Announcement • May 14
Al-Etihad Cooperative Insurance Company, Annual General Meeting, Jun 03, 2026 Al-Etihad Cooperative Insurance Company, Annual General Meeting, Jun 03, 2026, at 18:30 Arab Standard Time. Location: dahrane Saudi Arabia Reported Earnings • May 10
First quarter 2026 earnings released: ر.س0.79 loss per share (vs ر.س0.24 loss in 1Q 2025) First quarter 2026 results: ر.س0.79 loss per share (further deteriorated from ر.س0.24 loss in 1Q 2025). Revenue: ر.س301.4m (flat on 1Q 2025). Net loss: ر.س39.6m (loss widened 232% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Board Change • Apr 04
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Ahmed Boshnak was the last independent director to join the board, commencing their role in 2026. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 18
Full year 2025 earnings released: ر.س4.89 loss per share (vs ر.س0.98 profit in FY 2024) Full year 2025 results: ر.س4.89 loss per share (down from ر.س0.98 profit in FY 2024). Revenue: ر.س1.25b (down 7.3% from FY 2024). Net loss: ر.س244.4m (down ر.س293.6m from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. New Risk • Mar 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 5.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 8.9% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.9% average weekly change). Market cap is less than US$100m (ر.س322.0m market cap, or US$85.8m). New Risk • Feb 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ر.س369.5m (US$98.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 8.9% per year over the past 5 years. Minor Risk Market cap is less than US$100m (ر.س369.5m market cap, or US$98.5m). New Risk • Nov 12
New major risk - Revenue and earnings growth Earnings have declined by 8.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 8.9% per year over the past 5 years. Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: ر.س0.84 (vs ر.س0.08 in 3Q 2024) Third quarter 2025 results: EPS: ر.س0.84 (up from ر.س0.08 in 3Q 2024). Net income: ر.س42.1m (up ر.س38.2m from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 12
Second quarter 2025 earnings released: ر.س1.27 loss per share (vs ر.س0.99 profit in 2Q 2024) Second quarter 2025 results: ر.س1.27 loss per share (down from ر.س0.99 profit in 2Q 2024). Revenue: ر.س321.9m (down 8.8% from 2Q 2024). Net loss: ر.س63.7m (down 229% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • May 23
Al-Etihad Cooperative Insurance Company Approves Cash Dividend for the Fiscal Period December 31, 2024, Payable June 3, 2025 Al-Etihad Cooperative Insurance Company at its Ordinary General Assembly Meeting, approved the recommendation of the Board of Directors to distribute cash dividends in the amount of SAR 30,000,000 to shareholders for the fiscal period December 31, 2024, (SAR 0.6 per share), provided that the eligibility is for shareholders who own shares at the end of trading session on the day of the general assembly and who are registered in the company's shareholders register at the Securities Depository Center Company (Edaa) at the end of the second trading day following the date of the general assembly, provided that the distribution of dividends begins on Tuesday June 3, 2025. Upcoming Dividend • May 17
Upcoming dividend of ر.س0.60 per share Eligible shareholders must have bought the stock before 22 May 2025. Payment date: 03 June 2025. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of Saudi dividend payers (5.3%). Higher than average of industry peers (1.7%). Declared Dividend • May 02
Dividend of ر.س0.60 announced Shareholders will receive a dividend of ر.س0.60. Ex-date: 22nd May 2025 Payment date: 3rd June 2025 Dividend yield will be 4.0%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (34% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Announcement • May 01
Al-Etihad Cooperative Insurance Company, Annual General Meeting, May 21, 2025 Al-Etihad Cooperative Insurance Company, Annual General Meeting, May 21, 2025, at 19:00 Arab Standard Time. Location: dahrane Saudi Arabia Reported Earnings • Mar 13
Full year 2024 earnings released: EPS: ر.س0.98 (vs ر.س1.88 in FY 2023) Full year 2024 results: EPS: ر.س0.98 (down from ر.س1.88 in FY 2023). Revenue: ر.س1.49b (up 27% from FY 2023). Net income: ر.س49.1m (down 48% from FY 2023). Profit margin: 3.3% (down from 8.0% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: ر.س0.08 (vs ر.س0.16 in 3Q 2023) Third quarter 2024 results: EPS: ر.س0.08 (down from ر.س0.16 in 3Q 2023). Revenue: ر.س351.9m (up 14% from 3Q 2023). Net income: ر.س3.87m (down 53% from 3Q 2023). Profit margin: 1.1% (down from 2.7% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Nov 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 5.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (5.6% average weekly change). Profit margins are more than 30% lower than last year (6.1% net profit margin). Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ر.س20.98, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 22x in the Insurance industry in Saudi Arabia. Total returns to shareholders of 21% over the past three years. Reported Earnings • Aug 11
Second quarter 2024 earnings released: EPS: ر.س0.99 (vs ر.س0.99 in 2Q 2023) Second quarter 2024 results: EPS: ر.س0.99 (in line with 2Q 2023). Revenue: ر.س352.9m (up 33% from 2Q 2023). Net income: ر.س49.4m (flat on 2Q 2023). Profit margin: 14% (down from 19% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • May 10
