Saudi Enaya Cooperative Insurance Co. announces its Interim Financial Results for the period ending on 2025-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 55,861 | 59,696 | -6.424 | 57,708 | -3.2 |
| Result of Insurance Services | 2,825 | -5,165 | - | -7,625 | - |
| Net Profit (Loss) of The Insurance Results | 2,825 | -5,165 | - | -7,625 | - |
| Net Profit (Loss) of The Investment Results | 2,307 | 3,928 | -41.267 | 2,506 | -7.94 |
| Net Insurance Financing Expenses | - | - | - | - | - |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 513 | -3,004 | - | -9,321 | - |
| Total Comprehensive Income | 513 | -3,004 | - | -9,402 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 161,928 | 185,173 | -12.553 |
| Profit (Loss) per Share | 0.02 | -0.13 | |
| 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 | -68,072 | -29.58 | |
| 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 | Insurance revenue for the current quarter amounted to SAR 55,861K, compared to SAR 59,696K during the similar quarter of the previous year, a decrease of 6.42%, which was principally driven by a reduction in Gross Written Premiums (GWP). |
| 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 Profit/(Loss) before zakat and income tax attributable to shareholders for the current quarter amounted to SAR 618K, compared to SAR (2,754K) during the similar quarter of the previous year, an increase of 122.44%.
Net Profit/(Loss) after zakat and income tax attributable to shareholders for the current quarter amounted to SAR 513K, compared to SAR (3,004K) during the similar quarter of the previous year, an increase of 117.08%, which was due to the following main reasons:
• Insurance service result for the current quarter amounted to SAR 2,825K, compared to SAR(5,165K) during the similar quarter of the previous year, an increase of 154.70%, which was principally driven by a decrease in claims incurred and technical reserves.
This favorable movements were partially set-off by the following:
• Other income for the current quarter amounted to SAR 0K, compared to SAR 1,283K during the similar quarter of the previous year, a decrease of (100)%.
• Net investment results for the current quarter amounted to SAR 2,307K, compared to SAR 3,928K during the similar quarter of the previous year, a decrease of (41.27)%.
• Other Operating expenses for the current quarter amounted to SAR 4,514K, compared to SAR 2,800K during the similar quarter of the previous year, an increase of 61.21%.
Moreover, Gross Written Premiums (GWP) for the current quarter amounted to SAR 32,169K compared to SAR 61,450K during the similar quarter of the previous year, a decrease of (47.65)%." |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | Insurance revenue for the current quarter amounted to SAR 55,861K, compared to SAR 57,708K during the previous quarter, a decrease of (3.20)%, which was principally driven by reduction in gross written premiums. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | "Profit/(Loss) before zakat and income tax attributable to shareholders for the current quarter amounted to SAR 618K, compared to SAR (10,812K) during the previous quarter, an increase of 105.72%.
Profit/(Loss) after zakat and income tax attributable to shareholders for the current quarter amounted to SAR 513K, compared to SAR (9,321K) during the previous quarter, an increase 105.5%, which was due to the following main reasons:
• Insurance service result for the current quarter amounted to SAR 2,825K, compared to SAR (7,625K) during previous quarter, an increase of 137.05%, which was principally driven by decrease in claims incurred and technical reserves.
• Other Operating expenses for the current quarter amounted to SAR 4,514K, compared to SAR 6,076K during previous quarter, a decrease of (25.71)%.
These favorable movements were partially set-off by the following:
• Net investment results for the current quarter amounted to SAR 2,307K, compared to SAR 2,506K during previous quarter, a decrease of (7.94)%.
• Other income for the current quarter amounted to SAR 0K, compared to SAR 383K during previous quarter, a decrease of (100)%.
Moreover, Gross Written Premiums (GWP) for the current quarter amounted to SAR 32,169K compared to SAR 52,569K during previous quarter, a decrease of (38.81)%." |
| 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) | The external auditors' included an Emphasis of Matter paragraph in the report stating that the Company has obtained an extension for the minimum share capital requirement of SAR 300 million. This extension remains valid until the earlier of the completion of the proposed merger or a period of one year. The auditors' stated that their conclusion is not modified in this respect. |
| Reclassification of Comparison Items | None. |
| Additional Information | "The earnings per share for the current quarter amounted to SAR 0.02, compared to a loss per share of SAR (0.13) for the same quarter of the previous year which is calculated by dividing the net income attributed to the shareholders after zakat and income tax of SAR 513K over the weighted average number of ordinary outstanding shares of 23,000K for the current quarter and net loss of SAR (3,004K) over 23,000K shares for the same quarter of the previous year.
Total Shareholders’ Equity (no minority interest) as at end of current quarter is SAR 161,928K versus SAR 185,173K as at end of the same quarter of the previous year, a decrease of 12.55%." |
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