Walaa turns SAR 148M profit in 2023; Q4 at SAR 45.3M

13/03/2024 Argaam Exclusive

View other reports

Share Price

Walaa Cooperative Insurance Co.
25.60
1.10 4.49 %

Walaa Cooperative Insurance Co. (WALAA)

More

Walaa Cooperative Insurance Co. swung to SAR 148 million net profit in 2023, from a loss of SAR 68.1 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Gross Written Premium (GWP) 2,641.93 3,346.16 26.7 %
Insurance Revenues 2,572.34 2,887.64 12.3 %
Net Income (68.08) 147.98 317.4 %
Average Shares 68.78 85.06 23.7 %
EPS (Riyals) (0.99) 1.74 275.8 %

Insurance revenues rose 12.26% year-on-year (YoY) to SAR 2.88 billion in 2023, driven by business growth in medical, engineering, protection & savings, and other general insurance segments.

 

Insurance services results posted a profit of SAR 28.12 million, compared to a loss of SAR 119.99 million, backed by business growth and improvement in the loss ratios in certain lines.

 

Net investment results jumped 110.53% YoY due to an increase in unrealized gains on investments and commission income on deposits.

 

Meanwhile, other operating expenses grew 76.90% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Gross Written Premium (GWP) 644.51 880.21 36.6 %
Insurance Revenues 699.72 781.15 11.6 %
Net Income (11.41) 45.25 496.6 %
Average Shares 68.78 85.06 23.7 %
EPS (Riyals) (0.17) 0.53 420.7 %

Insurance Operations

Item 2022 2023 Change‬
Gross Written Premium (GWP) 2,641.93 3,346.16 26.7 %
Insurance Revenues 2,572.34 2,887.64 12.3 %
Insurance Services Income (120.00) 28.12 123.4 %
Investment Income 78.37 164.98 110.5 %
Net Profit of Insurance Services and Investment (48.11) 188.75 492.3 %

In Q4 2023, the insurance services provider turned to a net profit of SAR 45.3 million, against a net loss of SAR 11.41 million in Q4 2022.

 

On a sequential basis, Walaa’s earnings rose 13.8% from SAR 39.78 million in Q3 2023.

 

Shareholders’ equity, no minority interest, amounted to SAR 1.27 billion as of Dec. 31, 2023, compared to SAR 1.11 billion in 2022.

 

View more financial results

 


Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2014 - - - - -
Q2 2014 - - - - -
Q3 2014 - - - - -
Q4 2014 - - - - -
Q1 2015 - - - - -
Q2 2015 - - - - -
Q3 2015 - - - - -
Q4 2015 - - - - -
Q1 2016 - - - - -
Q2 2016 - - - - -
Q3 2016 - - - - -
Q4 2016 - - - - -
Q1 2017 1.56 - 0.02 32.23 -
Q2 2017 3.75 - 0.04 35.59 -
Q3 2017 2.18 - 0.03 44.38 -
Q4 2017 (0.33) - 0.00 32.05 -
Q1 2018 1.56 0.0 % 0.02 38.74 20.2 %
Q2 2018 3.75 0.0 % 0.04 34.33 (3.5 %)
Q3 2018 2.18 0.0 % 0.03 22.57 (49.1 %)
Q4 2018 (0.33) 0.0 % 0.00 4.73 (85.2 %)
Q1 2019 1.56 0.0 % 0.02 15.32 (60.4 %)
Q2 2019 3.75 0.0 % 0.04 (15.83) (146.1 %)
Q3 2019 2.18 0.0 % 0.03 7.94 (64.8 %)
Q4 2019 (0.33) 0.0 % 0.00 13.87 192.9 %
Q1 2020 1.56 0.0 % 0.02 (10.82) (170.6 %)
Q2 2020 3.75 0.0 % 0.04 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 % 0.04 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 %) (0.29) (15.11) 36.7 %
Q2 2022 (48.10) (1381.9 %) (0.70) (46.10) (537.5 %)
Q3 2022 11.03 405.9 % 0.16 12.53 137.8 %
Q4 2022 (11.41) (3,315.9 %) (0.17) - -
Q1 2023 24.31 224.0 % 0.29 26.81 277.5 %
Q2 2023 38.65 180.3 % 0.45 41.15 189.3 %
Q3 2023 39.78 260.5 % 0.47 44.78 257.2 %
Q4 2023 45.25 496.6 % 0.53 50.25 -
2023 147.98 317.4 % 1.74 162.98 -

