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Saudi Enaya Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Gross Written Premiums (GWP) 72,95946,29157.60946,80355.885
Net Written Premiums (NWP) 72,95946,29157.60946,80355.885
Net Incurred Claims 38,32338,957-1.62735,8087.023
Net Profit (Loss) of Policy Holders Investment -----
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) -13,051-11,13817.175-13,440-2.894
Net Profit (loss) of Shareholders Capital Investment 7471,742-57.1186,535-88.569
Net Profit (Loss) before Zakat -12,828-10,10027.009-8,56249.824
Total Comprehensive Income -13,578-10,70026.897-9,31245.811
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Gross Written Premiums (GWP) 164,832133,33123.626
Net Written Premiums (NWP) 164,832133,33123.626
Net Incurred Claims 111,339112,566-1.09
Net Profit (Loss) of Policy Holders Investment ---
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) -48,590-23,555106.283
Net Profit (loss) of Shareholders Capital Investment 8,2063,863112.425
Net Profit (Loss) before Zakat -42,526-22,12392.225
Total Comprehensive Income -44,776-23,92387.167
Total Share Holders Equity (after Deducting Minority Equity) 75,951125,217-39.344
Profit (Loss) per Share -2.99-1.59
All figures are in (Thousands) Saudi Arabia, Riyals
Accumulated LossesCapitalPercentage %
-74,049150,000-49.37
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is Net Loss before Zakat is increased by SAR 2,728K, an increase of 27.01%. Net loss before Zakat for the current quarter is SAR 12,828K, compared to SAR 10,100K for the same quarter of the previous year. The reason for the increase in Net Loss before Zakat is mainly attributable to a deterioration in net underwriting result by SAR 5,518K.

The increase in net underwriting loss is mainly due to:

- Increase in total underwriting cost and expenses by SAR 10,700K, an increase of 26.50%, offset by;

- Favorable increase in net earned premiums by SAR 5,182K, an increase of 12.39%.

This increase in net underwriting loss has been offset by a favorable decrease in the Other operating expenses by SAR 2,790K, a decrease of 24.18%.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is Net Loss before Zakat is increased by SAR 4,266K, an increase of 49.82%. Net loss before Zakat for the current quarter is SAR 12,828K, compared to SAR 8,562K for the previous quarter of the same year. The reason for the increase in Net Loss before Zakat is mainly attributable to a decrease in investment income and gains on shareholders' investment by SAR 5,788K.

The decrease in investment income is offset by a favorable decrease in Other operating expenses by SAR 2,447K, a decrease of 20.49%.

Net underwriting loss for the current quarter is SAR 4,079K compared to SAR 3,154k in the previous quarter representing an increase of SAR 925K.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is 'Net Loss before Zakat is increased by SAR 20,403K, an increase of 92.23% . Net loss before Zakat for the current period is SAR 42,526K, compared to SAR 22,123K for the same period of the previous year. The reason for the increase in Net Loss before Zakat is mainly attributable to a deterioration in net underwriting income by SAR 24,544K.

The increase in net underwriting loss is mainly due to:

- Increase in total underwriting cost and expenses by SAR 17,994K, an increase of 14.83%;

- decrease in net earned premiums by SAR 6,550K, a decrease of 4.98%.

This increase in net underwriting loss has been offset by a favorable decrease in the Other operating expenses by SAR 4,141K, a decrease of 12.83%.

Statement of the type of external auditor's report Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion 'The external auditors' interim review report on the financial statements mentions that the financial statements have been prepared in accordance with International Accounting Standard 34 - Interim Financial Reporting ("IAS 34") as endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organization for Charted and Professional Accountants (“SOCPA”).
Reclassification of Comparison Items 'There are no reclassifications.
Additional Information '1. Total comprehensive loss for the current quarter is SR 13,578K compared to a loss of SR 10,700K for the same quarter last year, an increase of 26.9% and compared to comprehensive loss of SR 9,312K in previous quarter, an increase of 45.8%.

2. Total comprehensive loss for the nine months period ended 30 September 2021 is SR 44,776K compared to a loss of SR 23,923K for the same period last year, representing an increase of 87.17%.

3. Total shareholders' equity (there is no minority interest) at the end of current period amounted to SR 75,951K compared to SR 125,217K for the same period last year, a decrease of 39.34%.

4. Total accumulated losses as at 30 September 2021 is SR 74,049K , representing 49.37% of share capital, as compared to SR 24,783K accumulated losses as at 30 September 2020, representing 16.52% of share capital.

It also should be noted that Procedures and Instructions applicable on companies listed in Saudi capital market whose accumulated losses reach 35% or more out of the capital thereof will be applied.

5. Earning per share (EPS) for current quarter is SR (0.91) per share based on 15,000K weighted average number of outstanding shares. EPS for the same quarter last year is SR (0.71) per share based on 15,000K weighted average number of outstanding shares. The loss per share has increased by 28.17%, as net loss for the current quarter is SR 13,578K as compared to net loss of SR 10,700K for the same quarter last year.

6. Earning per share (EPS) for the nine months period ended 30 September 2021 is SR (2.99) per share based on 15,000K weighted average number of outstanding shares. EPS for the nine months period ended 30 September 2020 SR (1.59) per share based on 15,000K weighted average number of outstanding shares. The loss per share has increased by 88.05%, as net loss for the current period is SR 44,776K as compared to net loss of SR 23,923K for the same period 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.

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