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Arabian Shield Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2024-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 1,566,804 | 1,127,888 | 38.91 | ||
| Result of Insurance Services | 143,537 | 107,140 | 33.97 | ||
| Net Profit (Loss) of The Insurance Results | 22,176 | 1,429 | 1,451.85 | ||
| Net Profit (Loss) of The Investment Results | 90,499 | 76,556 | 18.21 | ||
| Net Insurance Financing Expenses | -4,485 | 5,957 | - | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 70,995 | 66,940 | 6.06 | ||
| Total Comprehensive Income | 107,858 | 76,483 | 41.02 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 1,652,533 | 1,546,050 | 6.89 | ||
| Profit (Loss) per Share | 0.89 | 1.01 | |||
| 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 1,566,804, compared to SR 1,127,888 during the previous year, an increase of 39%, which was driven by business growth in all lines of business. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The net income before zakat and income tax for the period of SR 93,725 compared with SR 87,888 for the previous year. An increase of 7%. The net income after Zakat and Income Tax for the year reached SR 70,995 thousand compared to SR 66,940 thousand for last year, an increase of 6%, which was due to the following main reasons: - Increase in the result of insurance services for the current year amounted to SAR 22,176 compared with SR 1,429 in the previous year, an increase of 1452%. This was driven mainly by an increase in insurance revenue of SAR 438,916 compared with the previous year, an increase of 39%. - Increase in net investment income for the current year to SR 90,499 compared with SR 76,556 in the previous year, an increase of SR 18%. Met with: - Increase in insurance finance expenses for the current year of SR 4,485 compared with an adverse expense of SR 5,957 in the previous year. - Increase in other operating expenses for the current year of SR 22,041 compared with SR 13,877 in the previous year, an increase of 59%. Total comprehensive income for the year is SR 107,858 compared to SR 76,483 in the previous year, an increase of 41%. Moreover, Gross Written Premiums (GWP) increased in the current year to SR 1,845,233 compared to SR 1,297,129 in the previous year, an increase of 42%. |
| 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 | The Company has reclassified and restated comparative information to meet the requirements of the IFRS 17 and IFRS 9 standards. |
| Additional Information | The earnings per share (EPS) were calculated based on net profit after Zakat. Earnings per share for the current year is 0.89 Saudi Riyals per share versus 1.01 Saudi Riyals per share for the previous year, which is calculated by dividing the net income attributable to shareholders after Zakat, of SR 70,995 thousand over the adjusted weighted average number of ordinary outstanding shares of 79,815.295 shares for the current year. compared to SR 66,940 thousand over 66,039.154 shares for the previous year. Total Shareholders’ Equity at the end of the year is SAR 1,652,533 thousand compared to SAR 1,546,050 thousand for the previous year, an increase of 7%. (No minority interest). |
| Attached Documents |  |
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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