Malath Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2022-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 286,394 | 290,330 | -1.355 | 170,910 | 67.57 |
| Net Written Premiums (NWP) | 251,258 | 258,867 | -2.939 | 160,149 | 56.89 |
| Net Incurred Claims | -212,503 | -132,541 | 60.33 | -204,723 | 3.8 |
| Net Profit (Loss) of Policy Holders Investment | 3,566 | 3,412 | 4.513 | 4,883 | -26.971 |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | -45,211 | -5,557 | 713.586 | -40,768 | 10.898 |
| Net Profit (loss) of Shareholders Capital Investment | 20,932 | 3,121 | 570.682 | 3,920 | 433.979 |
| Net Profit (Loss) before Zakat | -21,001 | 704 | - | -31,530 | -33.393 |
| Total Comprehensive Income | -18,516 | -1,588 | 1,065.994 | -40,448 | -54.222 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 362,121 | 466,468 | -22.369 |
| Profit (Loss) per Share | -0.49 | -0.05 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| -144,659 | 500,000 | -0.29 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| 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 reported net loss (before Zakat) during the period compared to net profit in the same quarter of the previous year is mainly due to:
1) An increase in net claims incurred by 60.3% ( SAR 79.9 million). 2) Increase in policy acquisition costs by 23.7% ( SAR 3.2 million). 3) Increase in provision for doubtful accounts, by 266% ( SAR 4.1 million). 4) General and administrative expenses increased during the period by 65% ( SAR 5.1 million), that is off-setted partly by investment income increment by 275% SAR 17.9 million . |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | The reason for decrease in the net loss before zakat compared to the previous quarter is due to:
1) Increase in net earned premium by 2.5% SAR 5.4 million. 2) Investment income of shareholders operation increases by 433% SAR 17 million. |
| 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 | No reservation contained in the report. |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform to the presentation of the current period. These changes have been made to better reflect the balances and transactions in the financial statements of the Company. The Company asserts that there is no financial impact of these re-classifications on Net Results From Insurance Operations and Net Income. |
| Additional Information | The company assessed in January 2022 existence of significant influence in an equity investment was classified in available for sale investment. As a result of that event the investment was reclassified to investment in associate, and its accounting changed to the equity method of accounting, from the date of significant influence achieved.
The accumulated losses reached SAR (144.7) million by the end of the period ended at March 31, 2022 compared to SAR (120.4) million as at December 31, 2021.
Total comprehensive loss is SAR (18.5 )million for the period, compared to the same period last fiscal year that is SAR (1.5) million.
The earnings/(loss) per share for the 2022 first quarter and the comparative quarter 2021 shown above was calculated by dividing the net (loss) profit attributable to shareholders after zakat, which in the 2022 first quarter amounted to (24,251) thousand riyals, compared to (2,540) thousand riyals in the first quarter of 2021, by the weighted average number outstanding ordinary shares of 50,000,000 share |
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