| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 604,414 | 503,656 | 20 | ||
| Result of Insurance Services | -37,454 | 103,094 | - | ||
| Net Profit (Loss) of The Insurance Results | -66,825 | 33,781 | - | ||
| Net Profit (Loss) of The Investment Results | 21,629 | 27,380 | -21 | ||
| Net Insurance Financing Expenses | -170 | -527 | -67.74 | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | -70,317 | 31,858 | - | ||
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -58,767 | 49,801 | - | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 342,143 | 400,910 | -14.66 | ||
| Profit (Loss) per Share | -2.34 | 1.26 | |||
| 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 | -41,477 | -13.83 | |
| 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 revenue increased by SR 100 million equivalent to 20% as compared to last year mainly due to increase in premiums earned during the current year. The premium was earned primarily in motor and medical 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 profit after zakat decreased by SR 102 million as compared to last year, mainly due to the following reasons: - Insurance service results were decreased by SR 100 million due to increase in incurred claims, realization of policy acquisition cost and loss component of motor and medical lines of business. During the year the net share of the surplus from insurance pools was reduced by SR 2.7 million. - Investment income was reduced by SR 5.7 mllion due to reduction in deposit rates and under-performance of local listed equity market which was being impacted by the geo-polical situation around the world. - Other operating expenses were increased by SR 5.9 million. The above reductions were being offset by the decrease in zakat expense for the year. |
| 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 | Basic and diluted (loss) / earnings per share is calculated by dividing total (loss) / income for the year attributable to the shareholders by the weighted average number of outstanding shares during the year. The weighted average number of ordinary shares for the prior year is computed using an adjustment factor of 1.52 which is a ratio of the theoretical ex-rights of Saudi Riyals 18.26 and closing price per share of Saudi Riyals 27.70 on 26 June 2024, the last day on which the shares were traded together with the rights. The basic and diluted (loss) / earnings per share for the current year is SR (2.34) as compared to SR 1.26 for the last year. Total comprehensive (loss) income for the current year amounted to SR (58,767) thousands compared to SR 49,801 thousands for the last year. Total Shareholders Equity (no minority interest) as at the end of current year is SR 342,143 thousands as compared to Shareholders Equity (no minority interest) amounting to SR 400,910 thousands as at the end of the last year representing an decrease of 15%. In addition to these, the Gross Written Premium (GWP) for the current year amounted to SR 591,845 thousands compared to SR 601,792 thousands for the last year, representing a decrease of 1.65%. |
