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Arabian Shield Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 1,145,711 | 918,720 | 24.71 | ||
| Result of Insurance Services | 128,569 | 94,534 | 36 | ||
| Net Profit (Loss) of The Insurance Results | 22,858 | -8,703 | - | ||
| Net Profit (Loss) of The Investment Results | 61,531 | 36,266 | 69.67 | ||
| Net Insurance Financing Expenses | 5,957 | 417 | 1,328.54 | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 65,136 | 406 | 15,943.35 | ||
| Total Comprehensive Income | 61,597 | -9,416 | - | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 1,530,804 | 1,186,590 | 29.01 | ||
| Profit (Loss) per Share | 0.67 | -0.29 | |||
| 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 | - | - | |
| 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 1,145,711, compared to SR 918,720 during the previous year, an increase of 24.7%, 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 Company has adopted IFRS17 (Insurance Contracts) and IFRS9 (Financial Instruments), as endorsed in Saudi Arabia starting 01 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods beginning on Q1 2023 onwards with the comparative periods restated under the new standards. As a result, the Company has only reflected the relevant financial information under the new standards in the above announcement. Items that are reported as "0" are no longer presented in the new financial statements under IFRS 17 and IFRS 9. The profit before zakat and income tax for the period of SR 65,136 compared with SR 406 for previous year. This is mainly attributed to the following reasons: - Increase in insurance service results to SAR 22,858 compared with SR (8,703) in the previous year. This was driven by an increase in insurance revenue of SAR 226,991 compared with the previous year, an increase of 25%, met with an increase in insurance service expense of SAR 192,956 compared with the previous year, an increase of 23% and an increase in net expenses from reinsurance contracts of SAR 2,474 compared with the previous year, an increase of 2%. - Increase in net investment income of SAR 25,265 compared with the previous year, an increase of 70%. - Decrease in other operating expenses of SAR 3,089 compared with the previous year, a decrease of 13%. - Moreover, Gross Written Premiums (GWP) increased by SAR 190,844 compared with the previous year, an increase of 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 | The Company has reclassified and restated comparative information to meet the requirements of the newly implemented standards IFRS17 and IFRS 9 |
| Additional Information | The Company has reclassified and restated comparative information to meet the requirements of the newly implemented standards IFRS17 and IFRS 9. The Company has adopted IFRS17 (Insurance Contracts) and IFRS9 (Financial Instruments), as endorsed in Saudi Arabia starting 01 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting on Q1 2023 onwards with the comparative periods restated under the new standards. As a result, the Company has only reflected the relevant financial information under the new standards in the above announcement. Items that are reported as "0" are no longer presented in the new financial statements under IFRS 17and IFRS 9. 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 44,188 compared to SR (18,225). The earnings per share (EPS) for the year is SAR 0.67 per share versus SAR (0.29) per share last year. Total comprehensive income for the year is SAR 61,597 compared to SR (9,416) of the previous year. Total Shareholders’ Equity at the end of the year is SAR 1,530,804 thousand compared to SAR 1,186,590 thousand for the previous year, an increase of 29% (No minority interest). The authorized, issued and fully paid share capital of the Company is SAR 798,152,950 consisting of 79,815,295 shares each with a nominal value of 10 Saudi Riyals. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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