Net profit after Zakat for the current quarter reached to SAR 5,888 thousand, compared to SAR 12,670 thousand for the same quarter of the previous year, with a decrease of 53.53% due to the following main reasons:

- A decrease in insurance service results for the current quarter, which amounted to SAR (-116,529) thousand compared to SAR 29,597 thousand for the same quarter of the previous year. This is mainly due to the company providing additional reserve for incurred but not reported claim as of September 30, 2024, amounting to SAR 140 million, with a net financial impact on the company of SAR 1.5 million after reinsurance, which is related to the initial assessment of losses from the fire incident at the Jeddah International Market located in the Al-Rawdah District in Jeddah, which was previously announced on the Tadawul website on October 7, 2024, based on the preliminary loss assessment report received from the appointed loss adjustor.

- A decrease in net profit of the insurance results for the current quarter, which amounted to SAR 8,435 thousand compared to SAR 14,683 thousand for the same quarter of the previous year, with a decrease of 42.55%. This is primarily due to a decrease in results of insurance services for the motor insurance segment.

- A decrease in net profit of the investment results , which reached to SAR 5,353 thousand during the current quarter compared to SAR 6,605 thousand for the same quarter of the previous year, with a decrease of 18.96% as a result of decrease in the returns rate recently.

- The total gross written premiums during the current quarter amounted to SAR 169,938 thousand, compared to SAR 268,094 thousand compared to the same quarter of the previous year. with a decrease of 36.61%."

Net profit after Zakat for the current quarter reached to SAR 5,888 thousand, compared to SAR 11,430 thousand in the previous quarter, with a decrease of 49.49% due to the following main reasons:

- A decrease in insurance service results for the current quarter, which amounted to SAR (-116,529) thousand compared to SAR 19,598 thousand for the previous quarter. This is mainly due to increase of insurance service expenses in addition, to the company providing additional reserve for incurred but not reported claim as of September 30, 2024, amounting to SAR 140 million, with a net financial impact on the company of SAR 1.5 million after reinsurance, which is related to the initial assessment of losses from the fire incident at the Jeddah International Market located in the Al-Rawdah District in Jeddah, which was previously announced on the Tadawul website on October 7, 2024, based on the preliminary loss assessment report received from the appointed loss adjustor.

- A decrease in net profit of insurance results for the current quarter, which amounted to SAR 8,435 thousand compared to SAR 10,866 thousand for the previous quarter, with a decrease of 22.37%. This is primarily due to a decrease in results of insurance services for the motor insurance segment.

- A decrease in net profit of the investment results, which amounted to SAR 5,353 thousand during the current quarter compared to SAR 7,431 thousand for the previous quarter, with a decrease of 27.96% as a result of decrease in the returns rate recently.

- The total gross written premiums during the current quarter amounted to SAR 169,938 thousand, compared to SAR 103,394 thousand compared to the previous quarter, a decrease of 64.36%."

Net profit after Zakat for the current period reached to SAR 27,369 thousand, compared to SAR 42,970 thousand in the same period of the previous year, with a decrease of 36.31% due to the following main reasons:

- A decrease in insurance service results for the current period, which amounted to SAR (-73,269) thousand compared to SAR 65,362 thousand for the same period of the previous year. This is mainly due to the company providing additional reserve for incurred but not reported claim as of September 30, 2024, amounting to SAR 140 million, with a net financial impact on the company of SAR 1.5 million after reinsurance, which is related to the initial assessment of losses from the fire incident at the Jeddah International Market located in the Al-Rawdah District in Jeddah, which was previously announced on the Tadawul website on October 7, 2024, based on the preliminary loss assessment report received from the appointed loss adjustor.

- A decrease in net profit of insurance results for the current period, which amounted to SAR 31,049 thousand compared to SAR 37,434 thousand for the same period of the previous year, with a decrease of 17.06%. This is primarily due to a decrease in results of insurance services for the motor insurance segment.

- The company's investment portfolio achieved positive growth, which led to an increase in net profit of the investment results amounted to SAR 19,921 thousand during the current period compared to SAR 16,831 thousand in the same period of the previous year, with an increase of 18.36% as a result of the increase in the size of the investment portfolio, in addition to the improvement in the performance of the portfolio during the current period.

- The total gross written premiums during the current period amounted to SAR 407,287 thousand, compared to SAR 587,584 thousand compared to the same period of the previous year, a decrease of 30.68%."

The co-insurance arrangements, in which the Company is a participant, are insurance contracts as defined in IFRS 17 and the Company shares the surpluses and losses, if applicable, from the insurance pool of such co-insurance arrangements. Accordingly, the financial results of the co-insurance arrangements should have been shown as part of the net insurance results and not in other income, as previously shown in the interim condensed statement of income for the prior periods. Given the rights and obligations from the co-insurance arrangements are managed and settled on a net basis and the bespoke nature of these arrangements, the Company has presented the results from these arrangement on a net basis as part of insurance service results as a separate line item named ‘share of surplus from insurance pools’ in the interim condensed statement of income.

Accordingly, the Company has restated the comparative information for the three-month and for the nine-month periods ended 30 September 2023 and the ‘share of surplus from insurance pool’ amounting to Saudi Riyals (0.4) million and Saudi Riyals 10.1 million respectively has been presented separately from ‘other income’ in the interim condensed statement of income. As a result, the “Total insurance service result” and “Net insurance and investment result” line items for such period have increased respectively by the same amount.

However, this change has had no impact on the interim condensed statement of financial position as at 31 December 2023 and the related interim condensed statements of changes in equity and cash flows for the nine-month period ended 30 September 2023, net profit for the period attributable to the shareholders or the basic and diluted earnings per share for the three-month and for the nine-month periods ended 30 September 2023."

The earnings per share (EPS) for the current period is SAR 1.37 per share compared to SAR 2.81 per share for the similar period of the previous year which is calculated by dividing the net income attributed to the shareholders after zakat of SAR 27,369 thousand over the weighted average number of ordinary outstanding shares of 20,000 thousand shares for the current period and SAR 42,970 over 15,266 thousand shares for the similar period of the previous year, as earnings per share (EPS) had been modified for the similar period of the previous year as a result of the increase in share capital through issuing right shares during 2023.

Total Shareholders’ Equity (no minority interest) as at end of current period is SAR 233,182 thousand compared to SAR 103,967 thousand as at end of the same period of the previous year, an increase of 124.28%.

Total Equity as at end of current period is SAR 232,348 thousand compared to SAR 103,826 thousand as at end of the similar period of the previous year, an increase of 123.79%"