Al-Etihad Cooperative Insurance Company, Annual General Meeting, May 29, 2024 Al-Etihad Cooperative Insurance Company, Annual General Meeting, May 29, 2024, at 19:00 Arab Standard Time. Location: dahran Saudi Arabia Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ر.س23.90, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 23x in the Insurance industry in Saudi Arabia. Total returns to shareholders of 6.1% over the past three years. New Risk • Nov 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 5.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 28% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (5.5% average weekly change). Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ر.س20.24, the stock trades at a trailing P/E ratio of 21.4x. Average trailing P/E is 34x in the Insurance industry in Saudi Arabia. Total returns to shareholders of 38% over the past three years. Announcement • Dec 16
Al-Etihad Cooperative Insurance Company, Annual General Meeting, Jan 05, 2023 Al-Etihad Cooperative Insurance Company, Annual General Meeting, Jan 05, 2023, at 18:30 Arabian Standard Time. Location: headquarter - Dhahran - located in Al-Abdul Karim Tower, King Fahd Bin Abdulaziz Road, Al-Qashlah, Floor No. 15, Dhahran 34232-4233 Dhahran Saudi Arabia Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 08
Third quarter 2022 earnings released: EPS: ر.س0.64 (vs ر.س0.14 in 3Q 2021) Third quarter 2022 results: EPS: ر.س0.64 (up from ر.س0.14 in 3Q 2021). Revenue: ر.س312.8m (up 58% from 3Q 2021). Net income: ر.س29.0m (up 365% from 3Q 2021). Profit margin: 9.3% (up from 3.1% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Aug 19
Second quarter 2022 earnings released: ر.س0.068 loss per share (vs ر.س0.35 profit in 2Q 2021) Second quarter 2022 results: ر.س0.068 loss per share (down from ر.س0.35 profit in 2Q 2021). Revenue: ر.س245.4m (up 29% from 2Q 2021). Net loss: ر.س2.73m (down 117% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • May 20
First quarter 2022 earnings released: EPS: ر.س0.017 (vs ر.س0.28 in 1Q 2021) First quarter 2022 results: EPS: ر.س0.017 (down from ر.س0.28 in 1Q 2021). Revenue: ر.س225.3m (up 21% from 1Q 2021). Net income: ر.س690.0k (down 94% from 1Q 2021). Profit margin: 0.3% (down from 6.0% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 19
Al-Etihad Cooperative Insurance Co. Announces the renewal of its CCHI Annual Qualifying License AL Etihad Cooperative Insurance Company announced that it has received on April 17, 2022 a notification from the Council of Cooperative Health Insurance (CCHI) via electronic gate services of the annual renewal of its CCHI license, for one year period starting from May 8, 2022 ending in May 8, 2023. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improved over the past week After last week's 16% share price gain to ر.س22.76, the stock trades at a trailing P/E ratio of 27.2x. Average trailing P/E is 40x in the Insurance industry in Saudi Arabia. Total returns to shareholders of 30% over the past three years. Reported Earnings • Mar 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ر.س1.21 (up from ر.س0.69 in FY 2020). Revenue: ر.س820.9m (up 17% from FY 2020). Net income: ر.س48.4m (up 75% from FY 2020). Profit margin: 5.9% (up from 3.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Nov 09
Third quarter 2021 earnings released: EPS ر.س0.24 (vs ر.س0.66 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ر.س209.8m (up 12% from 3Q 2020). Net income: ر.س9.73m (down 63% from 3Q 2020). Profit margin: 4.6% (down from 14% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS ر.س0.39 (vs ر.س0.76 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ر.س187.1m (up 12% from 2Q 2020). Net income: ر.س15.8m (down 48% from 2Q 2020). Profit margin: 8.4% (down from 18% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Reported Earnings • May 13
First quarter 2021 earnings released: EPS ر.س0.36 (vs ر.س0.38 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and revenues, although profit margins were improved. First quarter 2021 results: Revenue: ر.س193.5m (down 9.7% from 1Q 2020). Net income: ر.س14.6m (down 3.0% from 1Q 2020). Profit margin: 7.5% (up from 7.0% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS ر.س1.00 (vs ر.س1.26 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ر.س717.2m (down 13% from FY 2019). Net income: ر.س40.1m (down 20% from FY 2019). Profit margin: 5.6% (down from 6.1% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 20
New 90-day high: ر.س26.20 The company is up 6.0% from its price of ر.س24.74 on 19 November 2020. The Saudi market is flat over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Insurance industry, which is also up 6.0% over the same period. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS ر.س0.66 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ر.س188.1m (down 8.8% from 3Q 2019). Net income: ر.س26.4m (up 137% from 3Q 2019). Profit margin: 14% (up from 5.4% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Nov 11
New 90-day high: ر.س23.24 The company is up 34% from its price of ر.س17.40 on 13 August 2020. The Saudi market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 7.0% over the same period. Reported Earnings • Nov 04
Third quarter 2020 earnings released: EPS ر.س0.75 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ر.س182.7m (down 12% from 3Q 2019). Net income: ر.س29.9m (up 169% from 3Q 2019). Profit margin: 16% (up from 5.4% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Sep 22
New 90-day high: ر.س19.54 The company is up 39% from its price of ر.س14.02 on 24 June 2020. The Saudi market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 23% over the same period. 