Allianz Saudi Fransi Cooperative Insurance Co. announces its Interim Financial Results for the period ending on 2024-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 238,327.73 | 207,132.341 | 15.06 | 231,980.3 | 2.736 |
| Result of Insurance Services | 19,454.514 | 64,729.023 | -69.944 | 26,826.719 | -27.48 |
| Net Profit (Loss) of The Insurance Results | 3,203.63 | 10,263.697 | -68.786 | 2,283.111 | 40.318 |
| Net Profit (Loss) of The Investment Results | 11,278.778 | 38,546.783 | -70.74 | 31,828.572 | -64.563 |
| Net Insurance Financing Expenses | -781.369 | -22,241.798 | -96.486 | -15,747.121 | -95.038 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 600.786 | 10,409.288 | -94.228 | 9,988.039 | -93.984 |
| Total Comprehensive Income | -1,699.579 | 3,776.2 | - | 5,428.652 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Insurance Revenues | 470,308.03 | 391,938.457 | 19.995 |
| Result of Insurance Services | 46,281.233 | 74,194.604 | -37.621 |
| Net Profit (Loss) of The Insurance Results | 5,486.741 | 23,428.193 | -76.58 |
| Net Profit (Loss) of The Investment Results | 43,107.35 | 55,617.422 | -22.493 |
| Net Insurance Financing Expenses | -16,528.49 | -33,403.324 | -50.518 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 10,588.825 | 20,012.215 | -47.088 |
| Total Comprehensive Income | 3,729.072 | 27,112.215 | -86.245 |
| Total Shareholders Equity (after Deducting Minority Equity) | 822,722.585 | 775,856 | 6.04 |
| Profit (Loss) per Share | 0.177 | 0.334 | |
| 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 the revenues during the current quarter compared to the same quarter of last year is | The reason behind the increase in insurance revenue during current quarter comparing to same quarter of the previous year is the increase in business mainly from medical and Property and Casualty. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The reason behind the decrease in net profit after zakat and income tax for the current quarter comparing to the same quarter of previous years is the decrease in insurance service result by 69%. |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | The reason behind the increase in insurance revenue during the current quarter comparing to previous quarter is the increase in business mainly from Property and Casualty. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | The reason behind the decrease in net profit after zakat and income tax for the current quarter comparing to previous quarter is the decrease in net investment and other income by 65%. |
| The reason of the increase (decrease) in the revenues during the current period compared to the same period of the last year is | The reason behind the increase in insurance revenue during current period comparing to previous period is the increase in business mainly from medical and Property and Casualty. |
| 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 reason behind the decrease in net profit after zakat and income tax for the current period comparing to previous period is the decrease in insurance service result by 77% and the decrease in net investment and other income by 22% |
| 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) | - |
| Reclassification of Comparison Items | Certain amount of prior year have been reclassified to conform to the presentation in the current year. |
| Additional Information | For the period ended 30 June 2024 earnings per share has been calculated based on net profit after Zakat and income Tax for the period divided by weighted average number of shares 59,574,498 . For the period ended 30 June 2023 earnings per share has been calculated based on net profit after Zakat and income Tax for the period divided by total number of shares outstanding of 60,000,000 shares.
The total equity for the period ended 30 June 2024 reach SR 800.8 million comparing to SR 775.9 million, an increase of 3.2%.
The comprehensive loss for the current quarter amounted to SAR (1.7)Mn compared to comprehensive income amounted to SAR 3.8Mn for the same quarter of previous year, and compared to comprehensive income amounted to SAR 5.4Mn in the previous quarter.
The total comprehensive income for the current period amounted to SAR 3.7Mn compared to SAR 27.1Mn for the same period of previous year, a decrease of 86.3%. |
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