Financial Results : Salama swings to SAR 39.1M loss in H1 2025; Q2 at SAR 3.7M

Salama swings to SAR 39.1M loss in H1 2025; Q2 at SAR 3.7M

04/08/2025 Argaam Exclusive

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Salama Cooperative Insurance Co. incurred a net loss of SAR 39.1 million in H1 2025, versus a net profit of SAR 21.5 million in the prior-year period.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Gross Written Premium (GWP) 237.35 263.29 10.9 %
Insurance Revenues 365.33 272.61 (25.4 %)
Net Profit Before Zakat & Tax 23.48 (38.85) (265.4 %)
Net Income 21.48 (39.13) (282.2 %)
Average Shares 24.25 30.00 23.7 %
Earnings Per Share before unusual items (Riyals) 0.89 (1.34) (251.9 %)
EPS (Riyal) 0.89 (1.30) (247.3 %)

The Saudi insurer reported lower insurance revenue and decreased gross earned premiums.

 

Net insurance losses stood at SAR 38.06 million versus a net profit of SAR 22.61 million in H1 2024.

 

Meanwhile, gross written premiums (GWPs) amounted to SAR 263.29 million, compared to SAR 237.35 million in the same period of the previous year, marking an increase of 10.93%.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Gross Written Premium (GWP) 103.39 98.32 (4.9 %)
Insurance Revenues 176.84 140.73 (20.4 %)
Net Profit Before Zakat & Tax 12.43 (3.21) (125.8 %)
Net Income 11.43 (3.71) (132.5 %)
Average Shares 24.25 30.00 23.7 %
Earnings Per Share before unusual items (Riyal) 0.47 (0.12) (126.2 %)
EPS (Riyal) 0.47 (0.12) (126.2 %)

The insurer sustained a net loss of SAR 3.7 million in Q2 2025, versus a net profit of SAR 11.43 million in Q2 2024.

Insurance Operations

Item 6m 2024 6m 2025 Change‬
Gross Written Premium (GWP) 237.35 263.29 10.9 %
Insurance Revenues 365.33 272.61 (25.4 %)
Insurance Services Income 22.61 (38.06) (268.3 %)
Investment Income 14.57 13.95 (4.3 %)
Net Profit of Insurance Services and Investment 35.20 (26.13) (174.2 %)

On a sequential basis, net loss narrowed from SAR 35.4 million in Q1 2025.

 

Shareholders’ equity, no minority interest, reached SAR 313.6 million by June 30, 2025, compared to SAR 226.4 million in a year earlier.

 

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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2016 1.25 (44.7 %) 0.07 2.50 (2.3 %)
Q2 2016 1.78 5.6 % 0.10 3.03 52.6 %
Q3 2016 7.49 555.0 % 0.40 8.74 505.5 %
Q4 2016 10.79 436.2 % 0.58 16.08 652.9 %
Q1 2017 12.93 935.8 % 0.70 14.18 467.5 %
Q2 2017 14.91 737.1 % 0.81 16.16 433.1 %
Q3 2017 20.78 177.5 % 1.12 22.03 152.1 %
Q4 2017 10.58 (1.9 %) 0.57 13.13 (18.4 %)
Q1 2018 5.79 (55.2 %) 0.31 7.29 (48.6 %)
Q2 2018 7.53 (49.5 %) 0.41 9.03 (44.1 %)
Q3 2018 4.33 (79.2 %) 0.23 5.83 (73.5 %)
Q4 2018 (7.30) (169.0 %) (0.39) (5.80) (144.2 %)
Q1 2019 (16.08) (377.8 %) (0.87) (14.58) (300.1 %)
Q2 2019 (36.88) (589.9 %) (1.99) (35.38) (491.9 %)
Q3 2019 (15.81) (465.4 %) (0.85) (14.31) (345.6 %)
Q4 2019 8.66 218.5 % 0.47 10.16 275.0 %
Q1 2020 (26.90) (67.3 %) (1.45) (25.40) (74.2 %)
Q2 2020 31.20 184.6 % 1.69 32.70 192.4 %
Q3 2020 1.68 110.6 % 0.09 3.18 122.2 %
Q4 2020 0.95 (89.1 %) 0.05 2.45 (75.9 %)
Q1 2021 (1.44) 94.7 % (0.08) 0.06 100.3 %
Q2 2021 (1.42) (104.6 %) (0.08) 0.08 (99.8 %)
Q3 2021 (38.09) (2364.8 %) (2.06) (38.09) (1297.2 %)
Q4 2021 (71.46) (7645.9 %) (3.86) (68.46) (2897.7 %)
Q1 2022 (3.19) (122.2 %) (0.17) (1.69) (2742.2 %)
Q2 2022 (74.22) (5,126.7 %) (4.01) (72.72) (90998.8 %)
Q3 2022 (6.16) 83.8 % (0.33) (6.16) 83.8 %
Q4 2022 44.71 162.6 % 2.41 44.71 165.3 %
Q1 2023 12.65 496.4 % 0.68 13.15 877.5 %
Q2 2023 17.65 123.8 % 0.95 19.15 126.3 %
Q3 2023 12.67 305.6 % 0.68 13.67 321.9 %
Q4 2023 8.33 (81.4 %) 0.34 9.33 (79.1 %)
Q1 2024 10.05 (20.5 %) 0.41 11.05 (15.9 %)
Q2 2024 11.43 (35.2 %) 0.47 12.43 (35.1 %)
Q3 2024 5.89 (53.5 %) 0.24 6.89 (49.6 %)
Q4 2024 2.75 (66.9 %) 0.11 (1.75) (118.7 %)
Q1 2025 (35.42) (452.4 %) (1.18) (35.64) (422.5 %)
Q2 2025 (3.71) (132.5 %) (0.12) (3.21) (125.8 %)

