Rasan (8313) Q2 2024 earnings summary

Executive summary

• Achieved robust business growth in H1 2024, with record EBITDA margin and strong sales performance, including a 51% year-over-year increase in policies and 21% rise in revenues.

• Launched three new products in health and motor insurance, and introduced cross-selling capabilities.

• Maintained a focus on innovation, customer experience, and team expansion with insurtech and fintech expertise.

• Report covers unaudited interim condensed consolidated financials for the three- and six-month periods ended 30 June 2024.

• IPO completed in June 2024, with shares listed on Tadawul and 5,300,000 new shares issued.

Financial highlights

• Revenue for six months ended 30 June 2024 was SR 130.5 million, up 20.7% year-over-year; gross profit rose 24.1% to SR 77.5 million.

• Gross margin improved to 59.4% (+2.8pp YoY); EBITDA margin hit 22.2% (+7.7pp YoY).

• Net profit surged 140.7% to SR 18.3 million; EPS increased 146.7% to 0.26.

• Operating cash flow was SR 74 million, up from SR 5.3 million in H1 2023.

• Bank balances and cash increased to SR 371.0 million as of 30 June 2024, from SR 116.5 million at year-end 2023.

Outlook and guidance

• Positioned for continued growth, leveraging structural tailwinds in the Saudi insurance market, including regulatory changes and digital adoption.

• Focus on expanding product offerings, digital distribution, and strategic partnerships to sustain momentum.

• Results for the six-month period are not necessarily indicative of full-year performance.