Saudi Arabian 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 | 277,032 | 255,903 | 8.256 | 271,421 | 2.067 |
| Result of Insurance Services | 73,570 | 23,583 | 211.962 | -141,664 | - |
| Net Profit (Loss) of The Insurance Results | 5,581 | 498 | 1,020.682 | 2,279 | 144.888 |
| Net Profit (Loss) of The Investment Results | 6,887 | 5,309 | 29.723 | 5,945 | 15.845 |
| Net Insurance Financing Expenses | -3,404 | -1,439 | 136.553 | 188 | - |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 3,208 | 8,228 | -61.011 | 11,582 | -72.301 |
| Total Comprehensive Income | 3,208 | 8,228 | -61.011 | 11,582 | -72.301 |
| 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) | 316,810 | 242,719 | 30.525 |
| Profit (Loss) per Share | 0.11 | 0.27 | |
| 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 | - | - | |
| Accumulated Losses | -24.35 | -73,037 | |
| 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 during the current quarter amounted to 277,032 thousand Saudi Riyals, compared to 255,903 thousand Saudi Riyals same quarter of the previous year, with increase of 8.26%. The reason of the increase in revenues during this current quarter is mostly due to the growth in Property & Casualty business. |
| 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 profit before zakat & tax, attributable to the shareholders for the current quarter amounted to 5,252 thousand Saudi Riyals compared to 10,076 thousand Saudi Riyals during the same quarter of the previous year, which was due to the following main reasons:
Net insurance service result for the current quarter amounted to 5,581 thousand Saudi Riyals, compared to 498 thousand Saudi Riyals during the same quarter of the previous year.
Net investment results for the current quarter amounted to 6,887 thousand Saudi Riyals, compared to 5,309 thousand Saudi Riyals during the same quarter of the previous year, an increase of 29.72%.
- These favorable movements were partially offset by the following:
Net insurance finance expenses for the current quarter amounted to 3,404 thousand Saudi Riyals, compared to 1,439 thousand Saudi Riyals during the same quarter of the previous year, an increase of 136.55%.
Other operating expenses increased by 1,281 thousand Saudi Riyals during the current year, an increase of 36.90%.
- Total comprehensive income for the current quarter amounted to 3,208 thousand Saudi Riyals, compared to 8,228 thousand Saudi Riyals during the same quarter of the previous year. |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | - Insurance revenues during the current quarter amounted to 277,032 thousand Saudi Riyals, compared to 271,421 thousand Saudi Riyals in the previous quarter, with increase of 2.07%. The reason of the increase in revenues during this the current quarter is due to the growth in Medical and Property & Casualty business. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | - Net profit before zakat & tax, attributable to the shareholders for the current quarter amounted to 5,252 thousand Saudi Riyals compared to 13,273 thousand Saudi Riyals during the previous quarter, which was due to the following main reasons:
Net insurance service result for the current quarter amounted to 5,581 thousand Saudi Riyals, compared to 2,279 thousand Saudi Riyals during the previous quarter.
Net investment results for the current quarter amounted to 6,887 thousand Saudi Riyals, compared to 5,945 thousand Saudi Riyals during the previous quarter, an increase of 15.85%.
- These favorable movements were partially offset by the following:
Net insurance finance expenses for the current quarter amounted to 3,404 thousand Saudi Riyals, compared to a net insurance finance income of 188 thousand Saudi Riyals during the previous quarter.
- Total comprehensive income for the current quarter amounted to 3,208 thousand Saudi Riyals, compared to 11,582 thousand Saudi Riyals during the 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) | None |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | None |
| Additional Information | - The Earnings per Share for the current quarter is SAR 0.11 compared to SAR 0.27 for the same quarter previous year. Which was calculated based on weighted average number of shares which are 30,000 thousand shares.
- Total Shareholders’ Equity (no minority interest) as at end of current quarter is 316,810 thousand Saudi Riyals, compared to 242,719 thousand Saudi Riyals for the same quarter previous year, an increase of 30.53%.
- Accumulated losses have reached to 73,037 thousand Saudi Riyals as at 31 March 2024 representing 24.35% of the capital of 300 million Saudi Riyals as compared to the reported accumulated losses as of 31 December 2023 amounting to 76,245 thousand Saudi Riyals which represented 25.41% of the capital.
- The procedures for the listed companies in Saudi Stock exchange having accumulated losses of more than 20% and less than 35% of share capital will be applied. |
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