AI Summary
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 788,219 | 767,073 | 2.756 | 883,898 | -10.824 |
| Result of Insurance Services | 357,625 | 251,050 | 42.451 | 339,460 | 5.351 |
| Net Profit (Loss) of The Insurance Results | -48,381 | -14,349 | 237.173 | -22,519 | 114.845 |
| Net Profit (Loss) of The Investment Results | -2,598 | 44,362 | - | 20,046 | - |
| Net Insurance Financing Expenses | -3,565 | -2,408 | 48.048 | -870 | 309.77 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | -67,950 | 39,864 | - | -20,099 | 238.076 |
| Total Comprehensive Income | -62,934 | 39,864 | - | 11,000 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 1,768,647 | 1,311,659 | 34.84 |
| Profit (Loss) per Share | -0.53 | 0.39 | |
| 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 | - | - | |
| 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 revenues for the current quarter amounted to SAR 788,219 thousand, compared to insurance revenues amounting to SAR 767,073 thousand of the same quarter of last year. This represents an increase of 2.76%.
This is mainly due to an increase in Insurance revenues in Property, Energy, and P&C Other segments, representing an increase of 87%, 5%, and 42% respectively. This favorable increase is partially offset by a decrease in insurance revenues in Medical, Motor, Engineering, and P&S Non-linked by 29%, 14%, 14%, and 23% respectively. |
| 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 Loss before zakat and income tax for the current quarter amounted to SAR 62,950 thousand compared to Net income before zakat and income tax amounting to SAR 42,614 thousand of the same quarter of last year.
Net Loss after zakat and income tax for the current quarter amounted to SAR 67,950 thousand compared to Net income after zakat and income tax amounting to SAR 39,864 thousand of the same quarter of last year. The core reasons for the net loss after zakat and tax for the current quarter comprise the following:
• Insurance service result (loss) for the current quarter amounted to SAR 48,381 thousand, compared to Insurance service result (loss) of SAR 14,349 thousand during the comparative quarter, which represents an increase of 237.17%. The insurance service loss for the current quarter was mainly driven by Medical and Motor.
• Net investment loss for the current quarter amounted to SAR 2,598 thousand, compared to net investment profit amounting to SAR 44,362 thousand during the same quarter of the previous year. The loss from investments for the current quarter was mainly driven by realized and unrealized losses on equities compared to realized and unrealized gains on equities in the same quarter of the previous year.
• Other income for the current quarter amounted to SAR 685 thousand, compared to SAR 21,015 thousand during the same quarter of the previous year, which represents a decrease of 96.74%. Last year's other income was mainly driven by the disposal of land, which realized a gain of SAR 20,308 thousand.
• Other operating expenses for the current quarter amounted to SAR 9,091 thousand compared to SAR 6,006 thousand during the same quarter of the previous year, representing an increase of 51.37%. |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | Insurance revenues for the current quarter amounted to SAR 788,219 thousand, compared to insurance revenues amounting to SAR 883,898 thousand of the previous quarter, which represents a decrease of 10.82%.
This is mainly due to a decrease in Insurance revenue in the Medical, Property, Engineering, P&S Non-linked, and P&C Other segments, representing a decrease of 14%,9%, 19%, 43%, and 16%, respectively. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | Net Loss before zakat and income tax for the current quarter amounted to SAR 62,950 thousand compared to Net Loss before zakat and income tax amounting to SAR 10,349 thousand of the previous quarter, which represents an increase of 508.27%.
Net loss after zakat and income tax for the current quarter amounted to SAR 67,950 thousand compared to a Net loss after zakat and income tax amounting to SAR 20,099 thousand of the previous quarter, which represents an increase of 238.08%. The core reasons for the increase in net loss after zakat and tax for the current quarter compared with the previous quarter comprise the following:
• Insurance service result (loss) for the current quarter amounted to SAR 48,381 thousand, compared to a loss of SAR 22,519 thousand during the previous quarter, which represents an increase of 114.85%. This unfavorable change is mainly attributable to Medical, Property, and P&C Other segments.
• Net investment loss for the current quarter amounted to SAR 2,598 thousand, compared to net investment profit amounting to SAR 20,046 thousand during the previous quarter. The loss from investments for the current quarter was mainly driven by the increase in realized and unrealized losses on equities compared to the previous quarter.
• Other operating expenses for the current quarter amounted to SAR 9,091 thousand compared to SAR 7,792 thousand during the previous quarter, representing an increase of 16.67%. |
| 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 | Certain comparative figures have been reclassified to conform to the change in the presentation methodology adopted by the company in the current period. However, there is no financial impact of these reclassifications on net income attributable to shareholders and equity. |
| Additional Information | The Loss Per Share is calculated on Net Loss after Zakat and Income Tax for the current quarter divided by the weighted average number of ordinary shares outstanding during the current quarter. The loss per share for the current quarter is SAR 0.53 per share versus restated earnings per share of SAR 0.39 for the comparative quarter which is calculated by dividing the net loss after zakat and income tax amount of SAR 67,950 thousands over the weighted average number of ordinary outstanding shares of 127,558 thousand for the current quarter, and the net income after zakat and income tax of SAR 39,864 thousands over the adjusted weighted average number of ordinary outstanding shares of 101,722 thousands for the comparative quarter.
During 2024, the Company undertook a rights issue and increased the share capital from SAR 850,583 thousand to SAR 1,275,583 thousand through offering a total of 42.5 million ordinary shares of a nominal value of SAR 10 per share, with an offer price of SAR 11 per share. The number of ordinary issued shares before the rights issue was 85,058 thousand, which was adjusted by 16,664 thousand shares to 101,722 thousand ordinary shares to compute EPS for the comparative quarter.
Total Shareholders' Equity (no minority interest) at the end of the current quarter is SAR 1,768,647 thousand versus SAR 1,311,659 thousand as at the end of the comparative quarter, which represents an increase of 34.84%.
Total comprehensive loss for the current quarter amounted to SAR 62,934 thousand, compared to a total comprehensive income amounted to SAR 39,864 thousand for the comparative quarter.
Moreover, Gross Written Premiums for the current quarter amounted to SAR 522,470 thousand compared to SAR 648,024 thousand during the comparative quarter, representing a decrease of 19.37%. |
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