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 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 299.76 - - - - -
Q2 2017 217.64 - - - - -
Q3 2017 284.37 - - - - -
Q4 2017 300.56 - - - - -
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 % 46.16 254.7 %
Q3 2023 760.63 27.6 % 13.68 1848.3 % 39.86 377.4 %
Q4 2023 880.21 36.6 % 6.22 110.0 % 69.04 569.5 %
2023 3,346.16 26.7 % 28.12 123.4 % 188.75 492.3 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 85.06 - - 0.76
Q2 2017 85.06 - - 1.19
Q3 2017 85.06 - - 1.72
Q4 2017 85.06 0.08 1.56 2.01
Q1 2018 85.06 0.08 1.62 2.51
Q2 2018 85.06 0.08 1.60 2.47
Q3 2018 85.06 0.08 1.34 2.66
Q4 2018 85.06 0.08 1.01 2.71
Q1 2019 85.06 0.08 0.73 3.05
Q2 2019 85.06 0.08 0.14 1.28
Q3 2019 85.06 0.08 0.01 1.28
Q4 2019 85.06 0.08 0.23 1.66
Q1 2020 85.06 0.08 (0.06) 1.66
Q2 2020 85.06 0.08 0.48 2.15
Q3 2020 85.06 0.08 0.56 2.79
Q4 2020 85.06 0.08 0.60 3.17
Q1 2021 85.06 0.08 0.43 2.91
Q2 2021 85.06 0.08 0.20 3.11
Q3 2021 85.06 0.08 (0.40) 2.62
Q4 2021 85.06 0.08 (1.43) 1.93
Q1 2022 68.78 (0.20) (1.66) 12.60
Q2 2022 68.78 (0.96) (2.46) 11.92
Q3 2022 68.78 (0.83) (1.76) 12.10
Q4 2022 68.78 (0.99) (0.99) 16.23
Q1 2023 85.06 (0.28) (0.28) 13.41
Q2 2023 85.06 0.74 0.74 13.87
Q3 2023 85.06 1.07 1.07 14.33
Q4 2023 85.06 1.74 1.74 14.91

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2014 - -
Q2 2014 - -
Q3 2014 - -
Q4 2014 - -
Q1 2015 - -
Q2 2015 - -
Q3 2015 - -
Q4 2015 - -
Q1 2016 - -
Q2 2016 - -
Q3 2016 - -
Q4 2016 - -
Q1 2017 - -
Q2 2017 - -
Q3 2017 - -
Q4 2017 More than 50 15.67
Q1 2018 More than 50 15.32
Q2 2018 More than 50 14.66
Q3 2018 More than 50 14.67
Q4 2018 More than 50 17.90
Q1 2019 More than 50 26.63
Q2 2019 More than 50 More than 50
Q3 2019 More than 50 More than 50
Q4 2019 More than 50 More than 50
Q1 2020 More than 50 NEG
Q2 2020 More than 50 28.39
Q3 2020 More than 50 41.66
Q4 2020 More than 50 36.47
Q1 2021 More than 50 More than 50
Q2 2021 More than 50 More than 50
Q3 2021 More than 50 NEG
Q4 2021 More than 50 NEG
Q1 2022 NEG NEG
Q2 2022 NEG NEG
Q3 2022 NEG NEG
Q4 2022 NEG NEG
Q1 2023 NEG NEG
Q2 2023 24.63 24.63
Q3 2023 16.39 16.39
Q4 2023 10.90 10.90

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Comprehensive Motor Insurance Property Insurance - Engineering Protection & Saving Other classes insurance energy
Q1 2014 10.14 80.69 46.49 - - 43.76 -
Q2 2014 15.18 57.79 32.59 56.30 - 13.76 -
Q3 2014 11.00 38.52 103.30 19.91 - 18.02 -
Q4 2014 10.93 63.49 4.05 8.64 - 15.05 -
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


Financial Ratios
Current
Market Cap (M) 2,177.28
EPS ( Riyal) (TTM) 1.92
Book Value (BV) ( Riyal) 15.42
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 13.31
P/E (TTM) 13.31
Price/Book 1.66
Return on Average Assets (%) (TTM) 4.3
Return on Average Equity (%) (TTM) 13.3
Shares Outstanding (M) 85.06
Return on Market Cap (%) 7.1
more

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.