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 2016 141.72 24.7 % - - - -
Q2 2016 141.49 25.1 % - - - -
Q3 2016 132.05 55.7 % - - - -
Q4 2016 156.10 94.7 % - - - -
Q1 2017 227.88 60.8 % - - - -
Q2 2017 201.97 42.7 % - - - -
Q3 2017 158.98 20.4 % - - - -
Q4 2017 161.86 3.7 % - - - -
Q1 2018 246.23 8.1 % - - - -
Q2 2018 224.27 11.0 % - - - -
Q3 2018 153.00 (3.8 %) - - - -
Q4 2018 111.48 (31.1 %) - - - -
Q1 2019 150.96 (38.7 %) - - - -
Q2 2019 137.44 (38.7 %) - - - -
Q3 2019 95.16 (37.8 %) - - - -
Q4 2019 119.94 7.6 % - - - -
Q1 2020 85.80 (43.2 %) - - - -
Q2 2020 96.62 (29.7 %) - - - -
Q3 2020 157.52 65.5 % - - - -
Q4 2020 87.68 (26.9 %) - - - -
Q1 2021 118.24 37.8 % - - - -
Q2 2021 117.06 21.2 % - - - -
Q3 2021 125.32 (20.4 %) - - - -
Q4 2021 106.91 21.9 % - - - -
Q1 2022 147.05 24.4 % (1.80) - 6.81 -
Q2 2022 192.78 64.7 % (71.20) - (67.52) -
Q3 2022 242.37 93.4 % (8.02) - (5.54) -
Q4 2022 209.91 96.3 % 57.24 - 62.09 -
Q1 2023 165.85 12.8 % 11.56 741.0 % 15.63 129.6 %
Q2 2023 153.64 (20.3 %) 11.19 115.7 % 15.93 123.6 %
Q3 2023 268.09 10.6 % 14.68 283.1 % 21.15 481.9 %
Q4 2023 201.39 (4.1 %) 0.60 (98.9 %) 10.84 (82.5 %)
Q1 2024 133.96 (19.2 %) 11.75 1.7 % 17.58 12.4 %
Q2 2024 103.39 (32.7 %) 10.87 (2.9 %) 17.63 10.6 %
Q3 2024 169.94 (36.6 %) 8.44 (42.6 %) 12.67 (40.1 %)
Q4 2024 119.28 (40.8 %) 2.82 368.2 % 8.93 (17.6 %)
Q1 2025 164.97 23.2 % (35.65) (403.5 %) (29.99) (270.7 %)
Q2 2025 98.32 (4.9 %) (2.41) (122.2 %) 3.87 (78.1 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 18.51 0.05 0.05 9.35
Q2 2016 18.51 0.05 0.05 9.45
Q3 2016 18.51 0.39 0.39 9.85
Q4 2016 18.51 1.15 1.15 10.43
Q1 2017 18.51 1.78 1.78 11.13
Q2 2017 18.51 2.49 2.49 11.94
Q3 2017 18.51 3.21 3.21 13.06
Q4 2017 18.51 3.20 3.20 13.63
Q1 2018 18.51 2.81 2.81 13.94
Q2 2018 18.51 2.41 2.41 14.35
Q3 2018 18.51 1.52 1.52 14.59
Q4 2018 18.51 0.56 0.56 14.19
Q1 2019 18.51 (0.62) (0.62) 13.32
Q2 2019 18.51 (3.02) (3.02) 11.33
Q3 2019 18.51 (4.11) (4.11) 10.48
Q4 2019 18.51 (3.25) (3.25) 10.94
Q1 2020 18.51 (3.83) (3.83) 9.49
Q2 2020 18.51 (0.15) (0.15) 11.13
Q3 2020 18.51 0.79 0.79 11.22
Q4 2020 18.51 0.37 0.37 11.27
Q1 2021 18.51 1.75 1.75 11.21
Q2 2021 18.51 (0.01) (0.01) 11.13
Q3 2021 18.51 (2.16) (2.16) 9.07
Q4 2021 18.51 (6.07) (6.07) 5.20
Q1 2022 18.51 (6.17) (6.17) 6.11
Q2 2022 18.51 (10.10) (10.10) 1.08
Q3 2022 18.51 (8.37) (8.37) 0.75
Q4 2022 18.51 (2.10) (2.10) 3.29
Q1 2023 18.51 (1.24) (1.24) 3.97
Q2 2023 18.51 3.72 3.72 4.92
Q3 2023 18.51 4.74 4.74 5.61
Q4 2023 24.25 2.12 2.12 8.45
Q1 2024 24.25 2.01 2.01 8.87
Q2 2024 24.25 1.75 1.75 9.34
Q3 2024 24.25 1.47 1.47 9.58
Q4 2024 24.25 1.24 1.02 10.49
Q1 2025 30.00 (0.51) (0.74) 10.58
Q2 2025 30.00 (1.02) (1.24) 10.45

