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Gulf Union Alahlia Cooperative Insurance Co. announces its Interim Financial Results for the period ending on 2024-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 165,955 | 136,339 | 21.722 | 179,500 | -7.545 |
| Result of Insurance Services | 23,448 | 32,568 | -28.002 | 44,680 | -47.52 |
| Net Profit (Loss) of The Insurance Results | 19,913 | 17,886 | 11.332 | 8,951 | 122.466 |
| Net Profit (Loss) of The Investment Results | 10,090 | 4,603 | 119.204 | 19,307 | -47.739 |
| Net Insurance Financing Expenses | -1,717 | -1,804 | -4.822 | 3,834 | - |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 19,543 | 27,915 | -29.991 | 36,006 | -45.722 |
| Total Comprehensive Income | 19,543 | 27,915 | -29.991 | 43,524 | -55.098 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 567,535 | 433,352 | 30.963 |
| Profit (Loss) per Share | 0.43 | 0.61 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| 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 | Insurance revenues increased during the current quarter by SAR 29 M compared to the same quarter of the previous year, i.e. an increase by 22% as a result of growth in the company’s main sectors (Medical, Motor, and General Insurance). Total sales during the current quarter is SAR 200,244 K compared to With a total sales of SAR 159,409 K the same quarter of the previous year. |
| 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 for the decrease in profits compared to a similar quarter of the previous year is: Increase in insurance services expenses by SAR 7.6 M as insurance services expenses is SAR 129.7 M for the current quarter compared to SAR 122.1 M for the same quarter of the previous year. and loss in reinsurance contracts of 16 million riyals, compared to 3 million riyals in profits for the same quarter of the previous year. |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | Insurance revenues decreased during the current quarter by SAR 13 M compared to the previous quarter, a decrease of 8% due to the increase in doubtful debts expense resulting from insurance contracts, as well as the increase in unearned insurance premiums. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | The reason for the decrease in revenues for the current quarter compared to the previous quarter is: increas in reinsurance contract expenses by SAR 16 M for the current quarter compared to SAR 9 M for the previous quarter. Decrease The net investment income for the current quarter by 47%, as the net investment income for the current profit was SAR 10 M compared to the net income of SAR 19 M for the previous quarter. |
| 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 |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | Due to the adoption of IFRS 17, the presentation of share of surplus from insurance pool has been restated as the surplus amounting to Saudi Riyals 14.7 million should have been shown as part of the net insurance result and not in other income. As a result, the “Total insurance service result” and “Net insurance and investment result” line items for such periods have increased respectively by the same amount. However, this above change has had no impact on the condensed statement of financial position as at 31 December 2023 and the related condensed statements of changes in equity and cash flows for the three-month period ended 31 March 2023, net profit for the period attributable to the shareholders or the basic and diluted earnings per share for the three-month period ended 31 March 2023. |
| 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 Total Equity at end of current period is SAR 567,535k versus SAR 433,352K at end of the similar period for previous year, an increase of 31%. Earning per share was calculated based on Net Income after zakat amounted to SAR 19,543 k for current Quarter compared to SAR 27,914 k for the same Quarter previous year Retained Earnings at the end of period are amounted to SAR 17,483k The Company’s investment results grew by SAR 6 M , a growth of 119%. which is driven by the strong growth in unrealized gains from improved equity market performance coupled with increase in yield on murabaha deposits Gross Written Premiums (GWP) for the current Quarter is amounted to SAR 200,244k compared to SAR 159,409k during the same Quarter previous year, an increase of 26% |
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.
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