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Gulf General Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 315,646 | 315,686 | -0.01 | ||
| Result of Insurance Services | 30,299 | -57,484 | - | ||
| Net Profit (Loss) of The Insurance Results | -8,529 | -107,077 | -92.03 | ||
| Net Profit (Loss) of The Investment Results | 16,002 | -925 | - | ||
| Net Insurance Financing Expenses | -4,507 | -303 | 1,387.46 | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 3,532 | -106,017 | - | ||
| Total Comprehensive Income | 6,739 | -102,413 | - | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 300,393 | 293,654 | 2.29 | ||
| Profit (Loss) per Share | 0.07 | -2.12 | |||
| 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 | -244,129 | 48.8 | |
| 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 had a decrease during this year by SAR 40 K compared to last year, a change of -0.01 %. further a decrease in Gross Written Premiums (GWP) by SAR 42,654 K, a change by -11.42 % due to the reduction in GWP of the main business lines (Health, Motor, and General insurance). |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net profit before zakat for the current year amounted to SR 6,319 K, compared to the loss of SR -101,999 K for the previous year. Net profit after zakat for the current year amounted to SR 3,532 K, compared to the loss of SR -106,017 K the previous year, due to the following reasons. • Decrease in loss of insurance service result by SR 98,548 K compared with the previous year, a decrease of 92.03%. This was driven by. Decrease of insurance service expense of SR 87,823 K with a decrease of 23.53% comparing to last year. Decrease of reinsurance contracts expense of SR 10,765 K with a decrease of 21.71% compared to last year. • Increase in net investment income of SR 16,927 K compared with the previous year. • decrease in operating expenses of SR 3,649 K compared with the previous year, with a decrease of 20.88%. |
| 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 restated the financial statements for the comparative figures for the previous year, to be in line with the requirements of IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments). |
| 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 earnings per share (EPS) after Zakat for the current year is SR 0.07 per share versus SR -2.12 per share for the previous year, which is calculated by dividing the net profit amount of 3,532 K over the number of ordinary outstanding shares of 50,000 K. Total comprehensive income for the current year is SR 6,739 K compared to SR -102,413 K for the previous year. Total Shareholders’ Equity (no minority interest) as at end of current year is SR 300,393 K versus SR 293,654 K as at end of the previous year, increase of 2.3%. |
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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