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United Cooperative Assurance Co. announces its Interim Financial Results for the period ending on 2024-09-30 ( Nine Months )

8190
UCA
0.66 %
1446/05/03     05/11/2024 08:35:26

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Insurance Revenues 281,246321,945-12.641216,79329.73
Result of Insurance Services 90,468141,561-36.09227,371230.525
Net Profit (Loss) of The Insurance Results 10516,437-99.3618,191-98.718
Net Profit (Loss) of The Investment Results 3,7332,55346.223,6053.55
Net Insurance Financing Expenses -641577--2,087-69.286
Net Profit (Loss), After Zakat, Attributable To Shareholders -2702,066-296-
Total Comprehensive Income -2702,066-296-
All figures are in (Thousands) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Insurance Revenues 747,646757,502-1.301
Result of Insurance Services 184,715270,522-31.719
Net Profit (Loss) of The Insurance Results 21,5458,998139.442
Net Profit (Loss) of The Investment Results 10,9607,30450.054
Net Insurance Financing Expenses -2,696-1,94738.469
Net Profit (Loss), After Zakat, Attributable To Shareholders 5,035-9,438-
Total Comprehensive Income 5,035-9,438-
Total Shareholders Equity (after Deducting Minority Equity) 270,190246,7139.515
Profit (Loss) per Share 0.13-0.24
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 --
Accumulated Losses -175,52743.88
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 revenues for the current quarter amounted to SR 281,246 thousand, compared to SR 321,945 thousand for the same quarter of the previous year. This represents a decrease of 13%, which was principally driven by the decline in earned revenues.
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 for the current quarter amounted to SR 230 thousand, compared to a net profit of SR 2,852 thousand during the similar quarter of previous year.

The net loss after zakat for the current quarter amounted to SR 270 thousand, compared to net profit after zakat amounted to SR 2,066 thousand during the similar quarter of previous year this was due to decrease in net insurance service result with a total of SR 16,332 thousand compared to the same quarter of the previous year.

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 281,246 thousand, compared to SR 216,793 thousand during the previous quarter. This represents an increase of 30%, which was principally driven by the increase in earned revenues.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is The net loss after zakat for the current quarter amounted to SR 270 thousand, compared to net profit amounted to SR 296 thousand during the previous quarter of the current year this was due to decrease in net insurance service result with a total of SR 8,086 thousand. a decrease of 99%.
The reason of the increase (decrease) in the revenues during the current period compared to the same period of the last year is Insurance revenues for the current period amounted to SR 747,646 thousand, compared to SR 757,502 thousand during the similar period of the previous year. This represents a decrease of 1%, Which was principally driven by the earning patterns.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The company achieved a net income before Zakat of SR 6,535 thousand during the current period compared to a net loss of SR 7,080 thousand during the similar period of the previous year. While the net income after Zakat amounted to SR 5,035 thousand during the current period compared to a net loss amounted to SR 9,438 thousand during the similar period of the previous year, this positive transition was primarily influenced by the following:

• Improvement in Net insurance service results with a total of SR 12,547 thousand compared to the same period of the previous year.

• Net investment results for the current period amounted to SR 10,960 thousand, compared to SR 7,304 thousand in the same period of last year, an increase of 50%, which was driven by the increase in the investment return.

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) The external auditors’ report draw attention to Note 1(b) to the accompanying interim condensed financial statements which indicates that the Company accumulated losses stand at SR 175.52 million being 43.88% of its capital (31 December 2023: SR 180.56 million being 45.14% of its capital). Further, the Company’s solvency margin is 63% as of 30 September 2024, which is below the minimum solvency requirements as mandated by the Insurance Authority (“IA”). The ability of the Company to improve its financial performance and meet the minimum solvency margin requirements is dependent on the favorable outcome and realization of the Company’s planned measures and actions detailed further in Note 1. These events and conditions, along with other matters as set forth in Note 1 to the accompanying interim condensed financial statements, indicate the existence of a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern. Our conclusion is not modified in respect of this matter.
Reclassification of Comparison Items Certain comparative figures have been reclassified from other income from Hajj and Umrah to share of the surplus from the insurance pool to conform with the presentation of the current quarter. These reclassifications have no financial impact on net income and equity.
Additional Information Earnings per share for the current period is SR 0.13 versus a loss per share of SR 0.24 for the same period of the previous year, which is calculated by dividing the net profit after zakat of SR 5,035 thousand over the weighted average number of ordinary outstanding shares of 40,000 thousand for the current period and a net loss after zakat of SR 9,438 thousand over 40,000 thousand shares for the same period of the previous year.

Total Shareholders’ Equity (no minority interest) as at end of current period is SR 270,190 thousand versus SR 246,713 thousand as at end of the same period of the previous year, an increase of 10%.

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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