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Bupa Arabia for Cooperative Insurance Co. announces its Interim Consolidated Financial Results for the period ending on 2024-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 4,562,414 | 3,885,014 | 17.436 | 4,374,058 | 4.306 |
| Result of Insurance Services | 390,584 | 383,401 | 1.873 | 338,479 | 15.393 |
| Net Profit (Loss) of The Insurance Results | 377,327 | 372,023 | 1.425 | 321,601 | 17.327 |
| Net Profit (Loss) of The Investment Results | 182,857 | 123,084 | 48.562 | 158,144 | 15.626 |
| Net Insurance Financing Expenses | - | - | - | - | - |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 404,604 | 371,350 | 8.954 | 359,423 | 12.57 |
| Total Comprehensive Income | 375,428 | 349,442 | 7.436 | 300,343 | 24.999 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Insurance Revenues | 8,936,472 | 7,635,427 | 17.039 |
| Result of Insurance Services | 729,063 | 555,415 | 31.264 |
| Net Profit (Loss) of The Insurance Results | 698,928 | 540,506 | 29.309 |
| Net Profit (Loss) of The Investment Results | 341,001 | 225,521 | 51.205 |
| Net Insurance Financing Expenses | - | - | - |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 764,027 | 559,946 | 36.446 |
| Total Comprehensive Income | 675,771 | 553,693 | 22.047 |
| Total Shareholders Equity (after Deducting Minority Equity) | 4,799,999 | 4,277,786 | 12.207 |
| Profit (Loss) per Share | 5.1 | 3.75 | |
| 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 | - | - | |
| 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 for the current quarter amounted to SR 4,562,414K, compared to SR 3,885,014K during the similar quarter of the previous year, an increase of 17.44%, which was principally driven by business growth and increase in insured lives. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Profit before zakat and income tax attributable to shareholders for the current quarter amounted to SR 464,806K, compared to SR 432,304K during the similar quarter of the previous year, an increase of 7.52%. Profit after zakat and income tax attributable to shareholders for the current quarter amounted to SR 404,604K, compared to SR 371,350K during the similar quarter of the previous year, an increase of 8.95%, which was due to the following main reasons: • Insurance service result for the current quarter amounted to SR 390,584K, compared to SR 383,401K during the similar quarter of the previous year, an increase of 1.87%, which was principally driven by business growth and increase in insured lives. • Net insurance service result for the current quarter amounted to SR 377,327K, compared to SR 372,023K during the similar quarter of the previous year, an increase of 1.43%, which was principally driven by business growth and increase in insured lives. • Net investment results for the current quarter amounted to SR 182,857K, compared to SR 123,084K during the similar quarter of the previous year, an increase of 48.56%. These favorable movements were partially offset by the following: • Other operating expenses for the current quarter amounted to SR 108,369K compared to SR 76,527K during the similar quarter of the previous year, an increase of 41.61%, arising from increased expenditure to support business growth. • Net other revenue for the current quarter amounted to SR 12,991K, compared to SR 13,724K during the similar quarter of the previous year, a decrease of 5.34%. Total comprehensive income for the current quarter amounted to SR 375,428K compared to SR 349,442K during the similar quarter of the previous year, an increase of 7.44%. Moreover, Gross Written Premiums (GWP) for the current quarter amounted to SR 3,616,701K compared to SR 3,880,096K during the similar quarter of the previous year, a decrease of 6.79%. |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | Insurance revenues for the current quarter amounted to SR 4,562,414K, compared to SR 4,374,058K during the previous quarter, an increase of 4.31%, which was principally driven by business growth. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | Profit before zakat and income tax attributable to shareholders for the current quarter amounted to SR 464,806K, compared to SR 416,123K during the previous quarter, an increase of 11.70%. Profit after zakat and income tax attributable to shareholders for the current quarter amounted to SR 404,604K, compared to SR 359,423K during the previous quarter, an increase of 12.57%, which was due to the following main reasons: • Insurance service result for the current quarter amounted to SR 390,584K, compared to SR 338,479K during the previous quarter, an increase of 15.39%, which was principally driven by business growth. • Net insurance service result for the current quarter amounted to SR 377,327K, compared to SR 321,601K during the previous quarter, an increase of 17.33%, which was principally driven by business growth. • Net investment results for the current quarter amounted to SR 182,857K, compared to SR 158,144K during the previous quarter, an increase of 15.63%. • Net other revenue for the current quarter amounted to SR 12,991K, compared to SR 12,109K during the previous quarter, an increase of 7.28%. These favorable movements were partially offset by the following: • Other operating expenses for the current quarter amounted to SR 108,369K compared to SR 75,731K during the previous quarter, an increase of 43.10%, arising from increased expenditure to support business growth. Total comprehensive income for the current quarter amounted to SR 375,428K compared to SR 300,343K during the previous quarter, an increase of 25%. Moreover, Gross Written Premiums (GWP) for the current quarter amounted to SR 3,616,701K compared to SR 7,249,442K during the previous quarter, a decrease of 50.11%, which is due to seasonality. |
| The reason of the increase (decrease) in the revenues during the current period compared to the same period of the last year is | Insurance revenue for the current period amounted to SR 8,936,472K, compared to SR 7,635,427K during the similar period of the previous year, an increase of 17.04%, which was principally driven by business growth and increase in insured lives. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Profit before zakat and income tax attributable to shareholders for the current period amounted to SR 880,929K, compared to SR 662,440K during the similar period of the previous year, an increase of 32.98%. Profit after zakat and income tax attributable to shareholders for the current period amounted to SR 764,027K, compared to SR 559,946K during the similar period of the previous year, an increase of 36.45%, which was due to the following main reasons: • Insurance service result for the current period amounted to SR 729,063K, compared to SR 555,415K during the similar period of the previous year, an increase of 31.26%, which was principally driven by business growth and increase in insured lives. • Net insurance service result for the current period amounted to SR 698,928K, compared to SR 540,506K during the similar period of the previous year, an increase of 29.31%, which was principally driven by business growth and increase in insured lives. • Net investment results for the current period amounted to SR 341,001K, compared to SR 225,521K during the similar period of the previous year, an increase of 51.21%. These favorable movements were partially offset by the following: • Other operating expenses for the current period amounted to SR 184,100K compared to SR 133,680K during the similar period of the previous year, an increase of 37.72%, arising from increased expenditure to support business growth. • Net other revenue for the current period amounted to SR 25,100K, compared to SR 30,093K during the similar period of the previous year, a decrease of 16.59%. Total comprehensive income for the current period amounted to SR 675,771K compared to SR 553,693K during the similar period of the previous year, an increase of 22.05%. Moreover, Gross Written Premiums (GWP) for the current period amounted to SR 10,866,143K compared to SR 9,289,556K during the similar period of the previous year, an increase of 16.97%. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| 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 | No Reclassification. |
| Additional Information | The earnings per share (EPS) for the current period is SR 5.10 per share versus SR 3.75 per share for the similar period of the previous year which is calculated by dividing the net income attributed to the shareholders after zakat and income tax of SR 764,027K over the weighted average number of ordinary outstanding shares of 149,720K for the current period and SR 559,946K over 149,323K shares for the similar period of the previous year. Total Shareholders’ Equity (no minority interest) as at end of current period is SR 4,800 million versus SR 4,278 million as at end of the same period of the previous year, an increase of 12.20%. Total Equity as at end of current period is SR 4,771 million versus SR 4,249 million as at end of the similar period of the previous year, an increase of 12.29%. |
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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