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Arabian Shield Cooperative Insurance Co. announces its Interim Consolidated Financial Results for the Period Ending on 2023-03-31 ( Three Months )

8070
ARABIAN SHIELD
-0.28 %
1444/12/04     22/06/2023 09:00:05

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Gross Written Premiums (GWP) 459,020380,00420.79--
Net Written Premiums (NWP) -----
Net Incurred Claims -----
Net Profit (Loss) of Policy Holders Investment -----
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) -----
Net Profit (loss) of Shareholders Capital Investment -----
Net Profit (Loss) before Zakat 6,82621,528-68.29--
Total Comprehensive Income 5,57121,456-74.03--
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 1,190,7431,173,1321.5
Profit (Loss) per Share 0.030.41
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of 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 following explanation will cover the relevant financial information reflected in the announcement above:

- Improvement in the insurance service results to SAR 88 compared with (30,717) in the equivalent quarter of the previous year. This was driven by an increase in insurance revenue of SAR 53,397 compared with the equivalent quarter of the previous year, an increase of 26%, met with an increase in insurance service expenses of SAR 28,707, an increase of 14% compared with the equivalent quarter from the previous year and a decrease in net expenses from reinsurance contracts of SAR 6,115 compared with the equivalent quarter of the previous year, a decrease of 16%.

- increase in net investment income of SAR 24,536 compared with the equivalent quarter of the previous year, an increase of 132% met with an increase in net insurance finance expenses of SAR 26,107 compared with the equivalent quarter of the previous year, an increase of 654% - net of SAR 13,043 for the current quarter compared to SAR 14,614 for the equivalent quarter from the previous year, a decrease of 11%

- increase in other operating expenses of SAR 746 compared with the equivalent quarter of the previous year, an increase of 14%.

Moreover, Gross Written Premiums (GWP) increased by SAR 79,016 compared with the equivalent quarter of the previous year, an increase of 21%

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current 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 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 previous quarter has been reported under the repealed financial reporting standards, IFRS 4 and IAS39, the restated balances of the previous quarter are not included in the current quarter financial statements. Therefore, no explanation is provided due to the divergence of the reporting standards between two quarters.

Statement of the type of external auditor's report Unmodified Conclusion
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 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 earnings per share (EPS) for the current quarter is SAR 0.03 per share versus SAR (0.41) per share for the equivalent quarter last year.

Total comprehensive income for the current quarter is SAR 5,571 thousand compared to SR -21,456 thousand for the equivalent quarter of the previous year.

Total Shareholders’ Equity at the end of the current quarter is SAR 1,190,743 thousand compared to SAR 1,173,132 thousand for the equivalent quarter of the previous year, an increase of 2%. (No minority interest).

Attached Documents  

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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ARABIAN SHIELD
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Key Parameters
Last Price 21.2
Net Change -0.06 (-0.28%)
Value Traded (Sar) 1,474,140.76
Volume Traded 69,266
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