IssuerAnnouncementDetailsV2Portlet
Actions
Al-Etihad Cooperative Insurance Co. announces its Interim Financial Results for the period ending on 2024-06-30 ( Six Months )
8170
ALETIHAD
-3.86
%
1446/02/01 05/08/2024 08:15:20
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 366,425 | 275,452 | 33.026 | 371,359 | -1.328 |
| Result of Insurance Services | 61,257 | 85,360 | -28.236 | -9,351 | - |
| Net Profit (Loss) of The Insurance Results | 44,211 | 58,060 | -23.852 | -17,760 | - |
| Net Profit (Loss) of The Investment Results | 12,549 | 20,404 | -38.497 | 28,230 | -55.547 |
| Net Insurance Financing Expenses | -516 | -11,053 | -95.331 | -3,986 | -87.054 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 49,389 | 49,568 | -0.361 | 2,660 | 1,756.729 |
| Total Comprehensive Income | 49,389 | 49,568 | -0.361 | 2,660 | 1,756.729 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Insurance Revenues | 737,784 | 535,833 | 37.689 |
| Result of Insurance Services | 51,906 | 88,153 | -41.118 |
| Net Profit (Loss) of The Insurance Results | 26,451 | 67,921 | -61.056 |
| Net Profit (Loss) of The Investment Results | 40,779 | 30,762 | 32.562 |
| Net Insurance Financing Expenses | -4,502 | -12,195 | -63.083 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 52,049 | 61,755 | -15.716 |
| Total Comprehensive Income | 52,049 | 99,535 | -47.707 |
| Total Shareholders Equity (after Deducting Minority Equity) | 696,669 | 636,149 | 9.513 |
| Profit (Loss) per Share | 1.04 | 1.24 | |
| 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 | - | - | |
| Accumulated Losses | - | - | |
| 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 | The increase in Insurance revenues by 33% in the current quarter compared to similar quarter of last year is mainly attributed to the increase in gross earned premiums for Motor insurance segment, which witnessed an increase of 75% in current quarter compared to similar quarter of last year. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | There is no material difference in the profits of the current quarter compared to similar quarter of the last year. Despite the decrease in net profits from insurance results and net investment results, this was offset by a decrease in financing expenses, G&A expenses and zakat expenses by approximately the same amount. |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | There is no material difference in the insurance revenues of the current quarter compared to previous quarter. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | The increase in net income after Zakat of current quarter compared to previous quarter by SAR 46.7 Million is due to reporting net insurance service profits of SAR 44.2 Million during the current quarter compared to incurring net insurance services losses of SAR 17.8 Million during previous quarter, in addition to the decrease in net insurance finance expenses by SAR 3.5 Million. These changes were offset by the decrease in net investment return by SAR 15.7 Million and the increase in non-attributable G&A expenses. |
| The reason of the increase (decrease) in the revenues during the current period compared to the same period of the last year is | The increase in Insurance revenues by 38% in the current period compared to similar period of last year is mainly attributed to the increase in Gross earned premiums for Motor insurance segment, which witnessed an increase of 74% in current period compared to similar period of last year. |
| 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 decrease in net income after Zakat of current period compared to similar period of last year by SAR 9.7 Million (16%) is due to the decrease in net insurance service profits by SAR 41.5 Million. This change was offset by the decrease in net insurance finance expenses by SAR 7.7 Million and increase in net investment return by SAR 10 Million and the decrease in non-attributable General and administrative and Zakat expenses by SAR 14 Million. The decrease in comprehensive income of current period compared to similar period of last year is due to the above mentioned reasons in addition to booking increase in the fair value of company's investment in Najm insurance service company (Najm) during 2023. |
| 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) | NA |
| Reclassification of Comparison Items | Certain prior year figures have been reclassified to conform to current year presentation. |
| Additional Information | Earnings per share was calculated based on Net Income after zakat amounted to SAR 52,049K for current period compared to SAR 61,755K for similar period of last year divided by the updated number of shares after capital increase through bonus shares to become 50 Million shares. Retained Earnings at the end of period are amounted to SAR 125,114K Gross Written Premiums (GWP) for the current period is amounted to SAR 525,452K compared to SAR 550,839K during the similar period of last year. |
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.
Share
Company Performance
Add To Watchlist
In your Watchlist
Add To Watchlist
LoginPortletPopupv2
Actions
AddtoWatchlistv2
Actions