81	1,108.78	54.5 %

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2015	598.43	6.8 %	3.99	-	-
2016	732.78	22.5 %	4.89	-	-
2017	(200.20)	(127.3 %)	(1.33)	(146.54)	-
2018	(279.33)	(39.5 %)	(1.86)	(213.34)	(45.6 %)
2019	327.59	217.3 %	2.18	402.17	288.5 %
2020	393.33	20.1 %	2.62	514.46	27.9 %
2021	266.56	(32.2 %)	1.78	350.14	(31.9 %)
2022	302.19	13.4 %	2.01	391.58	11.8 %
2023	616.43	104.0 %	4.11	717.81	83.3 %
2024	1,022.03	65.8 %	6.81	1,108.78	54.5 %

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	1,505.50	0.8 %	-	-	-	-
Q2 2015	1,802.26	21.9 %	-	-	-	-
Q3 2015	1,473.14	7.3 %	-	-	-	-
Q4 2015	2,764.36	48.5 %	-	-	-	-
2015	7,545.27	21.5 %	-	-	-	-
Q1 2016	1,701.34	13.0 %	-	-	-	-
Q2 2016	2,135.50	18.5 %	-	-	-	-
Q3 2016	1,241.06	(15.8 %)	-	-	-	-
Q4 2016	2,977.23	7.7 %	-	-	-	-
2016	8,055.14	6.8 %	-	-	-	-
Q1 2017	2,028.38	19.2 %	-	-	-	-
Q2 2017	2,104.24	(1.5 %)	-	-	-	-
Q3 2017	1,421.12	14.5 %	-	-	-	-
Q4 2017	2,852.93	(4.2 %)	-	-	-	-
2017	8,406.67	4.4 %	-	-	-	-
Q1 2018	2,095.71	3.3 %	-	-	-	-
Q2 2018	1,755.86	(16.6 %)	-	-	-	-
Q3 2018	1,207.78	(15.0 %)	-	-	-	-
Q4 2018	2,581.89	(9.5 %)	-	-	-	-
2018	7,641.25	(9.1 %)	-	-	-	-
Q1 2019	2,457.03	17.2 %	-	-	-	-
Q2 2019	1,999.51	13.9 %	-	-	-	-
Q3 2019	1,422.64	17.8 %	-	-	-	-
Q4 2019	2,496.68	(3.3 %)	-	-	-	-
2019	8,375.86	9.6 %	-	-	-	-
Q1 2020	2,572.71	4.7 %	-	-	-	-
Q2 2020	2,469.83	23.5 %	-	-	-	-
Q3 2020	1,319.89	(7.2 %)	-	-	-	-
Q4 2020	2,699.35	8.1 %	-	-	-	-
2020	9,061.77	8.2 %	-	-	-	-
Q1 2021	2,920.72	13.5 %	-	-	-	-
Q2 2021	2,265.05	(8.3 %)	-	-	-	-
Q3 2021	1,864.71	41.3 %	-	-	-	-
Q4 2021	3,168.13	17.4 %	-	-	-	-
2021	10,218.61	12.8 %	-	-	-	-
Q1 2022	3,508.69	20.1 %	50.71	-	20.45	-
Q2 2022	3,224.59	42.4 %	179.27	-	127.85	-
Q3 2022	2,921.78	56.7 %	54.00	-	80.11	-
Q4 2022	4,700.45	48.4 %	33.15	-	275.04	-
2022	14,355.51	40.5 %	317.13	-	509.79	-
Q1 2023	5,364.12	52.9 %	162.31	220.1 %	126.19	517.2 %
Q2 2023	4,629.22	43.6 %	459.71	156.4 %	343.45	168.6 %
Q3 2023	3,219.95	10.2 %	146.04	170.4 %	321.10	300.8 %
Q4 2023	5,386.36	14.6 %	(34.94)	(205.4 %)	235.19	(14.5 %)
2023	18,359.52	27.9 %	681.17	114.8 %	1,025.92	101.2 %
Q1 2024	4,595.21	(14.3 %)	255.71	57.5 %	274.77	117.8 %
Q2 2024	5,732.09	23.8 %	491.95	7.0 %	583.36	69.9 %
Q3 2024	4,071.46	26.4 %	210.14	43.9 %	351.84	9.6 %
Q4 2024	5,458.00	1.3 %	219.17	727.2 %	398.09	69.3 %
2024	19,821.55	8.0 %	1,111.43	63.2 %	1,608.05	56.7 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2015	7,545.27	21.5 %	-	-	-	-
2016	8,055.14	6.8 %	-	-	-	-
2017	8,406.67	4.4 %	-	-	-	-
2018	7,641.25	(9.1 %)	-	-	-	-
2019	8,375.86	9.6 %	-	-	-	-
2020	9,061.77	8.2 %	-	-	-	-
2021	10,218.61	12.8 %	-	-	-	-
2022	14,355.51	40.5 %	317.13	-	509.79	-
2023	18,359.52	27.9 %	681.17	114.8 %	1,025.92	101.2 %
2024	19,821.55	8.0 %	1,111.43	63.2 %	1,608.05	56.7 %

