Al Sagr Cooperative Insurance Co. announces its Interim Financial Results for the period ended on 2024-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 115,465 | 119,052 | -3.012 | 118,793 | -2.801 |
| Result of Insurance Services | 29,908 | 12,107 | 147.03 | 26,687 | 12.069 |
| Net Profit (Loss) of The Insurance Results | 12,229 | 5,650 | 116.442 | 4,540 | 169.361 |
| Net Profit (Loss) of The Investment Results | 3,493 | 8,611 | -59.435 | 8,204 | -57.423 |
| Net Insurance Financing Expenses | -213 | 240 | - | 199 | - |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 10,508 | 6,966 | 50.846 | 7,426 | 41.502 |
| Total Comprehensive Income | 10,508 | 6,966 | 50.846 | 7,426 | 41.502 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Insurance Revenues | 234,258 | 235,974 | -0.727 |
| Result of Insurance Services | 56,595 | 30,866 | 83.357 |
| Net Profit (Loss) of The Insurance Results | 16,769 | 15,099 | 11.06 |
| Net Profit (Loss) of The Investment Results | 11,698 | 16,499 | -29.098 |
| Net Insurance Financing Expenses | -15 | 1,228 | - |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 17,934 | 16,990 | 5.556 |
| Total Comprehensive Income | 17,934 | 16,990 | 5.556 |
| Total Shareholders Equity (after Deducting Minority Equity) | 216,132 | 170,448 | 26.802 |
| Profit (Loss) per Share | 0.84 | 0.8 | |
| 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 | - | - | |
| 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 decreased by 3% mainly due to the decrease in earned premium in medical Insurance 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 | The net profit after zakat increased by SR 3.5 million (51%). This is due to decrease in insurance service expenses mainly in property and motor lines of business. This positive impact on profit was being off setted by reduction in share of surplus from insurance pools and investment income |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | Insurance revenue decreased by 3% mainly due to the utilization in earned premium in Motor TPL business |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | The net profit after zakat increased by SR 3.0 million (41%). This is due to decrease in insurance service expenses in motor lines of business. This positive impact on profit was being off setted by reduction in share of surplus from insurance pools and investment income |
| 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 decreased by 1% mainly due to the decrease in gross written premium in Medical line of 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 | The net profit after zakat increased by SR 944 thousand (6%). This is due to decrease in insurance service expenses mainly in property and motor lines of business. This positive impact on profit was being off setted by reduction in share of surplus from insurance pools and investment income |
| 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 adopted IFRS 17 - Insurance Contracts (“IFRS 17”) during the 2023 interim reporting periods and the year ended 31 December 2023. During the finalisation of the IFRS 17 adjustments at year end, it was noted that certain items were not appropriately presented in the interim reporting periods. As a result, the financial line items for the interim condensed financial information of the prior period is being aligned by management with the 2023 year end financial statements and the relevant line items in the interim condensed statement of income are being restated to ensure alignment with the requirements of International Financial Reporting Standards (“IFRS”), that are endorsed in the Kingdom of Saudi Arabia. |
| Additional Information | The Earnings Per Share (EPS) is calculated on Profit after zakat for the period divided by the weighted average number of ordinary shares outstanding during the period. The EPS for the current period is SR 0.84 as compared to SR 0.80 for the similar period of last year. The current period's EPS is calculated by dividing the net profit after zakat amounting to SR 17,934 thousands over 21,238 thousands weighted average number of ordinary shares outstanding for the current period and previous period's EPS is calculated by dividing the net profit after zakat amounting to SR 16,990 thousands over 21,238 thousands weighted average number of ordinary shares outstanding for that period.
Total comprehensive income for the current period amounted to SR 17,934 thousands compared to SR 16,990 thousands for the similar period last year showing a increase of 6%.
Total Shareholders Equity (no minority interest) as at the end of current period is SR 216,132 thousands as compared to Shareholders Equity (no minority interest) amounting to SR 198,198 thousands as at the end of the same period last year representing an increase of 9%.
In addition to these, the Gross Written Premium (GWP) for the current period amounted to SR 255,540 thousands compared to SR 239,813 thousands for the same period last year, representing a increase of 7%. |
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