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Gulf General Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2023-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 99,366 | 147,916 | -32.82 | - | - |
| Net Written Premiums (NWP) | - | - | - | - | - |
| Net Incurred Claims | - | - | - | - | - |
| Net Profit (Loss) of Policy Holders Investment | - | - | - | - | - |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | - | - | - | - | - |
| Net Profit (loss) of Shareholders Capital Investment | - | - | - | - | - |
| Net Profit (Loss) before Zakat | 4,973 | -18,204 | - | - | - |
| Total Comprehensive Income | 4,073 | -19,323 | - | - | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 299,756 | 379,777 | -21.07 |
| Profit (Loss) per Share | 0.08 | -0.39 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| 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 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. As a result, the Company has only reflected the relevant financial information under the new standards in the above announcement. Items that are reported as "0" are no longer presented in the new financial statements under IFRS 17 and IFRS 9. The following explanation will cover the relevant financial information reflected in the announcement above along with explanation on the new presentation of the financial results which are attached to this announcement: The Increase in net profit before zakat and income tax for the quarter is SR 23,177K compared with same quarter of the previous year was due to the following main reasons: • Improvement in insurance service result of SR 21,976K compared with the same quarter of the previous year. This was driven by an increase in insurance revenue of SR 19,978K, an increase of 29.08%, and a decrease in net expenses from reinsurance contracts held of SR 892K, a decrease of 7.12% compared with the same quarter of the previous year and a decrease in insurance service expense of SR 2,158K, a decrease of 2.96%, compared with the same quarter of the previous year. • A decrease in operating expenses of SR 1,201K compared with the same quarter of the previous year, a decrease of 24.01%. Moreover, Gross Written Premiums (GWP) decreased by SR 48,550K compared with the same quarter of the previous year, decrease of 32.82% As a result the company achieved a net income before zakat of 4,973 thousand Saudi riyals during the current quarter of the current year, compared to loss of (18,204) thousand riyals for the same quarter of the previous year. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | 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. As a result, the Company has only reflected the relevant financial information under the new standards in the above announcement. Items that are reported as "0" are no longer presented in the new financial statements under IFRS 17 and IFRS 9. The previous quarter has been reported under the repealed financial reporting standards, IFRS 4 and IAS 39, the restated balances of the previous quarter are not included in the current quarter financial statements. Therefore, no explanation is provided due to the divergence of the reporting standards between the two quarters. |
| Statement of the type of external auditor's report | Unmodified Conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | We draw attention to note 2(b) of the condensed interim financial statements which indicates that the Company accumulated losses amounted to SR 241.5 million which represents 48.3% of the share capital. The condition and other matter as set forth in note 2(b) indicates that a material uncertainty exist that may cast significant doubt on the Company's ability to continue as a going concern. Our conclusion is not modified in this respect |
| Reclassification of Comparison Items | The Company has reclassified and restated comparative information to meet the requirements of the newly implemented standards IFRS 17 and IFRS 9. |
| Additional Information | EPS calculated based on Net Profit after Zakat. |
| Attached Documents |  |
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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