The Company for Cooperative Insurance announces its Interim Consolidated Financial Results for the period ending on 2024-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 4,385,961 | 3,407,306 | 28.722 | 4,199,951 | 4.428 |
| Result of Insurance Services | 345,681 | -312,302 | - | 823,790 | -58.037 |
| Net Profit (Loss) of The Insurance Results | 255,711 | 162,309 | 57.545 | -34,944 | - |
| Net Profit (Loss) of The Investment Results | 170,887 | 132,649 | 28.826 | 127,746 | 33.77 |
| Net Insurance Financing Expenses | -30,871 | -35,560 | -13.186 | -8,923 | 245.971 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 196,692 | 74,468 | 164.129 | 86,080 | 128.499 |
| Total Comprehensive Income | 196,948 | 76,569 | 157.216 | 87,273 | 125.668 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 3,811,435 | 3,213,441 | 18.609 |
| Profit (Loss) per Share | 1.31 | 0.5 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the revenues during the current quarter compared to the same quarter of last year is | Insurance revenue during current quarter increased by SAR 978,655K compared to similar quarter of last year, an increase of 28.72% driven by the strong performance of the main lines of business (Health, Motor, and General insurance). |
| 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 achieved a net income before zakat of SAR 230,082K during the current quarter compared to SAR 101,347K in similar quarter of last year, an increase of 127.02%. While the net income after Zakat amounted to SAR 196,692K during the current quarter compared to SAR 74,468K in similar quarter of last year, an increase of 164.13%, which was due to the following main reasons:
- Significant improvement in results of insurance services reaching SAR 345,681K compared to SAR (312,302K) in similar quarter of last year, i.e. a growth of 210.69% which was driven by an increase of insurance revenues supported by a better management of claims.
- Growth in the net profit of insurance results for the current quarter amounted to SAR 93,402K compared to similar quarter of last year, i.e. a growth of 57.55% driven by the improvement in results of insurance services across main lines of business (Health, Motor, and General insurance)
- The Company’s investment results grew by SAR 38,238K, a growth of 28.83%. which is driven by the strong growth in unrealized gains from improved equity market performance coupled with increase in yield on murabaha deposits.
- Net insurance finance expense was reduced to SAR 30,871K, a decrease of 13.19%. mainly due to projected marginal decline in interest rates which resulted in reduction in forward rates. |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | 'Insurance Revenues during current quarter increased by SAR 186,010K compared to the previous quarter, an increase of 4.43% due to seasonality of the business. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | 'The company achieved a net income before zakat of SAR 230,082K during the current quarter compared to SAR 106,978K in previous quarter, an increase of 115.07%. While the net income after Zakat amounted to SAR 196,692K during the current quarter compared to SAR86,080K in previous quarter, an increase of 128.50%, which was due to seasonality of the business. |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | 'None |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | 'None |
| Additional Information | The earnings per share (EPS) calculated based on Net Profit after Zakat.
Earnings per share for the current period amounted to SAR 1.31, compared to SAR 0.50 for similar period for previous year, after adjusting the earnings per share as a result of issuing bonus shares during 2023, the adjustment occurred by dividing the net income attributable to shareholders after zakat, which amounted to SAR196,692K for the current quarter by the weighted average of the outstanding ordinary shares of 150,000K for the current period compared to SAR 74,468K in the similar quarter of last year based on 150,000K shares for the similar period for previous year.
Total Shareholders’ Equity (after deducting minority equity) for current period is SAR 3,811,435K versus SAR 3,213,441K for similar period for previous year, an increase of 18.61%.
Total Equity at end of current period is SAR 3,818,765K versus SAR 3,228,158K at end of the similar period for previous year, an increase of 18.30%. |
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