| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 170,539 | 233,508 | -26.97 | ||
| Result of Insurance Services | 10,853 | -24,967 | - | ||
| Net Profit (Loss) of The Insurance Results | 10,853 | -24,967 | - | ||
| Net Profit (Loss) of The Investment Results | 8,920 | 13,442 | -33.64 | ||
| Net Insurance Financing Expenses | - | - | - | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | -6,699 | -26,762 | -74.97 | ||
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -7,364 | -26,843 | -72.57 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 154,716 | 161,415 | -4.15 | ||
| Profit (Loss) per Share | -0.29 | -1.16 | |||
| 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 | -75,284 | -33 | |
| 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 170,539K compared to SR 233,508K during the last year, a decrease of 26.97%, which is mainly driven by decrease in business and number of lives insured |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Profit / (Loss) before zakat and income tax attributable to shareholders for the current year amounted to SR 1,342K , compared to SR (26,353K) during the previous year, an increase of 105.09%. (Loss) after zakat and income tax attributable to shareholders for the current year amounted to SR (6,699K) compared to SR (26,762K) during the previous year, a decrease of 74.97%, which was due to the following main reasons: • Net insurance service result for the current year amounted to SR 10,853K, compared to SR (24,967K) during the previous year, an increase of 143.47%, which was principally driven by lower claims volumes and improved loss ratios The above increase is partially off-set by: • Zakat and income tax charge for the current year amounted to SR 8,041K compared to SR 409K during the previous year, an increase of 1866.01%. • Net investment result for the current year amounted to SR 8,920K, compared to SR 13,442K during the previous year, a decrease of 33.64%. • Other operating expenses for the current year amounted to SR 18,431K compared to SR 15,729K during the previous year, an increase of 17.18%. • Other income for the current year amounted to Nil, compared to SR 901K during the previous year, a decrease of 100%. Moreover, Gross Written Premiums (GWP) for the current year amounted to SR 108,713K compared to SR 233,807K during the previous year, a decrease of 53.50%. |
| 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) | Yes. The external auditor included an Emphasis of Matter paragraph regarding a material uncertainty related to going concern. |
| Reclassification of Comparison Items | No reclassifications |
| Additional Information | The (loss) per share (EPS) for the current year is SAR (0.29) per share versus SAR (1.16) per share for the previous year which is calculated by dividing the net (loss) attributed to the shareholders after zakat and income tax of SAR (6,699)K over the weighted average number of ordinary outstanding shares of 23,000K for the current year and SAR (26,762)K over 23,000K shares for the previous year. Total Shareholders’ Equity (no minority interest) as at end of current year is SAR 154,716K versus SAR 161,415K as at end of the previous year, a decrease of 4.15%. |
