Saudi Enaya Cooperative Insurance Co. announces its Interim Financial Results for the period ended on 2024-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 59,696 | 54,837 | 8.86 | 63,203 | -5.548 |
| Result of Insurance Services | -5,165 | 3,028 | - | -78 | 6,521.794 |
| Net Profit (Loss) of The Insurance Results | -5,165 | 3,028 | - | -78 | 6,521.794 |
| Net Profit (Loss) of The Investment Results | 3,928 | 3,745 | 4.886 | 4,026 | -2.434 |
| Net Insurance Financing Expenses | - | - | - | - | - |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | -3,004 | 4,450 | - | 782 | - |
| Total Comprehensive Income | -3,004 | 4,450 | - | 1,255 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 185,173 | 172,405 | 7.405 |
| Profit (Loss) per Share | -0.13 | 0.19 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | 19.49 | -44,827 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the revenues during the current quarter compared to the same quarter of last year is | Insurance revenue for the current quarter amounted to SAR 59,696K, compared to SAR 54,837K during the similar quarter of the previous year, an increase of 8.86%, which was principally driven by earned premiums. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | (Loss)/profit before zakat and income tax attributable to shareholders for the current quarter amounted to SAR (2,754K), compared to SAR 5,200K during the similar quarter of the previous year, a decrease of 152.96%.
(Loss)/profit after zakat and income tax attributable to shareholders for the current quarter amounted to SAR (3,004K), compared to SAR 4,450K during the similar quarter of the previous year, a decrease of 167.51%, which was due to the following main reasons:
• Insurance service result for the current quarter amounted to SAR (5,165K), compared to SAR 3,028K during the similar quarter of the previous year, a decrease of 270.57%, which was principally driven by increase in claims incurred.
• Other income for the current quarter amounted to SAR 1,283K, compared to SAR 1,610K during the similar quarter of the previous year, a decrease of 20.31%.
These unfavorable movements were partially set-off by the following:
• Net investment results for the current quarter amounted to SAR 3,928K, compared to SAR 3,745K during the similar quarter of the previous year, an increase of 4.89%.
• Other Operating expenses for the current quarter amounted to SAR 2,800K, compared to SAR 3,183K during the similar quarter of the previous year, an decrease of 12.03%.
Moreover, Gross Written Premiums (GWP) for the current quarter amounted to SAR 61,450K compared to SAR 71,620K during the similar quarter of the previous year, a decrease of 14.20%. |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | Insurance revenue for the current quarter amounted to SAR 59,696K, compared to SAR 63,203K during the previous quarter, a decrease of 5.55%, which was principally driven by decline in business. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | Loss before zakat and income tax attributable to shareholders for the current quarter amounted to SAR (2,754K), compared to SAR (82K) during the previous quarter, a decrease of 3,258.54%.
(Loss)/profit after zakat and income tax attributable to shareholders for the current quarter amounted to SAR (3,004K), compared to SAR 782K during the similar quarter of the previous year, a decrease of 484.14%, which was due to the following main reasons:
• Insurance service result for the current quarter amounted to SAR (5,165K), compared to SAR (78K) during previous quarter, a decrease of 6,521.79%, which was principally driven by increase in claims incurred.
• Net investment results for the current quarter amounted to SAR 3,928K, compared to SAR 4,026K during previous quarter, a decrease of 2.43%.
These unfavorable movements were partially set-off by the following:
• Other income for the current quarter amounted to SAR 1,283K, compared to SAR 1,118K during previous quarter, an increase of 14.76%.
• Other Operating expenses for the current quarter amounted to SAR 2,800K, compared to SAR 5,148K during previous quarter, a decrease of 45.61%.
Moreover, Gross Written Premiums (GWP) for the current quarter amounted to SAR 61,450K compared to SAR 43,838K during previous quarter, an increase of 40.18%. |
| 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. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | None. |
| Additional Information | The earnings/(loss) per share (EPS) for the current quarter is SAR (0.13) per share versus SAR 0.19 per share for the similar quarter of the previous year which is calculated by dividing the net income/(loss) attributed to the shareholders after zakat and income tax of SAR (3,004K) over the weighted average number of ordinary outstanding shares of 23,000K for the current quarter and SAR 4,450K over 23,000K shares for the similar quarter of the previous year.
Total Shareholders’ Equity (no minority interest) as at end of current quarter is SAR 185,173K versus SAR 172,405K as at end of the same quarter of the previous year, an increase of 7.41%. |
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