| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 321,752 | 414,352 | -22.35 | ||
| Result of Insurance Services | -76,524 | -26,186 | 192.23 | ||
| Net Profit (Loss) of The Insurance Results | -109,522 | -58,615 | 86.85 | ||
| Net Profit (Loss) of The Investment Results | 7,515 | 15,067 | -50.12 | ||
| Net Insurance Financing Expenses | -374 | 322 | - | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | -120,488 | -94,207 | 27.9 | ||
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -108,792 | -76,487 | 42.23 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 165,114 | 223,906 | -26.26 | ||
| Profit (Loss) per Share | -4.02 | -3.14 | |||
| 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 | -258,824 | -86 | |
| 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 had a decrease this year to SR 321,752 K from SR 414,352 K compared to last year, a decrease of -22.34%. Which this decrease was primarily driven by reduction in sales of the motor insurance product. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net loss before zakat for the current year amounted to SR -116,988 K, compared to the loss of SR -88,592 K for the previous year. Net loss after zakat for the current year amounted to SR -120,488 K, compared to the loss of SR -94,207 K the previous year, due to the following reasons: -(losses) from insurance Service result increase by SR -50,907 K an increase of 86.85%. -Increase of reinsurance contracts expense by SR -569 K with an increase of 1.75% compared to last year. -Decrease in net investment income by SR -7,552 K compared to the previous year, with a change of -50.12%. -Increase in other operating expenses by SR -8,437 K with a change of 78.96%. |
| 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) | The external auditors draw attention to Note 2 (b) of these financial statements, which indicates that the Company has incurred a net loss of SR 120 million during the year ended 31 December 2025 and, as of that date, the Company’s accumulated losses amounted to SR 259 million, which represents 86% of the share capital. The solvency ratio which stands at a lower rate than required. These conditions, along with other matters as set forth in Note 2(b), indicate the existence of material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
| Reclassification of Comparison Items | Certain historical comparative figures have been reclassified to conform to the current period. |
| Additional Information | The Loss per share (LPS) after Zakat for the current year is SR -4.02 per share versus a loss of SR -3.14 per share for the previous year, which is calculated by dividing the net loss amount of SR -120,488 K over the number of ordinary outstanding shares of 30,000 K. Total comprehensive loss for the current year is SR -108,792 K compared to a loss of SR -76,487 K for the previous year. Total Shareholders’ Equity (no minority interest) as at end of current year is SR 165,114 K versus SR 223,906 K as at end of the previous year, a decrease of -26.26%. Referring to the fact that the company's accumulated losses have reached 86% of its capital for the period ending December 31, 2025, the company will apply the procedures and instructions applicable to listed companies whose accumulated losses exceed 50% of their capital. Furthermore, on Sunday, 29/07/1447H (corresponding to 18/01/2026G), the Extraordinary General Assembly approved the company's continuity and delegated the Board of Directors to take all necessary measures and actions to address such losses, pursuant to the requirements of Article (132) of the Companies Law. |
