Buruj Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 373,444,279 | 417,102,909 | -10.47 | ||
| Result of Insurance Services | 36,256,496 | -25,747,986 | - | ||
| Net Profit (Loss) of The Insurance Results | 4,985,722 | -56,527,720 | - | ||
| Net Profit (Loss) of The Investment Results | 28,625,745 | 19,800,900 | 44.57 | ||
| Net Insurance Financing Expenses | -1,623,012 | 4,524,770 | - | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 20,083,440 | -29,000,327 | - | ||
| Total Comprehensive Income | 24,352,184 | -22,289,263 | - | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 441,377,678 | 417,513,112 | 5.71 | ||
| Profit (Loss) per Share | 0.67 | -0.97 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | - | - | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in revenues during the current year compared to the last year is | The reason of the decrease in revenues during the current year compared to the last year is mainly due to the decrease in gross earned premiums of SAR 36,015,508, a decrease of 8.67%. This despite the favorable increase in gross written premiums of SAR 53,961,368 , an increase of 14.63%. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason for profit during current year compared to losses in the previous year is mainly due to surplus in insurance service result of SR 4,985,722 against a deficit amount SR 56,527,720 in previous year. This was driven by a favorable decrease in insurance service expenses of SR 105,663,112, a decrease of 23.86%. The decrease in insurance service expense was driven by favorable decrease in gross incurred claims by 23.12%. In addition to the increase in net investment income by SR 8,824,845, an increase of 44.47% compared to the previous year. |
| Statement of the type of external auditor's report | Unmodified opinion |
| 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. |
| 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.
The earnings per share (EPS) for the current year is SR 0.67 per share versus loss per share of SR 0.97 for the previous year which is calculated by dividing the net profit after zakat amount of SR 20,083,440 over the total number of ordinary outstanding shares of 30,000,000 for the current year and net loss after zakat amount of SR 29,000,327 over 30,000,000 for the previous year.
Total comprehensive income for the current year is SR 24,352,184 compared to total comprehensive loss of SR 22,289,263 for the previous year.
Total Shareholder Equity as at the end of the current year is SR 441,377,678 versus SR 417,513,112 as at the end of the previous year, an increase of 5.72%. |
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