Salama turns to SAR 35.4M loss in Q1 2025

Salama Cooperative Insurance Co. reported a net loss of SAR 35.4 million in the first quarter of 2025, against a profit of SAR 10.1 million in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2024	Q1 2025	Change‬
Gross Written Premium (GWP)	133.96	164.97	23.2 %
Insurance Revenues	188.49	131.88	(30.0 %)
Net Income	10.05	(35.42)	(452.4 %)
Average Shares	24.56	30.00	22.1 %
Earnings Per Share before unusual items	0.41	(1.18)	(388.5 %)
EPS (Riyals)	0.41	(1.18)	(388.5 %)

Item	Q4 2024	Q1 2025	Change‬
Gross Written Premium (GWP)	119.28	164.97	38.3 %
Insurance Revenues	135.57	131.88	(2.7 %)
Net Income	2.75	(35.42)	(1386.2 %)
Average Shares	24.56	30.00	22.1 %
Earnings Per Share before unusual items	0.11	(1.18)	(1152.9 %)
EPS (Riyals)	0.11	(1.18)	(1152.9 %)

The losses were attributed to a 30% YoY decline in insurance revenues to SAR 131.88 million. This fall was mainly due to a decrease in gross earned premiums, as a result of an increase in gross written premiums during the quarter, mainly in the motor and health insurance segments.

Meanwhile, the company reported a higher net loss of the insurance results for Q1 2025 to SAR -35.65 million, compared to a net profit of the insurance results at SAR 11.75 million for the year-earlier period. This is mainly due to a decrease in insurance revenues and higher insurance service expenses.

Insurance Operations

Item	3m 2024	3m 2025	Change‬
Gross Written Premium (GWP)	133.96	164.97	23.1 %
Insurance Revenues	188.49	131.88	(30.0 %)
Insurance Services Income	11.75	(35.65)	(403.4 %)
Investment Income	7.14	6.94	(2.8 %)
Net Profit of Insurance Services and Investment	17.58	(29.99)	(270.6 %)

Sequentially, the insurer turned to losses versus a profit of SAR 2.75 million in Q4 2024.

Total shareholders’ equity, no minority interest, grew to SAR 317.35 million as of March 31, 2025, compared to SAR 215.03 million a year earlier.

Accumulated losses stood at SAR 45.07 million by the end of Q1 2025, representing 15% of the company’s capital.

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Share Price

Salama Cooperative Insurance Co. (SALAMA)

	Current
Market Cap (M)	384.60
Shares Outstanding (M)	30.00
EPS ( Riyal) (TTM)	(0.51)
Book Value (BV) ( Riyal)	10.58
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/Book	1.21
Return on Average Assets (%) (TTM)	(2.05 )
Return on Average Equity (%) (TTM)	(5.77 )
Return on Market Cap (%)	(3.21 )

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 %
2016	21.30	1034.4 %	1.15	30.35	886.0 %
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 %)
2017	59.19	177.8 %	3.20	65.49	115.8 %
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 %)
2018	10.34	(82.5 %)	0.56	16.34	(75.0 %)
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 %
2019	(60.12)	(681.2 %)	(3.25)	(54.12)	(431.1 %)
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 %)
2020	6.05	110.1 %	0.33	12.05	122.3 %
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 %)
2021	(112.41)	(1958.0 %)	(6.07)	(106.41)	(983.1 %)
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 %
2022	(38.87)	65.4 %	(2.10)	(35.87)	66.3 %
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 %)
2023	51.30	232.0 %	2.12	55.30	254.2 %
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 %)
2024	30.12	(41.3 %)	1.23	28.62	(48.2 %)
Q1 2025	(35.42)	(452.4 %)	(1.18)	-	-

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2015	1.88	2.7 %	0.10	3.08	11.4 %
2016	21.30	1034.4 %	1.15	30.35	886.0 %
2017	59.19	177.8 %	3.20	65.49	115.8 %
2018	10.34	(82.5 %)	0.56	16.34	(75.0 %)
2019	(60.12)	(681.2 %)	(3.25)	(54.12)	(431.1 %)
2020	6.05	110.1 %	0.33	12.05	122.3 %
2021	(112.41)	(1958.0 %)	(6.07)	(106.41)	(983.1 %)
2022	(38.87)	65.4 %	(2.10)	(35.87)	66.3 %
2023	51.30	232.0 %	2.12	55.30	254.2 %
2024	30.12	(41.3 %)	1.23	28.62	(48.2 %)