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	150.00	4.10	4.10	13.40
Q2 2015	150.00	4.25	4.25	14.43
Q3 2015	150.00	4.39	4.39	15.03
Q4 2015	150.00	3.99	3.99	15.39
Q1 2016	150.00	3.72	3.72	14.99
Q2 2016	150.00	3.88	3.88	16.60
Q3 2016	150.00	4.17	4.17	18.20
Q4 2016	150.00	4.89	4.89	19.52
Q1 2017	150.00	5.52	5.52	17.63
Q2 2017	150.00	5.53	5.53	19.04
Q3 2017	150.00	4.75	4.75	20.00
Q4 2017	150.00	(1.34)	(1.34)	14.75
Q1 2018	150.00	(2.11)	(2.11)	15.23
Q2 2018	150.00	(3.49)	(3.49)	14.74
Q3 2018	150.00	(4.68)	(4.68)	14.41
Q4 2018	150.00	(1.86)	(1.86)	12.66
Q1 2019	150.00	(1.85)	(1.85)	13.54
Q2 2019	150.00	(1.66)	(1.66)	14.09
Q3 2019	150.00	(0.80)	(0.80)	14.82
Q4 2019	150.00	2.18	2.18	16.00
Q1 2020	150.00	2.44	2.44	16.23
Q2 2020	150.00	3.35	3.35	17.37
Q3 2020	150.00	3.36	3.36	18.23
Q4 2020	150.00	2.62	2.62	18.89
Q1 2021	150.00	2.57	2.57	19.18
Q2 2021	150.00	2.27	2.27	19.70
Q3 2021	150.00	2.07	2.07	19.62
Q4 2021	150.00	1.78	1.78	19.69
Q1 2022	150.00	1.29	1.29	19.04
Q2 2022	150.00	0.76	0.76	19.46
Q3 2022	150.00	0.45	0.45	19.56
Q4 2022	150.00	2.01	2.01	20.88
Q1 2023	150.00	2.60	2.60	21.39
Q2 2023	150.00	3.81	3.81	22.32
Q3 2023	150.00	5.07	5.07	23.69
Q4 2023	150.00	4.11	4.11	24.15
Q1 2024	150.00	4.92	4.92	25.46
Q2 2024	150.00	6.35	6.11	27.41
Q3 2024	150.00	6.29	6.05	28.66
Q4 2024	150.00	6.81	6.57	29.85

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2015	150.00	3.99	3.99	15.39
2016	150.00	4.89	4.89	19.52
2017	150.00	(1.33)	(1.33)	14.75
2018	150.00	(1.86)	(1.86)	12.66
2019	150.00	2.18	2.18	16.00
2020	150.00	2.62	2.62	18.89
2021	150.00	1.78	1.78	19.69
2022	150.00	2.01	2.01	20.88
2023	150.00	4.11	4.11	24.15
2024	150.00	6.81	6.57	29.85

