Saudi Arabian Cooperative Insurance Co. announces its Interim Financial Results for the period ending on 2024-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 259,109 | 263,099 | -1.516 | 277,032 | -6.469 |
| Result of Insurance Services | 43,262 | 77,905 | -44.468 | 73,570 | -41.196 |
| Net Profit (Loss) of The Insurance Results | 23,499 | 34,150 | -31.188 | 5,581 | 321.053 |
| Net Profit (Loss) of The Investment Results | 7,618 | 4,859 | 56.781 | 6,887 | 10.614 |
| Net Insurance Financing Expenses | -4,666 | -752 | 520.478 | -3,404 | 37.074 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 21,842 | 29,071 | -24.866 | 3,208 | 580.86 |
| Total Comprehensive Income | 21,842 | 29,071 | -24.866 | 3,208 | 580.86 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Insurance Revenues | 536,141 | 519,002 | 3.302 |
| Result of Insurance Services | 116,832 | 101,488 | 15.119 |
| Net Profit (Loss) of The Insurance Results | 29,080 | 43,118 | -32.557 |
| Net Profit (Loss) of The Investment Results | 14,505 | 10,168 | 42.653 |
| Net Insurance Financing Expenses | -8,070 | -2,191 | 268.324 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 25,050 | 37,299 | -32.84 |
| Total Comprehensive Income | 25,050 | 37,299 | -32.84 |
| Total Shareholders Equity (after Deducting Minority Equity) | 338,652 | 271,789 | 24.601 |
| Profit (Loss) per Share | 0.84 | 1.24 | |
| 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 | -51,195 | -17.07 | |
| 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 during the current quarter amounted to 259,109 thousand Saudi Riyals, compared to 263,099 thousand Saudi Riyals for same quarter of the previous year, with decrease of 1.52%, the reason of the decrease in revenues during this current quarter is mainly due to the decrease in Medical Business. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | - Net profit before zakat attributable to the shareholders for the current quarter amounted to 23,886 thousand Saudi Riyals compared to 30,919 thousand Saudi Riyals during the same quarter of the previous year, which was due to the following main reasons:
Net insurance service result for the current quarter amounted to 23,499 thousand Saudi Riyals, compared to 34,150 thousand Saudi Riyals during the same quarter of the previous year, a decrease of 31.19%.
Net insurance finance expenses for the current quarter amounted to 4,666 thousand Saudi Riyals, compared to 752 thousand Saudi Riyals during the same quarter of the previous year.
This was partially offset by the following:
Net investment results for the current quarter amounted to 7,618 thousand Saudi Riyals, compared to 4,859 thousand Saudi Riyals during the same quarter of the previous year, an increase of 56.78%.
Other operating expenses decreased by 4,926 thousand Saudi Riyals during the current quarter compared to the same quarter of the previous year, a decrease of 56.90%.
- Total comprehensive income for the current quarter amounted to 21,842 thousand Saudi Riyals, compared to 29,071 thousand Saudi Riyals during the same quarter of the previous year. |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | - Insurance Revenue during the current quarter amounted to 259,109 thousand Saudi Riyals, compared to 277,032 thousand Saudi Riyals in the previous quarter, with decrease of 6.47%, the reason of the decrease in revenues during this the current quarter is mainly due to the decrease in Medical Business. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | - Net profit before zakat attributable to the shareholders for the current quarter amounted to 23,886 thousand Saudi Riyals compared to 5,252 thousand Saudi Riyals during the previous quarter, which was due to the following main reasons:
Net insurance service result for the current quarter amounted to 23,499 thousand Saudi Riyals, compared to 5,581 thousand Saudi Riyals during the previous quarter, an increase of 321.05%.
Net investment results for the current quarter amounted to 7,618 thousand Saudi Riyals, compared to 6,887 thousand Saudi Riyals during the previous quarter, an increase of 10.61%.
These favorable movements were partially offset by the following:
Net insurance finance expenses for the current quarter amounted to 4,666 thousand Saudi Riyals, compared to a net insurance finance income of 3,404 thousand Saudi Riyals during the previous quarter.
- Total comprehensive income for the current quarter amounted to 21,842 thousand Saudi Riyals, compared to 3,208 thousand Saudi Riyals during the previous quarter. |
| The reason of the increase (decrease) in the revenues during the current period compared to the same period of the last year is | - Insurance Revenue during the current period amounted to 536,141 thousand Saudi Riyals, compared to 519,002 thousand Saudi Riyals same period of the previous year, with increase of 3.30%, the reason of the increase in revenues during this current period is due to the growth in Property & Casualty business. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | - Net profit before zakat attributable to the shareholders for the current period amounted to 29,138 thousand Saudi Riyals compared to 40,995 thousand Saudi Riyals during the same period of the previous year, which was mainly due to the following reasons:
Net insurance service result for the current period amounted to 29,080 thousand Saudi Riyals, compared to 43,118 thousand Saudi Riyals during the same period of the previous year, a decrease of 32.56%.
Net insurance finance expenses for the current period amounted to 8,070 thousand Saudi Riyals, compared to 2,191 thousand Saudi Riyals during the same period of the previous year.
This was partially offset by the following:
Net investment results for the current period amounted to 14,505 thousand Saudi Riyals, compared to 10,168 thousand Saudi Riyals during the same period of the previous year, an increase of 42.65%.
Other operating expenses decreased by 3,645 thousand Saudi Riyals during the current period compared with the same period of the previous year, a decrease of 30.05%.
- Total comprehensive income for the current period amounted to 25,050 thousand Saudi Riyals, compared to 37,299 thousand Saudi Riyals during the same period of the previous year. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| 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 its share of net surplus from insurance pools from other income to the net insurance results amounting 6.02 million Saudi Riyals for the three-month period and amounting 14.49 million Saudi Riyals for the six-month period ended June 30, 2023, in the condensed statement of income. Due to this reclassification, the statement of income for comparative periods is restated. This change has no impact on the net income reported for these periods. |
| Additional Information | - The Earnings per Share for the current quarter is SAR 0.73 compared to SAR 0.97 for the same quarter previous year. Which was calculated based on weighted average number of shares which are 30,000 thousand shares.
- Total Shareholders’ Equity (no minority interest) as at end of current quarter is 338,652 thousand Saudi Riyals, compared to 271,789 thousand Saudi Riyals for the same quarter previous year, an increase of 24.60%.
- Accumulated losses have reached to 51,195 thousand Saudi Riyals as of 30 June 2024 representing 17.07% of the capital of 300,000 thousand Saudi Riyals as compared to the reported accumulated losses as of 31 March 2024 amounting to 73,037 thousand Saudi Riyals which represented 24.35% of the capital 300,000 thousand Saudi Riyals. |
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