IssuerAnnouncementDetailsV2Portlet
Actions
Wataniya Insurance Co. announces its Annual Financial Results for the Period Ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 1,378,636 | 835,084 | 65.09 | ||
| Result of Insurance Services | 266,221 | 101,553 | 162.15 | ||
| Net Profit (Loss) of The Insurance Results | 64,630 | -13,469 | - | ||
| Net Profit (Loss) of The Investment Results | 45,025 | 8,554 | 426.36 | ||
| Net Insurance Financing Expenses | -5,203 | 4,165 | - | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 84,581 | -27,662 | - | ||
| Total Comprehensive Income | 88,240 | -25,344 | - | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 488,278 | 400,038 | 22.06 | ||
| Profit (Loss) per Share | 2.11 | -0.74 | |||
| 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 revenues during the current year compared to the last year is | Insurance revenues for the current year amounted to SR 1,378,636 thousand, compared to SR 835,084 thousand during the last year, an increase of 65.08%, which was principally driven by business growth. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net profit before zakat and income tax attributable to shareholders for the current year amounted to SR 96,493 thousand, compared to loss of SR 21,171 thousand during the last year. Net profit after zakat and income tax attributable to shareholders for the current year amounted to SR 84,581 thousand, compared to loss of SR 27,662 thousand during the last year, which was due to the following main reasons: 1. Increase in insurance revenue by SR543,552 thousand which represent an increase of 65.08% over last year. 2. Increase in the insurance service results by SR164,668 thousand which represent as an increase of 162.14% over last year. 3. Increase in investment return by SR. 36,471 thousand which represent as an increase of 426.36% over last year. |
| 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 newly implemented standards IFRS 17 and IFRS 9. |
| Additional Information | The Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia, starting 1 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative periods restated under the new standards. The total comprehensive income for the current year is SR 88,240 thousand compared to the total comprehensive loss for last year of SR. 25,344 thousand. Total Shareholder Equity (no minority interest) as at the end of the current year is SR 488,278 thousand versus SR 400,038 thousand as at the end of the last year, which is an increase of 22.06%. |
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
Key Parameters
Last Price 17.25
Net Change 0.03 (+0.17%)
Value Traded (Sar) 1,509,617.81
Volume Traded 87,850
LoginPortletPopupv2
Actions
AddtoWatchlistv2
Actions