| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 282,107 | 212,597 | 32.7 | ||
| Result of Insurance Services | -5,934 | 15,007 | - | ||
| Net Profit (Loss) of The Insurance Results | -12,770 | 11,677 | - | ||
| Net Profit (Loss) of The Investment Results | 15,718 | 16,887 | -6.92 | ||
| Net Insurance Financing Expenses | 50 | -653 | - | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | -13,279 | 12,027 | - | ||
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -1,918 | 30,091 | - | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 310,869 | 312,787 | -0.61 | ||
| Profit (Loss) per Share | -0.31 | 0.28 | |||
| 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 | -187,820 | -44 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in revenues during the current year compared to the last year is | The increase in the insurance revenue during the current year compared to the previous year by SAR +69.5 million (+33% change) , this is mainly due from the following net effects: 1) Increase in GWP by SAR +114.1 million 2) Increase in the change of Unearned Premium Reserves by SAR -48.5 million 3) A positive change in Premium Debtors' Provision by SAR +3.9 million |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | 'The decrease in the net profit after Zakat for the current year by SAR -25.3 million (-210% change) compared to the last year, this is mainly due from the following net effects: 1) Decrease in Net Insurance service result by SAR -24.4 million, caused by an increase in insurance service expense and Reinsurance Ceded premium. 2) Decrease in Net investment income by SAR -1.1 million 3) Increase in Net insurance finance income / (expenses) by SAR +0.7million 4) Increase in Other operating income by SAR +2.2 million 5) Increase in Other operating expenses by SAR -0.5 million 6) A higher change in ZAKAT provision by SAR -2.1 million |
| Statement of the type of external auditor's report | Unmodified opinion |
| 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) | We draw attention to Note 2 to the financial statements of the Company with respect to going concern. The Company has posted a net comprehensive loss of SAR 1.92 million (2024: Comprehensive income of SAR 30.09 million), the Company’s accumulated losses have reached SAR 187.82 million (December 31, 2024: SAR 174.54 million), representing 43.68% of the Company’s share capital (December 31, 2024: 40.59%). These events and conditions indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. However, the Company's management has developed a comprehensive five-year financial forecast, incorporating planned operational improvement measures, which have been reviewed and approved by the Board of Directors. These forecasts indicate a return to profitability starting from the financial year 2026 and continuing thereafter. |
| Reclassification of Comparison Items | None |
| Additional Information | None |
