IssuerAnnouncementDetailsV2Portlet
ActionsAmana 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 | 45,866 | 57,573 | -20.334 | 26,347 | 74.084 |
Result of Insurance Services | -929 | 9,073 | - | -44,691 | -97.921 |
Net Profit (Loss) of The Insurance Results | -988 | 8,468 | - | -20,246 | -95.12 |
Net Profit (Loss) of The Investment Results | 3,455 | 1,144 | 202.01 | 836 | 313.277 |
Net Insurance Financing Expenses | -300 | - | - | -1,681 | -82.153 |
Net Profit (Loss), After Zakat, Attributable To Shareholders | 1,952 | 9,701 | -79.878 | -3,688 | - |
Total Comprehensive Income | 1,890 | 10,181 | -81.436 | 31,489 | -93.997 |
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) | 284,586 | 260,667 | 9.176 |
Profit (Loss) per Share | 0.05 | 0.23 | |
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 | - | - | |
Accumulated Losses | 42.93 | -184,616 | |
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 | "The decrease in the insurance revenue during the current quarter compared to the same quarter of the last year is SAR 11.7 million, this is mainly due from the following net effects: 1) Increase in GWP by SAR +17.2 million 2) Change in Unearned Premium Reserves by SAR -25.5 million 3) Change in Premium Debtors' Provision by SAR -3.4 million" |
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 decrease in the net profit for the current quarter compared to the same quarter of the last year is SAR 7.7 million, this is mainly due from the following net effects: 1) Decrease in net Insurance service result by SAR -9.4 million 2) Increase in net investment income by SAR +2.3 million 3) Change in net insurance finance income / (expenses) by SAR +3 million 4) Decrease in net Other operating income/ (expenses) by SAR -5.8 million 5) A reversal in ZAKAT provision by SAR 2.2 million" |
The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | "The increase in the insurance revenue during the current quarter compared to the previous quarter is SAR 19.5 million, this is mainly due from the following net effects: 1) Increase in GWP by SAR +18.6 million 2) Change in Unearned Premium Reserves by SAR -2.6million 3) Change in Premium Debtors' Provision by SAR +3 million" |
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | "The increase in the net profit for the current quarter compared with the previous quarter of the last year is SAR 5.5 million, this is mainly due from the following net effects: 1) Increase in net investment income by SAR +2.6 million 2) Increase in ZAKAT provision by SAR 2.9 million" |
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) | "The external auditors draws attention to Note 2 to the interim condensed financial statements of the Company. The Company has posted a net comprehensive income for the period SAR 1.90 million for the three-month period ended March 31, 2024 (comprehensive income of SAR 10.18 million for the three-month period ended March 31, 2023), and as of that date, the Company’s accumulated losses have reached SAR 184.62 million (as at December 31, 2023: SAR 186.57 million), representing 42.93% of the share capital as at March 31, 2024 (as at December 31, 2023: 43.39%). These events and conditions indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. However, the accompanying financial statements are prepared using the going-concern assumption based on management’s assessment on the company’s abilities to continue as a going concern. " |
Statement of the type of external auditor's report | Unmodified conclusion |
Reclassification of Comparison Items | none |
Additional Information | none |
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