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Bupa Arabia for Cooperative Insurance Co. announces its Annual Consolidated Financial Results for the Period Ending on 2024-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 18,101,517 | 15,887,715 | 13.93 | ||
| Result of Insurance Services | 1,068,057 | 893,283 | 19.57 | ||
| Net Profit (Loss) of The Insurance Results | 998,096 | 865,037 | 15.38 | ||
| Net Profit (Loss) of The Investment Results | 672,374 | 513,276 | 31 | ||
| Net Insurance Financing Expenses | - | - | - | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 1,166,002 | 940,163 | 24.02 | ||
| Total Comprehensive Income | 1,087,543 | 1,007,311 | 7.96 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 5,151,380 | 4,656,882 | 10.62 | ||
| Profit (Loss) per Share | 7.79 | 6.29 | |||
| 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 revenues during the current year compared to the last year is | Insurance revenues for the current year amounted to SR 18,101,517K, compared to SR 15,887,715K during the previous year, an increase of 13.93%, 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 year compared to the last year is | Profit before zakat and income tax attributable to shareholders for the current year amounted to SR 1,372,626K, compared to SR1,116,679K during the previous year, an increase of 22.92%. Net profit after zakat and income tax attributable to shareholders for the current year amounted to SR 1,166,002K, compared to SR 940,163K during the previous year, an increase of 24.02%, which was due to the following main reasons: • Insurance service result for the current year amounted to SR 1,068,057K, compared to SR 893,283K during the previous year, an increase of 19.57%, which was principally driven by business growth and increase in insured lives. • Net insurance service result for the current year amounted to SR 998,096K, compared to SR 865,037K during the previous year, an increase of 15.38%, which was principally driven by business growth and increase in insured lives. • Net investment results for the current year amounted to SR 672,374K, compared to SR 513,276K during the previous year, an increase of 30.99%. These favorable movements were partially offset by the following: • Net other revenue for the current year amounted to SR 50,804K, compared to SR 55,179K during the previous year, a decrease of 7.93%. • Other operating expenses for the current year amounted to SR 348,648K compared to SR 316,813K during the previous year, an increase of 10.05%, arising from increased expenditure to support business growth. Total comprehensive income for the current year amounted to SR 1,087,543K compared to SR 1,007,311K during the previous year, an increase of 7.96%. Moreover, Gross Written Premiums (GWP) for the current year amounted to SR 18,394,132K compared to SR 16,668,744K during the previous year, an increase of 10.35%. |
| Statement of the type of external auditor's report | Unmodified opinion |
| 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 year is SR 7.79 per share versus SR 6.29 per share for the previous year which is calculated by dividing the net income attributed to the shareholders after zakat and income tax of SR 1,166,002K over the adjusted weighted average number of ordinary outstanding shares of 149,646K for the current year and SR 940,163K over 149,503K shares for the previous year. Total shareholders’ equity (after deducting the minority’s interest) as at the end of the current year is SR 5,151,380K versus SR 4,656,882K as at the end of the previous year, an increase of 10.62%. Total equity as at the end of the current year is SR 5,117,997K versus SR 4,675,529K as at the end of the previous year, an increase of 9.46%. |
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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