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 %	-	-	-	-
2016	571.35	45.9 %	-	-	-	-
Q1 2017	227.88	60.8 %	-	-	-	-
Q2 2017	201.97	42.7 %	-	-	-	-
Q3 2017	158.98	20.4 %	-	-	-	-
Q4 2017	161.86	3.7 %	-	-	-	-
2017	750.69	31.4 %	-	-	-	-
Q1 2018	246.23	8.1 %	-	-	-	-
Q2 2018	224.27	11.0 %	-	-	-	-
Q3 2018	153.00	(3.8 %)	-	-	-	-
Q4 2018	111.48	(31.1 %)	-	-	-	-
2018	734.98	(2.1 %)	-	-	-	-
Q1 2019	150.96	(38.7 %)	-	-	-	-
Q2 2019	137.44	(38.7 %)	-	-	-	-
Q3 2019	95.16	(37.8 %)	-	-	-	-
Q4 2019	119.94	7.6 %	-	-	-	-
2019	503.50	(31.5 %)	-	-	-	-
Q1 2020	85.80	(43.2 %)	-	-	-	-
Q2 2020	96.62	(29.7 %)	-	-	-	-
Q3 2020	157.52	65.5 %	-	-	-	-
Q4 2020	87.68	(26.9 %)	-	-	-	-
2020	427.62	(15.1 %)	-	-	-	-
Q1 2021	118.24	37.8 %	-	-	-	-
Q2 2021	117.06	21.2 %	-	-	-	-
Q3 2021	125.32	(20.4 %)	-	-	-	-
Q4 2021	106.91	21.9 %	-	-	-	-
2021	467.53	9.3 %	-	-	-	-
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	-
2022	792.11	69.4 %	(23.78)	-	(4.17)	-
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 %)
2023	788.97	(0.4 %)	38.04	259.9 %	63.55	1625.5 %
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 %)
2024	526.57	(33.3 %)	33.87	(10.9 %)	56.81	(10.6 %)
Q1 2025	164.97	23.2 %	(35.65)	(403.5 %)	(29.99)	(270.7 %)

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2015	391.74	22.8 %	-	-	-	-
2016	571.35	45.9 %	-	-	-	-
2017	750.69	31.4 %	-	-	-	-
2018	734.98	(2.1 %)	-	-	-	-
2019	503.50	(31.5 %)	-	-	-	-
2020	427.62	(15.1 %)	-	-	-	-
2021	467.53	9.3 %	-	-	-	-
2022	792.11	69.4 %	(23.78)	-	(4.17)	-
2023	788.97	(0.4 %)	38.04	259.9 %	63.55	1625.5 %
2024	526.57	(33.3 %)	33.87	(10.9 %)	56.81	(10.6 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
Q1 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	24.56	1.98	1.98	8.87
Q2 2024	24.56	1.73	1.73	9.34
Q3 2024	24.56	1.45	1.45	9.58
Q4 2024	24.56	1.23	1.23	10.49
Q1 2025	30.00	(0.51)	(0.51)	10.58

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2015	18.51	0.10	0.10	9.28
2016	18.51	1.15	1.15	10.43
2017	18.51	3.20	3.20	13.63
2018	18.51	0.56	0.56	14.19
2019	18.51	(3.25)	(3.25)	10.94
2020	18.51	0.33	0.33	11.27
2021	18.51	(6.07)	(6.07)	5.20
2022	18.51	(2.10)	(2.10)	3.29
2023	24.25	2.12	2.12	8.45
2024	24.56	1.23	1.23	10.49

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted 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	18.17
Q1 2025	NEG	NEG

Period	P/E	Adjusted P/E
2015	More than 100	More than 100
2016	23.44	23.44
2017	17.00	17.00
2018	More than 100	More than 100
2019	NEG	NEG
2020	More than 100	More than 100
2021	NEG	NEG
2022	NEG	NEG
2023	9.35	9.35
2024	18.17	18.17

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

Period	Medical Insurance	Comprehensive Motor Insurance	Other classes
2015	29.69	342.73	19.32
2016	30.02	523.29	18.05
2017	78.77	645.31	26.61
2018	119.08	592.48	23.43
2019	123.26	360.35	19.90
2020	89.36	313.90	24.37
2021	86.35	351.48	29.70
2022	142.58	624.07	25.46
2023	140.65	601.02	47.29
2024	94.58	356.92	75.07

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Salama turns to SAR 35.4M loss in Q1 2025

Current Quarter Comparison (M)

Insurance Operations

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Share Price

Salama Cooperative Insurance Co. (SALAMA)

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Insurance Operations Performance (M)

Insurance Operations Performance (M)

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Salama turns to SAR 35.4M loss in Q1 2025

Current Quarter Comparison (M)

Insurance Operations

View other reports

Share Price

Salama Cooperative Insurance Co. (SALAMA)

Financial Ratios

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) Q1 2025

Revenue by Business Segment (Latest) 2025 Q1

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Business Segments - Gross Premium Written (Million)