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Recurring P/E
Q1 2015	14.21	14.21
Q2 2015	14.82	14.82
Q3 2015	13.14	13.14
Q4 2015	13.24	13.24
Q1 2016	14.34	14.34
Q2 2016	15.49	15.49
Q3 2016	13.16	13.16
Q4 2016	14.80	14.80
Q1 2017	14.12	14.12
Q2 2017	15.51	15.51
Q3 2017	17.18	17.18
Q4 2017	NEG	NEG
Q1 2018	NEG	NEG
Q2 2018	NEG	NEG
Q3 2018	NEG	NEG
Q4 2018	NEG	NEG
Q1 2019	NEG	NEG
Q2 2019	NEG	NEG
Q3 2019	NEG	NEG
Q4 2019	29.27	29.27
Q1 2020	20.73	20.73
Q2 2020	17.70	17.70
Q3 2020	21.57	21.57
Q4 2020	25.33	25.33
Q1 2021	25.44	25.44
Q2 2021	30.34	30.34
Q3 2021	34.77	34.77
Q4 2021	36.34	36.34
Q1 2022	46.58	46.58
Q2 2022	More than 100	More than 100
Q3 2022	More than 100	More than 100
Q4 2022	33.30	33.30
Q1 2023	33.69	33.69
Q2 2023	30.61	30.61
Q3 2023	24.87	24.87
Q4 2023	31.68	31.68
Q1 2024	31.92	31.92
Q2 2024	21.92	22.79
Q3 2024	23.46	24.39
Q4 2024	21.66	22.46

Period	P/E	Recurring P/E
2015	13.24	13.24
2016	14.80	14.80
2017	NEG	NEG
2018	NEG	NEG
2019	29.27	29.27
2020	25.33	25.33
2021	36.34	36.34
2022	33.30	33.30
2023	31.68	31.68
2024	21.66	22.46

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Medical Insurance	Medical - umrah	Comprehensive Motor Insurance	Property Sector and accident victims	general accident - umrah	saving and investment	Travel & COVID-19
Q1 2021	2,499.81	0.46	146.01	272.40	0.29	1.76	-
Q2 2021	1,563.48	0.81	154.01	506.77	0.66	15.03	24.30
Q3 2021	1,244.91	2.03	140.82	435.24	1.75	3.45	36.51
Q4 2021	2,511.51	15.81	177.78	395.60	13.65	15.49	38.29
Q1 2022	2,781.71	68.46	243.51	310.04	59.13	7.02	37.17
Q2 2022	2,154.96	105.43	219.86	554.06	148.32	1.99	38.31
Q3 2022	1,640.47	101.89	223.67	782.48	104.79	17.36	49.88
Q4 2022	3,341.10	267.43	354.81	486.91	230.96	23.81	-
Q1 2023	4,025.23	218.61	510.69	501.66	104.93	3.00	-
Q2 2023	3,080.88	68.96	729.27	683.45	65.23	1.04	-
Q4 2023	3,914.32	170.26	631.47	575.15	58.76	36.41	-
Q1 2024	3,174.39	17.43	738.22	636.08	6.02	23.08	-
Q2 2024	4,194.18	0.03	553.75	963.34	0.01	20.79	-
Q3 2024	2,714.30	-	652.00	667.50	-	37.67	-
Q4 2024	3,879.85	-	722.60	827.22	-	28.32	-

Period	Medical Insurance	Medical - umrah	Comprehensive Motor Insurance	Property Sector and accident victims	general accident - umrah	saving and investment	Travel & COVID-19
2021	7,819.71	19.11	618.61	1,610.00	16.36	35.72	99.11
2022	9,918.23	543.20	1,041.86	2,133.49	543.20	50.18	125.36
2023	12,471.92	550.07	2,803.66	2,208.90	260.84	64.13	-
2024	13,962.72	17.46	2,631.35	3,094.13	6.03	109.86	-

Financial Ratios

	Current
Market Cap (M Riyal)	20,775.02
Shares Outstanding (M)	150.00
EPS ( Riyal) (TTM)	7.30
Book Value (BV) ( Riyal)	33.09
Par Value ( Riyal)	10.00
Recurring P/E	18.98
P/E (TTM)	18.98
Price/Book	4.19
Return on Average Assets (%) (TTM)	5.2
Return on Average Equity (%) (TTM)	24.1
Return on Market Cap (%)	4.6

The Company for Cooperative Insurance (TAWUNIYA)

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Tawuniya 2024 profit leaps 66% to SAR 1.02B; Q4 at SAR 168M

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Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million)

Revenue by Business Segment (Latest) 2024 Q4

Financial Ratios

Share Price

The Company for Cooperative Insurance (TAWUNIYA)

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Tawuniya 2024 profit leaps 66% to SAR 1.02B; Q4 at SAR 168M

View other reports

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million) Q4 2024

Revenue by Business Segment (Latest) 2024 Q4

Financial Ratios

Share Price

The Company for Cooperative Insurance (TAWUNIYA)

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Business Segments - Gross Premium Written (Million)