Saudi Enaya Cooperative Insurance Co. announces its Annual Financial Results for the Period Ended on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 250,880 | 226,930 | 10.55 | ||
| Result of Insurance Services | 14,685 | -6,851 | - | ||
| Net Profit (Loss) of The Insurance Results | 14,685 | -6,851 | - | ||
| Net Profit (Loss) of The Investment Results | 15,614 | 4,976 | 213.79 | ||
| Net Insurance Financing Expenses | - | - | - | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 20,222 | -6,355 | - | ||
| Total Comprehensive Income | 20,695 | -5,181 | - | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 188,177 | 167,955 | 12.04 | ||
| Profit (Loss) per Share | 0.88 | -0.47 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | -41,823 | 18.18 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in revenues during the current year compared to the last year is | Insurance revenues for the current year amounted to SR 250,880K, compared to SR 226,930K during the previous year, an increase of 10.55%, which was principally driven by business growth. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | "Net profit/(Loss) before zakat and income tax attributable to shareholders for the current year amounted to SR 20,684K, compared to SR (4,909K) during the previous year, an increase of 521.35%.
Net profit/(Loss) after zakat and income tax attributable to shareholders for the current year amounted to SR 20,222K, compared to SR (6,355K) during the previous year, an increase of 418.21%, which was due to the following main reasons:
• Net insurance service result for the current year amounted to SR 14,685K, compared to SR (6,851K) during the previous year, an increase of 314.35%, which was principally driven by business growth.
• Net investment result for the current year amounted to SR 15,614K, compared to SR 4,976K during the previous year, an increase of 213.79%, which was principally driven by increase in investment deposit and interest rate.
These favorable movements were partially offset by the following: • Other operating expenses for the current year amounted to SR 14,625K compared to SR 10,333K during the previous year, an increase of 41.54%, arising from increased expenditure to support business growth.
• Other income for the current year amounted to SR 5,010K, compared to SR 7,299K during the previous year, a decrease of 31.36%. Moreover, Gross Written Premiums (GWP) for the current year amounted to SR 250,026K compared to SR 227,474K during the previous year, an increase of 9.91%." |
| 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 starting Q1 2023 onwards with the comparative periods restated under the new standards.
The earnings per share (EPS) for the current year is SR 0.88 per share versus SR (0.47) per share for the previous year which is calculated by dividing the net profit amount of SR 20,222K over the weighted average number of ordinary outstanding shares of 23,000K for the current year and SR (6,355k) over 13,642K shares for the previous year.
Total Shareholders’ Equity as at end of current year is SR 188,177k versus SR 167,955k as at end of the previous year, an increase of 12.04%.
Total Equity as at end of current year is SR 190,757k versus SR 170,062k as at end of the previous year, an increase of 12.17%." |
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