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E
Q1 2016 More than 100 More than 100
Q2 2016 More than 100 More than 100
Q3 2016 More than 100 More than 100
Q4 2016 23.44 23.44
Q1 2017 16.99 16.99
Q2 2017 14.53 14.53
Q3 2017 14.60 14.60
Q4 2017 17.00 17.00
Q1 2018 20.31 20.31
Q2 2018 19.31 19.31
Q3 2018 23.62 23.62
Q4 2018 More than 100 More than 100
Q1 2019 NEG NEG
Q2 2019 NEG NEG
Q3 2019 NEG NEG
Q4 2019 NEG NEG
Q1 2020 NEG NEG
Q2 2020 NEG NEG
Q3 2020 More than 100 More than 100
Q4 2020 More than 100 More than 100
Q1 2021 32.19 32.19
Q2 2021 NEG NEG
Q3 2021 NEG NEG
Q4 2021 NEG NEG
Q1 2022 NEG NEG
Q2 2022 NEG NEG
Q3 2022 NEG NEG
Q4 2022 NEG NEG
Q1 2023 NEG NEG
Q2 2023 6.00 6.00
Q3 2023 5.57 5.57
Q4 2023 9.35 9.35
Q1 2024 15.24 15.24
Q2 2024 15.72 15.72
Q3 2024 19.51 19.51
Q4 2024 18.17 22.23
Q1 2025 NEG NEG
Q2 2025 NEG NEG

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Comprehensive Motor Insurance Other classes
Q1 2016 10.78 123.59 7.35
Q2 2016 8.24 130.03 3.21
Q3 2016 4.08 123.46 4.52
Q4 2016 6.92 146.21 2.97
Q1 2017 26.25 193.06 8.57
Q2 2017 23.07 173.17 5.73
Q3 2017 12.71 138.97 7.31
Q4 2017 16.75 140.11 5.01
Q1 2018 19.22 217.89 9.12
Q2 2018 20.35 199.21 4.71
Q3 2018 50.62 98.48 3.90
Q4 2018 28.89 76.91 5.69
Q1 2019 23.47 122.14 5.36
Q2 2019 55.66 77.40 4.38
Q3 2019 21.12 69.11 4.75
Q4 2019 23.01 91.70 5.41
Q1 2020 21.09 58.55 6.16
Q2 2020 14.19 78.75 3.68
Q3 2020 28.63 122.32 6.58
Q4 2020 25.46 54.27 7.96
Q1 2021 19.78 89.20 9.26
Q2 2021 16.78 95.52 4.76
Q3 2021 25.37 92.14 7.81
Q4 2021 24.43 74.62 7.87
Q1 2022 29.94 108.46 8.65
Q2 2022 31.76 157.97 3.05
Q3 2022 40.23 195.49 6.65
Q4 2022 40.64 162.15 7.11
Q1 2023 37.14 119.15 9.57
Q2 2023 32.21 112.99 8.44
Q3 2023 34.39 214.26 19.44
Q4 2023 36.91 154.63 9.85
Q1 2024 32.26 84.35 17.35
Q2 2024 18.48 65.71 19.20
Q3 2024 25.19 120.55 24.20
Q4 2024 18.66 86.31 14.31
Q1 2025 51.34 95.06 18.57
Q2 2025 29.85 50.49 17.98


Financial Ratios
Current
Market Cap (M Riyal) 341.10
Shares Outstanding (M) 30.00
EPS ( Riyal) (TTM) (1.02)
Book Value (BV) ( Riyal) 10.45
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/Book 1.09
Return on Average Assets (%) (TTM) (4.18 )
Return on Average Equity (%) (TTM) (11.29 )
Return on Market Cap (%) (7.20 )
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Share Price

Salama Cooperative Insurance Co.
11.33
(0.01) (0.09 %)

Salama Cooperative Insurance Co. (SALAMA)

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