| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 1,881,892 | 1,566,804 | 20.11 | ||
| Result of Insurance Services | -32,246 | 143,537 | - | ||
| Net Profit (Loss) of The Insurance Results | -70,931 | 22,176 | - | ||
| Net Profit (Loss) of The Investment Results | 67,837 | 90,499 | -25.04 | ||
| Net Insurance Financing Expenses | -6,405 | -4,485 | 42.81 | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | -43,753 | 70,995 | - | ||
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -19,787 | 107,858 | - | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 1,633,649 | 1,652,533 | -1.14 | ||
| Profit (Loss) per Share | -0.55 | 0.89 | |||
| 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 revenues during the current year compared to the last year is | Insurance revenues for the current year amounted to SR 1,881,892, compared to SR 1,566,804 during the previous year, an increase of 20%, which was driven by business growth in all lines of business. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The net income before zakat and income tax for the current period decreased by (124,995), a decrease of 133% compared with the equivalent period of the previous year, were due to the following main reasons: - Insurance Services Expenses for the current year increased by SR 490,871 compared to the previous year, an increase of 34%. - Net Investment Income for the current year decreased by SR 22,662 compared to the previous year, a decrease of 25%. - Net Insurance Financing Expenses for the current year increased by SR 1,920 compared to the previous year, an increase of 43%. - Other Operating Expenses for the current year increased by SR 3,378 compared to the previous year, an increase of 15%. offset by. - Insurance Revenues for the current year Increased by SR 315,088 compared to the previous year, an increase of 20%. - Net Reinsurance Contract Expenses for the current year decreased by SR 82,676 compared to the previous year, a decrease of 68%. Gross Written Premiums (GWP) increased by SR 1,083,765 compared with the previous year, an increase of 59%. |
| 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) | None |
| Reclassification of Comparison Items | None |
| Additional Information | The Financial Statements have been prepared in accordance with International Accounting Standard 34 endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organization for Chartered and Professional Accountants (“SOCPA”), consistent with the Company’s accounting policies. Comparatives have been restated. The profits after Zakat and Income Tax for the year reached SR (43,753) thousand compared to SAR 70,995 thousand last year, a decrease of 162%. Earnings per share for the current year is (0.55) Saudi Riyals per share versus 0.89 Saudi Riyals per share for the previous year, which is calculated by dividing the net income attributable to shareholders after Zakat, of SR (43,753) thousand over the adjusted weighted average number of ordinary outstanding shares of 79,815.295 shares for the current year. compared to SR 70,995 thousand over 79,815.295 shares for the previous year. Total Shareholders’ Equity at the end of the period is SR 1,633,649 thousand compared to SR 1,652,533 thousand for the last year, a decrease of 1%. (No minority interest). |
