Malath 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 | 934,712 | 973,092 | -3.94 | ||
| Result of Insurance Services | 89,911 | -8,495 | - | ||
| Net Profit (Loss) of The Insurance Results | 17,450 | -38,959 | - | ||
| Net Profit (Loss) of The Investment Results | 40,470 | 31,520 | 28.39 | ||
| Net Insurance Financing Expenses | -12,342 | -6,226 | 98.23 | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 38,188 | -41,378 | - | ||
| Total Comprehensive Income | 36,075 | -39,874 | - | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 405,251 | 363,006 | 11.64 | ||
| Profit (Loss) per Share | 0.76 | -0.83 | |||
| 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 | -134,949 | 26.9 | |
| 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 934,712K, compared to SR 973,092K during the previous year, an decrease of 4%, which was mainly driven by decrease in motor insurance revenue by 21% amounting to SR91,910 which was offsite partially by the growth in all other lines of business |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net profit after zakat attributable to shareholders for the current year amounted to SR 38,188K, compared to losses SR (41,378k) during the previous year. The improvement was due to the following main reasons:
• Net insurance service result for the current year amounted to SR 17,450K, compared to losses SR (38,959k) during the previous year.
• Total investment income of SR 40,470K, compared to SR 31,520K during the previous year, an increase of 28.4%
• Total other income of SR 19,951K, compared to SR 6,764K during the previous year, an increase of 194%
• These favourable movements were partially offset by net insurance finance expenses for the current year amounted to SR (12,342) compared to SR (6,226) during the previous year, an increase of 98%.
• Total comprehensive income for the current year amounted to SR 36,075K compared to losses SR (39,874K) during the previous year.
• Moreover, Gross Written Premiums (GWP) for the current year is amounted to SR 870,589K compared to SR 944,376K during 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 standard IFRS 17 and IFRS 9 |
| Additional Information | The Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 , 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 standard.
The Earning/(Loss)Per Share is calculated on Profit/(Loss) after zakat for the year divided by the weighted average number of ordinary shares outstanding during the year. The earnings per share (EPS) for the current year is SR 0.76 per share versus SR loss (0.83) per share for the previous year.
Total Equity as at end of current year is SR390,090k compared to SR354,015 as at end of the previous year, an increase of 10%.
Total Shareholders’ Equity as at end of current year is SR 405,251k compared to SR 363,006k as at end of the previous year, an increase of 12%. |
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