Malath Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2022-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 197,505 | 195,905 | 0.82 | 286,394 | -31.04 |
| Net Written Premiums (NWP) | 184,595 | 183,916 | 0.37 | 251,258 | -26.53 |
| Net Incurred Claims | -182,738 | -159,877 | 14.3 | -212,503 | -14.01 |
| Net Profit (Loss) of Policy Holders Investment | 3,413 | 2,946 | 15.85 | 3,566 | -4.29 |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | -9,696 | -17,761 | -45.41 | -45,211 | -78.55 |
| Net Profit (loss) of Shareholders Capital Investment | 3,392 | 4,982 | -31.91 | 20,932 | -83.8 |
| Net Profit (Loss) before Zakat | -3,936 | -8,599 | -54.23 | -21,001 | -81.26 |
| Total Comprehensive Income | -15,121 | -11,994 | 26.07 | -18,516 | -18.34 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 483,899 | 486,235 | -0.48 |
| Net Written Premiums (NWP) | 435,853 | 442,783 | -1.56 |
| Net Incurred Claims | -395,241 | -292,418 | 35.16 |
| Net Profit (Loss) of Policy Holders Investment | 6,979 | 6,358 | 9.77 |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | -54,906 | -23,318 | 135.47 |
| Net Profit (loss) of Shareholders Capital Investment | 24,324 | 8,103 | 200.19 |
| Net Profit (Loss) before Zakat | -24,936 | -7,895 | 215.84 |
| Total Comprehensive Income | -33,637 | -14,051 | 139.39 |
| Total Share Holders Equity (after Deducting Minority Equity) | 345,586 | 380,864 | -9.26 |
| Profit (Loss) per Share | -0.63 | -0.29 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| -151,844 | 500,000 | 30.37 | |
| 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's reported loss before Zakat for the current quarter (SAR 3.9 million) has decreased compared to the same quarter of the previous year (SAR 8.6 million) is mainly due to the following reasons:
1) An increase in net earned premium by 20.40% (SAR 38 million), and other underwriting income by 2032.31% (SAR 1.3 million).
2) A decrease in technical reserves (Excluding UPR and unearned reinsurance commission) movement by 161.76% ( SAR 9.9 million).
3) A decrease in provision for doubtful accounts, by 104.16% ( SAR 10.9 million).
4) Other General and administrative expenses decreased for the current quarter by 15.34% ( SAR 2 million). |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The reason for the decrease in the loss before Zakat compared to the previous quarter is due to:
1) An increase in net underwriting income by 301.22% (SAR 32 million). That is mainly originated from the shrink in net claims incurred, that decreased from SAR 213 million to SAR 183 million. The previous quarter reported a net underwriting loss of (SAR 10.6 million), where the current quarter reported an income of (SAR 21.4 million).
2) A decrease in other general and administrative expenses by 14.44% (SAR 1.9 million). |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The company's reported loss before Zakat for the period (SAR 24.9 million) that has increased compared to the same period of the previous year (SAR 7.9 million) is mainly due to the following reasons:
1) An increase in net incurred claims by 35.16% (SAR 102.8 million), mainly as a result of technical reserves estimates increases, which resulted in lower net underwriting income compared to the previous period of the same fiscal year.
2) An Increase in policy acquisition costs by 10.9% ( SAR 3.2 million), along with an increase in other underwriting expenses.
3) An increase in staff costs and other general and administrative expenses, by 5% and 14.6%, respectively. ( SAR 1.9 and 3.1 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 accumulated losses reached SAR 151.8 million by the end of the period ended at June 30, 2022 compared to SAR 120.4 million losses as at December 31, 2021.
Total comprehensive loss is SAR 33.6 million for the period, compared to the same period last fiscal year that is SAR 14.05 million loss.
The earnings / (loss) per share for the current period and the comparative period 2021 was calculated by dividing the net loss attributable to shareholders after zakat, which in the current period ended at June 30, 2022 amounted to SAR 31.4 million, compared to SAR 14.3 in the same period of 2021, by the weighted average number outstanding ordinary shares of 50,000,000 share. |
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