Mutakamela Insurance Posts SAR 22.02M Net Loss in the Six Months 2026
MUTAKAMELA 8040.SA | 0.00 |
On 2026-08-04 08:07:10 (Saudi Time), Mutakamela Insurance Co. announced its Interim financial results for the six months ended on June 30, 2026.
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 213,969.07 | 220,587.37 | -3 | 194,654.91 | 9.922 |
| Result of Insurance Services | 43,126.93 | 85,837.36 | -49.757 | 56,471.92 | -23.631 |
| Net Profit (Loss) of The Insurance Results | -12,442.44 | 8,005.69 | - | -11,759.48 | 5.807 |
| Net Profit (Loss) of The Investment Results | 9,070.72 | 8,986.43 | 0.937 | 14,404.23 | -37.027 |
| Net Insurance Financing Expenses | -737.07 | 741.29 | - | -5,365.56 | -86.262 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | -11,393.78 | 8,719.89 | - | -10,628.13 | 7.203 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -12,032.01 | 8,333.32 | - | -9,715.44 | 23.844 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Insurance Revenues | 408,623.97 | 426,946.61 | -4.291 |
| Result of Insurance Services | 99,598.85 | 197,353.16 | -49.532 |
| Net Profit (Loss) of The Insurance Results | -24,201.92 | 14,395.6 | - |
| Net Profit (Loss) of The Investment Results | 23,474.95 | 26,913 | -12.774 |
| Net Insurance Financing Expenses | -6,102.63 | -9,663.56 | -36.849 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | -22,021.91 | 14,524.23 | - |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -21,747.45 | 14,276.18 | - |
| Total Shareholders Equity (after Deducting Minority Equity) | 702,508.59 | 716,934.02 | -2.012 |
| Profit (Loss) per Share | -0.37 | 0.24 | |
| 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 | -8,225.85 | -0.01 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
Year-on-Year Performance Drivers
For the six-month period ending 30 June 2026, Insurance Revenues declined 4.291% YoY to SAR 408.62 million (from SAR 426.95 million), driven primarily by decreases in medical and property & casualty insurance revenue of SAR 35,375,643 and SAR 2,973,484, respectively, partially offset by an increase of SAR 20,026,487 in other insurance lines. The company swung to a net loss attributable to shareholders of SAR 22.02 million from a profit of SAR 14.52 million in the same period last year, primarily due to a deficit in the net insurance result of SAR 24.20 million (versus a surplus of SAR 14.40 million previously), driven by a 34.06% surge in insurance service expenses of SAR 79,431,668. These adverse impacts were partially offset by a favorable decrease in net reinsurance contract expenses of SAR 53,836,012 (a 29.22% reduction), a decrease in the zakat provision of SAR 2,140,595, and an increase in the company's share of surplus from insurance pools of SAR 5,320,769.
Quarter-on-Quarter Performance Drivers
QoQ, insurance revenues rose 9.92% to SAR 213,969.07 thousand (SAR 0.21 million) from SAR 194,654.91 thousand (SAR 0.19 million), driven mainly by a SAR 27,784,777 increase in Property and Casualty insurance revenue, partially offset by a SAR 8,470,613 decline in other insurance lines. Despite the revenue improvement, net loss attributable to shareholders widened by 7.203% QoQ to SAR -11,393.78 thousand (SAR -0.01 million), as a higher deficit in the net insurance result and a SAR 5,333,511 decrease in net investment income outweighed the benefits of a SAR 4,628,497 improvement in net insurance finance income and a SAR 622,331 reduction in other operating expenses.
Other Items
Mutakamela Insurance Co.'s interim financial results for the six months ended June 30, 2026 received an unmodified conclusion from the external auditor, with no additional comments noted in any other matter, conservation, notice, disclaimer of opinion, or adverse opinion paragraphs. Accumulated losses stood at SAR 8,225.85 thousand, representing -0.01% of capital. Total shareholders' equity at the end of the current period was SAR 702,508,588, compared to SAR 716,934,020 at the end of the same period last year, a decrease of 2%. Loss per share for the current period was SAR (0.37), compared to a profit of SAR 0.24 per share in the same period of the prior year, calculated by dividing the net loss after zakat of SAR (22,021,909) over 59,843,060 ordinary outstanding shares. Total comprehensive loss for the current period was SAR (21,747,445), compared to comprehensive income of SAR 14,276,175 for the same period of last year.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=97227&anCat=1&cs=8040&locale=arImportant Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.