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Saudi Reinsurance Co. announces its Interim Financial Results for the period ending on 2024-03-31 ( Three Months )

8200
SAUDI RE
1.78 %
1445/11/01     09/05/2024 08:02:01

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Insurance Revenues 206,944,997129,289,11160.063133,228,50755.33
Result of Insurance Services 87,636,5994,772,6821,736.2127,476,8721,072.102
Net Profit (Loss) of The Insurance Results 31,090,19510,454,182197.39418,590,29667.238
Net Profit (Loss) of The Investment Results 18,344,66811,127,97664.85120,540,085-10.688
Net Insurance Financing Expenses -6,862,730-8,599,907-20.199457,368-
Net Profit (Loss), After Zakat, Attributable To Shareholders 31,792,45711,199,517183.87319,194,91265.629
Total Comprehensive Income 32,639,90111,037,515195.71718,270,01278.652
All figures are in (Actual) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (After Deducting the Minority Equity) 1,179,461,9401,028,221,02514.708
Profit (Loss) per Share 0.360.13
All figures are in (Actual) Saudi Arabia, Riyals


Element ListPercentage of the capital (%)Amount
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value --
Accumulated Losses --
All figures are in (Actual) Saudi Arabia, Riyals


Element ListExplanation
The reason of the increase (decrease) in the revenues during the current quarter compared to the same quarter of last year is The increase in the reinsurance revenues due to growth in most of the company’s business segments, amounting to 77.7 Million Riyals, which represents a 60% growth.
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 increase in net profit after zakat and tax is mainly attributed to the increase in net profits from net reinsurance results of 20.6 Million Riyals which represents 197%, as a result of reinsurance revenue growth by 60%, in addition to a decrease in reinsurance expenses by 4% and an increase in net investment income by 65%.
The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is The increase in the reinsurance revenues is due to growth in most of the company’s business segments amounting to 73.7 Million Riyals, which represents a 55% growth.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is The increase in net profit after zakat and tax is mainly due to the increase in net profits from net reinsurance results of 12.5 Million Riyals which represents 67%, as a result of reinsurance revenue growth by 55% in addition to a decrease in reinsurance expenses by 5%.
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
Statement of the type of external auditor's report Unmodified conclusion
Reclassification of Comparison Items Certain figures have been reclassified.
Additional Information -The earnings per share (EPS) calculated based on Net Profit after Zakat.

-Gross Written Premiums (GWP) for the current quarter amounted to SR 1.19Bn, an increase of 11% compared with the same quarter of last year's GWP of 1.07Bn.

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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