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Bupa Arabia for Cooperative Insurance Co. announces its Interim Consolidated Financial Results for the period ending on 2024-09-30 ( Nine Months )

8210
BUPA ARABIA
-0.99 %
1446/05/02     04/11/2024 08:03:56

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Insurance Revenues 4,552,1954,092,57711.234,562,414-0.223
Result of Insurance Services 358,696264,36835.68390,584-8.164
Net Profit (Loss) of The Insurance Results 343,785257,04933.742377,327-8.889
Net Profit (Loss) of The Investment Results 173,687141,33122.893182,857-5.014
Net Insurance Financing Expenses -----
Net Profit (Loss), After Zakat, Attributable To Shareholders 356,282275,35029.392404,604-11.943
Total Comprehensive Income 513,431225,027128.164375,42836.758
All figures are in (Thousands) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Insurance Revenues 13,488,66711,728,00415.012
Result of Insurance Services 1,087,759819,78332.688
Net Profit (Loss) of The Insurance Results 1,042,713797,55530.738
Net Profit (Loss) of The Investment Results 514,688366,85240.298
Net Insurance Financing Expenses ---
Net Profit (Loss), After Zakat, Attributable To Shareholders 1,120,309835,29634.121
Total Comprehensive Income 1,189,202778,72052.712
Total Shareholders Equity (after Deducting Minority Equity) 5,151,0134,523,05613.883
Profit (Loss) per Share 7.485.59
All figures are in (Thousands) Saudi Arabia, Riyals


Element ListAmountPercentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value --
All figures are in (Thousands) 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 Insurance revenue for the current quarter amounted to SR 4,552,195K, compared to SR 4,092,577K during the similar quarter of the previous year, an increase of 11.23%, 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 421,386K, compared to SR 328,094K during the similar quarter of the previous year, an increase of 28.43%.

Profit after zakat and income tax attributable to shareholders for the current quarter amounted to SR 356,282K, compared to SR 275,350K during the similar quarter of the previous year, an increase of 29.39%, which was due to the following main reasons:

• Insurance service result for the current quarter amounted to SR 358,696K, compared to SR 264,368K during the similar quarter of the previous year, an increase of 35.68%, which was principally driven by business growth and increase in insured lives.

• Net insurance service result for the current quarter amounted to SR 343,785K, compared to SR 257,049K during the similar quarter of the previous year, an increase of 33.74%, which was principally driven by business growth and increase in insured lives.

• Net investment results for the current quarter amounted to SR 173,687K, compared to SR 141,331K during the similar quarter of the previous year, an increase of 22.89%.

• Net other revenue for the current quarter amounted to SR 13,301K, compared to SR 12,149K during the similar quarter of the previous year, an increase of 9.48%.

These favorable movements were partially offset by the following:

• Other operating expenses for the current quarter amounted to SR 109,387K compared to SR 82,435K during the similar quarter of the previous year, an increase of 32.69%, arising from increased expenditure to support business growth.

Total comprehensive income for the current quarter amounted to SR 513,431K compared to SR 225,027K during the similar quarter of the previous year, an increase of 128.16%.

Moreover, Gross Written Premiums (GWP) for the current quarter amounted to SR 4,181,449K compared to SR 4,616,254K during the similar quarter of the previous year, a decrease of 9.42%.

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 4,552,195K, compared to SR 4,562,414K during the previous quarter, a decrease of 0.22%, which was principally driven by business seasonality.
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 421,386K, compared to SR 464,806K during the previous quarter, a decrease of 9.34%.

Profit after zakat and income tax attributable to shareholders for the current quarter amounted to SR 356,282K, compared to SR 404,604K during the previous quarter, a decrease of 11.94%, which was due to the following main reasons:

• Insurance service result for the current quarter amounted to SR 358,696K, compared to SR 390,584K during the previous quarter, a decrease of 8.16%, which was principally driven by claims seasonality.

• Net insurance service result for the current quarter amounted to SR 343,785K, compared to SR 377,327K during the previous quarter, a decrease of 8.89%, which was principally driven by claims seasonality.

• Net investment results for the current quarter amounted to SR 173,687K, compared to SR 182,857K during the previous quarter, a decrease of 5.01%.

• Other operating expenses for the current quarter amounted to SR 109,387K compared to SR 108,369K during the previous quarter, an increase of 0.94%, arising from increased expenditure to support the business.

These unfavorable movements were partially offset by the following:

• Net other revenue for the current quarter amounted to SR 13,301K, compared to SR 12,991K during the previous quarter, an increase of 2.39%.

Total comprehensive income for the current quarter amounted to SR 513,431K compared to SR 375,428K during the previous quarter, an increase of 36.76%.

Moreover, Gross Written Premiums (GWP) for the current quarter amounted to SR 4,181,449K compared to SR 3,616,701K during the previous quarter, an increase of 15.62%.

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 13,488,667K, compared to SR 11,728,004K during the similar period of the previous year, an increase of 15.01%, 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 1,302,315K, compared to SR 990,534K during the similar period of the previous year, an increase of 31.48%.

Profit after zakat and income tax attributable to shareholders for the current period amounted to SR 1,120,309K, compared to SR 835,296K during the similar period of the previous year, an increase of 34.12%, which was due to the following main reasons:

• Insurance service result for the current period amounted to SR 1,087,759K, compared to SR 819,783K during the similar period of the previous year, an increase of 32.69%, which was principally driven by business growth and increase in insured lives.

• Net insurance service result for the current period amounted to SR 1,042,713K, compared to SR 797,555K during the similar period of the previous year, an increase of 30.74%, which was principally driven by business growth and increase in insured lives.

• Net investment results for the current period amounted to SR 514,688K, compared to SR 366,852K during the similar period of the previous year, an increase of 40.30%.

These favorable movements were partially offset by the following:

• Other operating expenses for the current period amounted to SR 293,487K compared to SR 216,115K during the similar period of the previous year, an increase of 35.80%, arising from increased expenditure to support business growth.

• Net other revenue for the current period amounted to SR 38,401K, compared to SR 42,242K during the similar period of the previous year, a decrease of 9.09%.

Total comprehensive income for the current period amounted to SR 1,189,202K compared to SR 778,720K during the similar period of the previous year, an increase of 52.71%.

Moreover, Gross Written Premiums (GWP) for the current period amounted to SR 15,047,593K compared to SR 13,905,810K during the similar period of the previous year, an increase of 8.21%.

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 7.48 per share versus SR 5.59 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 1,120,309K over the weighted average number of ordinary outstanding shares of 149,720K for the current period and SR 835,296K 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 5,151,013K versus SR 4,523,056K as at end of the same period of the previous year, an increase of 13.88%.

Total Equity as at end of current period is SR 5,211,596K versus SR 4,473,510K as at end of the similar period of the previous year, an increase of 16.50%.

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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Last Price 180.0
Net Change -1.8 (-0.99%)
Value Traded (Sar) 39,874,263.6
Volume Traded 221,219
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