Malath Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2023-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 198,667 | 261,920 | -24.15 | 173,616 | 14.43 |
| Net Written Premiums (NWP) | - | - | - | - | - |
| Net Incurred Claims | - | - | - | - | - |
| Net Profit (Loss) of Policy Holders Investment | - | - | - | - | - |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | - | - | - | - | - |
| Net Profit (loss) of Shareholders Capital Investment | - | - | - | - | - |
| Net Profit (Loss) before Zakat | -20,688 | 5,756 | - | 10,443 | - |
| Total Comprehensive Income | -22,534 | 3,240 | - | 8,439 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 695,635 | 745,819 | -6.73 |
| Net Written Premiums (NWP) | - | - | - |
| Net Incurred Claims | - | - | - |
| Net Profit (Loss) of Policy Holders Investment | - | - | - |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | - | - | - |
| Net Profit (loss) of Shareholders Capital Investment | - | - | - |
| Net Profit (Loss) before Zakat | 36,140 | -43,133 | - |
| Total Comprehensive Income | 30,330 | -52,610 | - |
| Total Share Holders Equity (after Deducting Minority Equity) | 382,940 | 340,226 | 12.55 |
| Profit (Loss) per Share | 0.59 | -1.04 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| -145,153 | 500,000 | 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 has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia, starting 1 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative periods restated under the new standards. As a result, the Company has only reflected the relevant financial information under the new standards in the above announcement. Items that are reported as "0" are no longer presented in the new financial statements under IFRS 17 and IFRS 9.
The following explanation will cover the relevant financial information reflected in the announcement above along with explanation on the new presentation of the financial results which are attached to this announcement: Reporting net loss before zakat for the quarter amounting to SR (20,688) thousand compared to a profit amounting to SR 5,756 thousand for same quarter of the previous year was due to the following main reasons: Increase in the net expenses from reinsurance contracts held by SR 40,203 thousand, decrease in insurance revenue by SR 12,631 thousand. and Decrease on investment income by SR 9,552 thousand. that was offset partially by the decrease in insurance service expenses by SR 30,547 thousand. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | Reporting net loss before zakat for the quarter amounting to SR (20,688) compared to a profit of SR 10,443 thousand on the previous quarter was due to the following main reasons:
Increasing in the net expenses from reinsurance contracts held by SR 6,888 thousand.
Decrease in insurance revenue by SR17,822, increase in insurance service expenses by SR 2,877 thousand.
Decrease in investment income by 8,874 thousand. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Reporting net profit before zakat for the period amounting to SR 36,140 thousand compared to a losses of SR (43,133) thousand on same period of the previous year was due to the following main reasons:
Reporting a net profit from insurance services result amounting to SR 22,980 thousand compared to a loss from insurance services result amounting to SR (55,644) thousand. Increase on other income by SR 13,606 thousand. That was offset partially by :- Decrease in investment income by SR 8,313 thousand. Increase in net insurance finance expenses by SR 5,166 thousand. |
| 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 | The Company has reclassified and restated comparative information to meet the requirements of the newly implemented standards IFRS 17 and IFRS 9. |
| Additional Information | The Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia, starting 1 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative periods restated under the new standards. As a result, the Company has only reflected the relevant financial information under the new standards in the above announcement. Items that are reported as "0" are no longer presented in the new financial statements under IFRS 17 and IFRS 9.
Refer to the attachment for further details on the financial results items that are relevant under the newly implemented financial reporting standards for insurance companies. The earnings(loss) per share (EPS) for the current period is SR 0.59 per share versus loss SR (1.04) per share for the same period of the previous year which is calculated by dividing the net income(loss) amount of SR 29,390 thousand over the weighted average number of ordinary outstanding shares of 50,000K for the current period and loss SR (51,798) thousand over 50,000k for the same period of the previous year. Total Shareholder Equity (no minority interest) as at the end of the current period is SR 382,940 thousand versus SR 340,226 thousand as at the end of the same period in the previous year. |
| Attached Documents |
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