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Amana Cooperative Insurance Co. announces its Interim Financial Results for the period ending on 2024-09-30( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 59,417 | 44,563 | 33.332 | 50,359 | 17.986 |
| Result of Insurance Services | 1,159 | 11,089 | -89.548 | 12,513 | -90.737 |
| Net Profit (Loss) of The Insurance Results | 340 | 9,300 | -96.344 | 11,399 | -97.017 |
| Net Profit (Loss) of The Investment Results | 3,498 | 4,473 | -21.797 | 4,988 | -29.871 |
| Net Insurance Financing Expenses | -337 | - | - | 125 | - |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 169 | 9,438 | -98.209 | 9,578 | -98.235 |
| Total Comprehensive Income | 144 | 7,479 | -98.074 | 9,450 | -98.476 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Insurance Revenues | 155,642 | 158,291 | -1.673 |
| Result of Insurance Services | 12,743 | 42,215 | -69.814 |
| Net Profit (Loss) of The Insurance Results | 10,751 | 37,791 | -71.551 |
| Net Profit (Loss) of The Investment Results | 11,941 | 6,410 | 86.287 |
| Net Insurance Financing Expenses | -512 | - | - |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 11,699 | 29,127 | -59.834 |
| Total Comprehensive Income | 11,484 | 28,113 | -59.15 |
| Total Shareholders Equity (after Deducting Minority Equity) | 294,180 | 278,599 | 5.592 |
| Profit (Loss) per Share | 0.27 | 0.68 | |
| 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 | -174,869 | -40.67 | |
| 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 increase in the insurance revenue during the current quarter compared to the same quarter of the last year is SAR +14.8 million, this is mainly due from the following net effects: 1) Increase in GWP by SAR +14.9 million 2) Decrease with change in Unearned Premium Reserves by SAR -1.5 million 3) A positive change in Premium Debtors' Provision by SAR +5.9 million 4) A change in Hajj & Umrah income by SR -4.5 million, due to reclassification as Other income" |
| 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 -9.2 million, this is mainly due from the following net effects: 1) Decrease in Net Insurance service result by SAR -9.0 million 2) Decrease in net investment income by SAR -0.9 million 3) A change in net insurance finance income / (expenses) by SAR -0.4 million 4) A positive change in Other operating expenses by SAR +3.9 million 5) A change to ZAKAT provision by SAR -2.8 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 +9 million, this is mainly due from the following net effects: 1) Increase in GWP by SAR +25.7 million 2) Decrease with change in Unearned Premium Reserves by SAR -21.2 million 3) A positive change in Premium Debtors' Provision by SAR +4.5 million" |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | "The decrease in the net profit for the current quarter compared with the previous quarter of the last year is SAR -9.4 million, this is mainly due from the following net effects: 1) Decrease in Net Insurance service result by SAR -11 million 2) Decrease in net investment income by SAR -1.5 million 3) A change in net insurance finance income / (expenses) by SAR -0.5 million 4) Decrease in Other operating income by SAR -1.2 million 5) A positive change in Other operating expenses by SAR +5.7 million 6) A change to ZAKAT provision by SAR -0.9 million" |
| The reason of the increase (decrease) in the revenues during the current period compared to the same period of the last year is | ""The decrease in the insurance revenue for the current period compared with the same period of the last year is SAR -2.6 million, this is mainly due from the following net effects: 1) Increase in GWP by SAR +24.7 million 2) Decrease with change in Unearned Premium Reserves by SAR -27.3 million" |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | "The decrease in the net profit for the current period compared with the same period of the last year is SAR -17.4 million, this is mainly due from the following net effects: 1) Decrease in Net Insurance service result by SAR -27 million 2) Increase in net investment income by SAR +5.5 million 3) A change in net insurance finance income / (expenses) by SAR -0.5 million 4) Increase in Other operating income by SAR +1.2 million 5) A positive change in Other operating expenses by SAR +3.5 million 6) A change to ZAKAT provision by SAR -0.1 million" |
| Statement of the type of external auditor's report | Unmodified conclusion |
| 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 Auditor draw's attention to Note 2 to the interim condensed financial statements of the Company. The Company has posted a net comprehensive income for the period amounting to SAR 11.48 million for the nine-month period ended September 30, 2024 (comprehensive income of SAR 28.11 million for the nine-month period ended September 30, 2023), and as of that date, the Company’s accumulated losses have reached SAR 174.87 million (as at December 31, 2023: SAR 186.57 million), representing 40.67% of the share capital as at September 30, 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 condensed interim 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 as detailed in the above referred note. |
| Reclassification of Comparison Items | None |
| Additional Information | None |
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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Last Price 10.6
Net Change 0.0 (0.0%)
Value Traded (Sar) 110,626.96
Volume Traded 10,432
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