Walaa Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2024-12-31

Net profit after zakat and income tax attributable to shareholders for the current year amounted to SR 64,303 thousands, compared to a Net profit after zakat and income tax of SR 147,977 thousands of the previous year. This represents a decrease of 56.55%. The core reasons of decrease in net profit after zakat and tax for the current year comprise the followings:

• Reduction in insurance service result for the current year. Insurance service results turned into a loss of SR 36,081 thousands, compared to a profit of SR 28,121 thousands during the previous year. This loss was driven by business losses in Medical, Motor and Protection & Savings non-linked lines.

• Reduction in net investment results: For the current year, net investment results amounted to SR 139,725 thousands, compared to SR 164,983 thousands in the previous year, a decrease of 15.31%, mainly driven by the reduction in unrealized gains on investments measured at fair value due to equity market performance during the year.

• Increase in net insurance finance expense: The net insurance finance expense for the current year was SR 8,573 thousands, compared to SR 4,353 thousands in the previous year, representing an increase of 96.94%.

These adverse movements were partially offset by the following favorable factors:

• Reduction in other operating expenses: For the current year, other operating expenses amounted to SR 35,278 thousands compared to SR 37,039 thousands in the previous year, reflecting a decrease of 4.75%.

• Increase in other income: Other income for the current year amounted to SR 23,260 thousands, compared to SAR 11,265 thousands in the previous year, demonstrating an increase of 106.5%. This increase was principally driven by the disposal of land, which yielded an amount of SAR 36,708 thousands and resulted in a gain of SAR 20,308 thousands in the current year.

The Earning Per Share is calculated by dividing the Profit after Zakat and Income Tax for the year over the weighted average number of ordinary shares outstanding during the year. The earning per share (EPS) for the current year is SAR 0.62 per share versus restated EPS of SAR 1.45 for the previous year which is calculated by dividing the net profit after zakat and income tax of SR 64,303 thousands over the weighted average number of ordinary outstanding shares of 103,064 thousands for the current year and by dividing the net profit after zakat and income tax of SR 147,977 thousands over 101,722 thousands weighted average number of outstanding shares for the previous year.

Total Shareholders' Equity (no minority interest) as at the end of the current year is SR 1,831,581 thousands versus SR 1,271,795 thousands as at the end of the previous year which represents an increase of 44.02%.

Total comprehensive income for the current year amounted to SR 95,402 thousands compared to SR 152,019 thousands for the previous year. This represents a decrease of 37.24%.

Moreover, Gross Written Premiums (GWP) for the current year amounted to SR 3,504,512 thousands compared to SR 3,346,161 thousands during the previous year, an increase of 4.73%.