Arabian Shield Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2022-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 221,867 | 95,624 | 132.02 | 205,383 | 8.03 |
| Net Written Premiums (NWP) | 159,164 | 77,842 | 104.47 | 139,111 | 14.41 |
| Net Incurred Claims | 118,767 | 70,413 | 68.67 | 109,917 | 8.05 |
| Net Profit (Loss) of Policy Holders Investment | 2,880 | 693 | 315.58 | 1,676 | 71.84 |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | 11,050 | 15,020 | -26.43 | 7,082 | 56.03 |
| Net Profit (loss) of Shareholders Capital Investment | 6,477 | 4,244 | 52.62 | 2,842 | 127.9 |
| Net Profit (Loss) before Zakat | 16,710 | 11,546 | 44.73 | 9,236 | 80.92 |
| Total Comprehensive Income | 8,725 | 8,844 | -1.34 | 5,171 | 68.73 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 807,254 | 424,968 | 89.96 |
| Net Written Premiums (NWP) | 539,499 | 278,809 | 93.5 |
| Net Incurred Claims | 330,138 | 207,975 | 58.74 |
| Net Profit (Loss) of Policy Holders Investment | 5,388 | 2,638 | 104.25 |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | 12,612 | 28,798 | -56.2 |
| Net Profit (loss) of Shareholders Capital Investment | 22,872 | 15,973 | 43.19 |
| Net Profit (Loss) before Zakat | 33,143 | 34,864 | -4.94 |
| Total Comprehensive Income | 21,165 | 31,021 | -31.77 |
| Total Share Holders Equity (after Deducting Minority Equity) | 1,107,042 | 492,925 | 124.59 |
| Profit (Loss) per Share | 0.3 | 0.62 | |
| 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 INCREASE in Net Profit for the quarter compared with the same quarter last year is due to increase in Net Earned Premium by 82%, increase in Earned Commission Income by 6% and increase in Investment Income by 90% which was offset by increase in Net Incurred Claims by 69%, increase in Other Underwriting Costs by 288% and increase in Operating & Administrative Expenses by 31%. |
| 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 INCREASE in Net Profit for the quarter compared with the previous quarter is due to increase in Net Earned Premium by 5%, increase in Earned Commission Income by 4%, decrease in Operating & Administrative Expenses by 26% and increase in Investment Income by 107% which was offset by increase in Net Incurred Claims by 8% and increase in Other Underwriting Costs by 18% |
| 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 DECREASE in Net Profit for the period compared with the same period last year is due to decrease in Earned Commission Income by 7%, increase in Net Incurred Claims by 59%, increase in Other Underwriting Costs by 1642% and increase in Operating & Administrative Expenses by 24% which was offset by increase in Net Earned Premium by 89% and increase in Investment Income by 52% |
| Statement of the type of external auditor's report | Unmodified Conclusion |
| Reclassification of Comparison Items | The Financial Statements have been prepared in accordance with International Accounting Standard 34 endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organization for Chartered and Professional Accountants (“SOCPA”), consistent with the Company’s accounting policies. Comparatives have been restated. |
| Additional Information | Total Comprehensive Income for the quarter was SR 8,725 thousand compared to SR 8,844 thousand for the equivalent quarter from the previous year, decreased by 1% and compared to SR 5,171 thousand for the previous quarter, increased by 69%.
Total Comprehensive Income for the period was SR 21,165 thousand compared to SR 31,021 thousand for the equivalent period from the previous year, decreased by 32%.
Total Shareholders’ Equity by end of the current period is SR 1,107,042 thousand compared to SR 492,925 thousand for the equivalent period from the previous year, increased by 125% (No minority interest).
The profits after Zakat and Income Tax for the current quarter reached SR 12,250 thousand compared to SR 8,516 thousand for the same quarter of last year, an increase of 44%.
The earnings per share (EPS) for the current quarter are SR 0.19 per share versus SR 0.21 per share for the same quarter last year.
The profits after Zakat and Income Tax for the current period reached SR 19,008 thousand compared to SR 24,993 thousand for the same period of last year, a decrease of 24%.
The earnings per share (EPS) for the current period are SR 0.30 per share versus SR 0.62 per share for the same period last year.
The authorized, issued and fully paid share capital of the Company is SAR 638,524,620 consisting of 63,852,462 shares each with a nominal value of 10 Saudi Riyals. |
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