Element List |
Explanation |
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is |
The Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia for financial periods beginning on or after 1 January2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative periods restated under the new standards. As a result, the Company has only reflected the relevant financial information under the new standards in the attachment to this announcement. Items that are reported as "0" are no longer presented in the new financial statements under IFRS 17and IFRS 9. The reason behind the net income during the current quarter compared net loss to the same quarter of previous year is mainly attributed to the improvement in insurance service result due to decrease in expenses from reinsurance contract held. In addition, the increase in investment income by 724% compared to same quarter of the previous year. |
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is |
The Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia, starting 1 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative periods restated under the new standards. As a result, the Company has only reflected the relevant financial information under the new standards in the above announcement. Items that are reported as "0" are no longer presented in the new financial statements under IFRS 17 and IFRS 9. The decrease in net income before zakat and income tax during the current quarter compared to the previous quarter is mainly attributed to the decrease in insurance service result. |
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is |
The Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia, starting 1 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative periods restated under the new standards. As a result, the Company has only reflected the relevant financial information under the new standards in the above announcement. Items that are reported as "0" are no longer presented in the new financial statements under IFRS 17 and IFRS 9. The reason behind the net income before zakat and income tax during the current period compared to net loss before zakat and income tax for the previous period is mainly attributed to the increase in insurance service result due to the improvement in reinsurance service contract held. In addition, investment income has increased by 356% for the current period compared to the previous period. |
Statement of the type of external auditor's report |
Unmodified Conclusion |
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion |
N/A |
Reclassification of Comparison Items |
The company has restated the financial statements for the comparative figures for the previous period to be in line with the requirements of IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments). |
Additional Information |
An attachment has been added to this announcement with more detailed financial results in accordance with the presentation requirements of the two new standards referred above. Please refer to the attachment of this announcement for further clarification. For the period ended June 30, 2023 and the period ended June 30, 2022 earning per share has been calculated based on net profit after Zakat and income Tax for the period divided by total number of shares outstanding of 60,000,000 shares. The comprehensive income for the current quarter amounted to SAR 3.8Mn compared to comprehensive loss amounted to SAR (20.4)Mn for the same quarter of previous year, and compared to SAR 23.3Mn in the previous quarter, a decrease of 84%. The comprehensive income for the current period amounted to SAR 27.1Mn compared to comprehensive loss SAR (34.9)Mn for the same period of last year. |
Attached Documents |
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