Walaa 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 | 767,073 | 659,637 | 16.287 | 781,151 | -1.802 |
| Result of Insurance Services | 251,050 | 302,685 | -17.058 | 295,201 | -14.956 |
| Net Profit (Loss) of The Insurance Results | -14,349 | 4,335 | - | 6,219 | - |
| Net Profit (Loss) of The Investment Results | 44,362 | 29,813 | 48.8 | 63,032 | -29.619 |
| Net Insurance Financing Expenses | -2,408 | -461 | 422.342 | -209 | 1,052.153 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 39,864 | 24,307 | 64.002 | 45,250 | -11.902 |
| Total Comprehensive Income | 39,864 | 24,307 | 64.002 | 49,292 | -19.126 |
| 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) | 1,311,659 | 1,140,606 | 14.996 |
| Profit (Loss) per Share | 0.47 | 0.29 | |
| 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 revenues for the current quarter amounted to SR 767,073 thousands, compared to insurance revenues amounting to SR 659,637 thousands of the same quarter of last year. This represents an increase of 16.29% which was principally driven by business growth in Motor, Property and Engineering. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net income before zakat and income tax for the current quarter amounted to SR 42,614 thousands compared to Net income before zakat and income tax amounting to SR 26,807 thousands of the same quarter of previous year which represents an increase of 58.96%.
Net income after zakat and income tax for the current quarter amounted to SR 39,864 thousands compared to Net income after zakat and income tax amounting to SR 24,307 thousands of the same quarter of previous year which represents an increase of 64%. The core reasons of the increase in net income after zakat and tax for the current quarter comprise the followings:
• Net investment results for the current quarter amounted to SR 44,362 thousands, compared to SR 29,813 thousands during the same quarter of previous year which represents an increase of 48.80%, driven by an increase in realized gain on investments and commission income on deposits.
• Other income for the current quarter amounted to SR 21,015 thousands, compared to SR 1,134 thousands during the same quarter of previous year which represents an increase of 1753.18%, driven mainly by a gain on disposal of land.
• Other operating expenses for the current quarter amounted to SR 6,006 thousands compared to SR 8,014 thousands during the same quarter of previous year representing a decrease of 25.06%.
These favorable movements were partially offset by the followings:
• Insurance service result (loss) for the current quarter amounted to SR 14,349 thousands, compared to a profit of SR 4,335 thousands during the same quarter of previous year, which was mainly driven by increase in the loss ratio of medical segment. |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | Insurance revenues for the current quarter amounted to SR 767,073 thousands, compared to insurance revenues amounting to SR 781,151 thousands of the previous quarter which represents a decrease of 1.8%.
This is mainly due to a decrease in Insurance revenue of Energy, Engineering and P&C Others segments representing a decrease of 10%,20% and 12% respectively. This decrease is partially offset by Property and Motor segments representing an increase of 16% and 11% respectively. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | Net income before zakat and income tax for the current quarter amounted to SR 42,614 thousands compared to Net income before zakat and income tax amounting to SR 50,250 thousands of the previous quarter which represents a decrease of 15.20%.
Net income after zakat and income tax for the current quarter amounted to SR 39,864 thousands compared to Net income after zakat and income tax amounting to SR 45,250 thousands of the previous quarter which represents a decrease of 11.90%. The core reasons of the decrease in net income after zakat and tax for the current quarter comparing with previous quarter comprise the followings:
• Net investment results for the current quarter amounted to SR 44,362 thousands, compared to SR 63,032 thousands during the previous quarter which represents a decrease of 29.62%, driven by a decrease in unrealized gain on investments. • Insurance service result (loss) for the current quarter amounted to SR 14,349 thousands, compared to a profit of SR 6,219 thousands during the previous quarter. This unfavorable change is mainly attributable to Motor and P&C Others segments. It is however partially offset by a favorable change in Medical segment.
This decrease in the net income is offset by the followings • Other income for the current quarter amounted to SR 21,015 thousands, compared to SR 3,321 thousands during the previous quarter which represents an increase of 532.79%, driven by a gain on disposal of land. • Other operating expenses for the current quarter amounted to SR 6,006 thousands compared to SR 22,113 thousands during the previous quarter, representing a decrease of 72.84%. |
| 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 | Certain comparative figures have been re-classified from Net investment income to Net insurance finance income (expense) to conform with the presentation of the current period. There is no financial impact of these re-classifications on the net income and equity. |
| Additional Information | The Earning Per Share is calculated on Income after Zakat and Income Tax for the period divided by the weighted average number of ordinary shares outstanding during the period. The earning per share (EPS) for the current period is SR 0.47 per share versus earning per share of SR 0.29 for the comparative period which is calculated by dividing the net income after zakat and income tax of SR 39,864 thousands over the weighted average number of ordinary outstanding shares of 85,058 thousands for the current period and the net income after zakat and income tax of SR 24,307 thousands over 85,058 thousands weighted average no of outstanding shares for the comparative period.
Total Shareholders Equity (no minority interest) as at the end of current period is SR 1,311,659 thousands versus Total Shareholders Equity amounting to SR 1,140,606 thousands as at the end of the same period of last year which represents an increase of 15%.
Total comprehensive income for the current period amounted to SR 39,864 thousands compared to total comprehensive income of SR 24,307 thousands for the same period last year which represents a increase of 64%.
Moreover, Gross Written Premiums (GWP) for the current quarter amounted to SR 648,024 thousands compared to SR 466,684 thousands during the same quarter of last year, representing an increase of 38.86%. |
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