| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 1,038,197 | 804,752 | 29.01 | ||
| Result of Insurance Services | -25,069 | 87,355 | - | ||
| Net Profit (Loss) of The Insurance Results | -85,758 | 30,600 | - | ||
| Net Profit (Loss) of The Investment Results | 37,031 | 31,667 | 16.94 | ||
| Net Insurance Financing Expenses | -3,288 | 412 | - | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | -83,627 | 43,646 | - | ||
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -57,757 | 78,707 | - | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 568,943 | 626,699 | -9.21 | ||
| Profit (Loss) per Share | -1.82 | 0.95 | |||
| 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 | -46,862 | 10 | |
| 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 reason for the increase in insurance revenue in the current year amounting to SR 1,038 million compared to SR 804.8 million in the previous year, an increase of SR 233.4 million or 29%, is due to the increase in gross written premium during the current year, which amounted to SR 1,003 million compared to SR 975.5 million in the previous year, an increase of 3%. This was due to growth in the Company's main sectors i.e. Health insurance premium amounted to SR 465.7 million in the current year compared to SR 446.8 million in the previous year, an increase of 4%, and General insurance premium for the current year amounted to SR 190.4 million compared to SR 157.9 million in the previous year, an increase of 21%. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason for the losses in the current year compared to the profit in the previous year is due to the deficit in insurance services results amounting to SR 85.8 million in the current year compared to surplus of SR 30.6 million in the previous year. This was due to the increase in insurance services expenses for the current year amounting to SR 1,063 million compared to SR 717 million for the previous year, an increase of SR 346 million or 48%. Also, increase in net expense from reinsurance contract for the current year amounting to SR 60.7 million compared to SR 56.8 million in the previous year, an increase of SR 3.9 million or 7%. Additionally, the net share of surplus from insurance pools decreased to SR 1.8 million in the current year compared to SR 8.3 million in the previous year representing a decline of SR 6.5M or 79%. Other operating expenses also shown an increase to SR 22.1 million in the current year compared to SR 18.9 million in the previous year, an increase of SR 3.1 million or 17%. |
| 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 | Total equity at end of current year is SR 568.943 million, compared to previous year of SR 626.699 million, a decrease of 9%. Net loss before zakat for the current year amounted to SR 72.83 million, compared to the net profit before zakat amounting to SR 51.55 million in the previous year. Loss per share was calculated based on net losses after zakat amounting to SR 83.63 million in current year compared to net profit of SR 43.65 million in the previous year based on the number of the company's shares amounting to 45.9 million shares. Accumulated losses at the end of period amounted to SR 46.862 million. |
