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The Mediterranean and Gulf Insurance and Reinsurance Co. announces its Interim Financial Results for the period ending on 2024-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 833,625 | 779,299 | 6.971 | 800,319 | 4.161 |
| Result of Insurance Services | 83,552 | -55,799 | - | 180,871 | -53.805 |
| Net Profit (Loss) of The Insurance Results | 23,096 | -11,794 | - | 24,885 | -7.189 |
| Net Profit (Loss) of The Investment Results | 16,139 | 37,715 | -57.208 | 26,236 | -38.485 |
| Net Insurance Financing Expenses | -3,844 | -3,875 | -0.8 | -1,601 | 140.099 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 26,261 | 36,195 | -27.445 | 60,912 | -56.886 |
| Total Comprehensive Income | 26,261 | 36,195 | -27.445 | 76,688 | -65.756 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 943,681 | 742,913 | 27.024 |
| Profit (Loss) per Share | 0.25 | 0.34 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | 21.99 | -230,868 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the revenues during the current quarter compared to the same quarter of last year is | Insurance revenue during current quarter increased by SAR 54,326K compared to similar quarter of last year, an increase of 6.97% driven by the continuous strong performance of the Health line of business. |
| 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 achieved a net income before zakat of SAR 27,261K during the current quarter compared to SAR 37,195K in similar quarter of last year, a decrease of 26.71%. The net income after Zakat amounted to SAR 26,261K during the current quarter compared to SAR 36,195K in similar quarter of last year, a decrease of 27.45%, was due to the following main reasons: - Although there is an Improvement in the insurance service result reaching SAR 23,096K compared to a loss of SAR 11,794K in similar quarter of last year, which was driven by an increase of insurance revenues supported by a better management of claims and policy of cost containment but the net income has decreased due to the fact that Company’s investment result decreased by 57.21%, which is driven by an underperformance mostly in the equity investments." |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | Insurance Revenues during current quarter increased by SAR 33,306K compared to the previous quarter, an increase of 4.16% due to the growth of the underwritten business both last year, and, when it comes to the Health line, also in 1Q of 2024. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | The company achieved net income before zakat of SAR 27,261K during the current quarter compared to SAR 50,110K in the previous quarter, a decrease of 45.60%, while the net income after Zakat amounted to SAR 26,261K during the current quarter compared to SAR 60,912K in the previous quarter, a decrease of 56.89% due to the underperformance mostly in the equity investments. |
| 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) | Attention is drawn to note 2 to the accompanying interim condensed financial statements, which states that the Company did not meet the solvency margin requirements as at 31 March 2024. The deficiency in solvency margin along with other matters as set forth in note 2 indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. However, the accompanying financial statements are prepared using the going-concern assumption based on management’s assessment on the company’s abilities to continue as a going concern. The auditors' conclusion is not modified with respect to this matter. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | None |
| Additional Information | The earnings per share (EPS) for the current period are SR 0.25 against a SR 0.34 for the similar period for previous year which is calculated by dividing the net income amounting to SR 26,261K over the weighted average number of ordinary outstanding shares of 105 million for the current period and SR 36,195K over 105 million shares for similar period of last year. Total Shareholders’ Equity for the current period is SAR 943,681K versus SAR 742,913K for the same period of last year - an increase of 27.02%. The Company's accumulated losses as of 31 March 2024 are 21.99%, an improvement of over 2.51pp over what it was at 31 December 2023 recording 24.5% of its subscribed capital and as of the same date, the Company's solvency coverage is below the prudential solvency requirements. The solvency coverage now is 76.20%. |
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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