Allianz Saudi Fransi Cooperative Insurance Co. announces its Interim 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 | 231,980.3 | 184,806.116 | 25.526 | 247,286.302 | -6.189 |
| Result of Insurance Services | 26,826.719 | 9,465.581 | 183.413 | 31,682.932 | -15.327 |
| Net Profit (Loss) of The Insurance Results | 2,283.11 | 13,164.495 | -82.657 | 15,672.888 | -85.432 |
| Net Profit (Loss) of The Investment Results | 31,828.572 | 17,070.639 | 86.452 | 30,398.567 | 4.704 |
| Net Insurance Financing Expenses | -15,747.121 | -11,161.526 | 41.083 | -23,510.416 | -33.02 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 9,988.04 | 9,602.927 | 4.01 | 13,391.231 | -25.413 |
| Total Comprehensive Income | 5,428.65 | 23,336.015 | -76.737 | 39,183.766 | -86.145 |
| 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) | 797,621.381 | 771,316.186 | 3.41 |
| Profit (Loss) per Share | 0.167 | 0.16 | |
| 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 | The reason behind the increase in insurance revenue during current quarter comparing to same quarter of the previous year is the increase in business mainly from medical and life by 16% and 33% respectively. |
| 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 reason behind the increase in net profit after zakat and income tax for the current quarter comparing to same quarter of previous years is the increase in net investment income by 86%. |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | The reason behind the decrease in insurance revenue during the current quarter comparing to previous quarter is mainly due to the decrease in earned premium comparing to the previous quarter. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | The reason behind the decrease in net profit after zakat and income tax for the current quarter comparing to previous quarter is the decrease in insurance service result mainly due to the increase in net expenses from reinsurance contracts by 48% and the decrease in Insurance service result before reinsurance contracts by 15% comparing to previous quarter. |
| 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) | N/A |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | Certain amount of prior year have been reclassified to conform to the presentation in the current year. |
| Additional Information | For the period ended 31 March 2024 earnings per share has been calculated based on net profit after Zakat and income Tax for the period divided by weighted average number of shares 59,766,666. For the period ended 31 March 2023 earnings 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 total equity for the period ended 31 March 2024 reach SR 806.1 million comparing to SR 772.1 million, an increase of 4.4%.
The total comprehensive income for the current period amounted to SAR 5.4Mn compared to SAR 23.3Mn for the same period of previous year, a decrease of 76.8%. |
Comments