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Amana Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

AMANA INSURANCE 8310 29.52% 13.60 3.10
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Gross Written Premiums (GWP) 64,854 103,720 -37.472 88,929 -27.072
Net Written Premiums (NWP) 51,976 87,638 -40.692 70,808 -26.595
Net Incurred Claims -62,813 -72,522 -13.387 -71,610 -12.284
Net Profit (Loss) of Policy Holders Investment - - - - -
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) -25,118 -31,811 -21.039 -40,063 -37.303
Net Profit (loss) of Shareholders Capital Investment 1,298 1,409 -7.877 1,236 5.016
Net Profit (Loss) before Zakat -25,114 -30,688 -18.163 -39,593 -36.569
Total Comprehensive Income -25,290 -30,452 -16.951 -37,254 -32.114
All figures are in (Thousands) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Gross Written Premiums (GWP) 231,761 272,608 -14.983
Net Written Premiums (NWP) 189,447 240,277 -21.154
Net Incurred Claims -196,214 -147,690 32.855
Net Profit (Loss) of Policy Holders Investment - - -
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) -89,941 -27,199 230.677
Net Profit (loss) of Shareholders Capital Investment 4,352 4,704 -7.482
Net Profit (Loss) before Zakat -88,014 -23,503 274.479
Total Comprehensive Income -83,069 -23,201 258.04
Total Share Holders Equity (after Deducting Minority Equity) 8,582 133,654 -93.578
Profit (Loss) per Share -6.57 -1.9
All figures are in (Thousands) Saudi Arabia, Riyals
Accumulated Losses Capital Percentage %
-123,548 130,000 -0.95
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 reason for the decrease in net loses of Q3 2021 vs in Q3 2020 by SR 5,574K (-18.16%) is attributed from the improvement in net underwriting result by SR 10,102K (-50.28%) & other operating expenses by SR -4,528K (42.74%) in comparison for current quarter with same quarter of the previous year.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The reason for the decrease in net loses for Q3 2021 vs Q2 2021 by SAR14,479K (-36.57%) primarily due to improvement in underwriting results loses by SAR 14,843K (16.92%) and partly offset by decrease in net revenue by SR 826K (1.3%)
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 reason for the increase in net loses during the current period compared to the previous period of the year is due to a increase in net claims incurred by 32.86%.
Statement of the type of external auditor's report Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion none
Reclassification of Comparison Items Some items have been re-classified to confirm to current period presentation.
Additional Information "The Company's accumulated losses as of 30 September 2021 are 95.04% (31 December 2020: 61.46%) of the Company's share capital, and as of the same date, the Company's solvency has reached -37.78% (31 December 2020: 45%). These events and conditions indicate a material uncertainty on the Company's ability to continue as a going concern. However, the board of directors considered various strategic options, including capital restructuring, to ensure the Company's going concern. Among such strategic options, on 15 November 2020, the Company has signed a Non-Binding Memorandum with Saudi Enaya Cooperative Insurance Co. (""Enaya"") to assess the merger's feasibility. It has signed a binding merger agreement with Enaya on 29 April 2021 to take the necessary steps to implement the merger under relevant applicable laws and regulations and has obtained the no-objection certificate for merger with Enaya Cooperative Insurance Co. from the General Authority of Competition ""GAC"" on 14 July 2021.

'Further, on 23 May 2021, the Company reduced its share capital from SR 240 million to SR 130 million to absorb the accumulated losses after completing the regulatory requirements as per the Capital Market Law and its Implementing Regulations. Based on the above, the management is satisfied that the Company will continue as a going concern in the foreseeable future."

In addition, procedure and instructions as a listed company, whose shares have been listed in the market, with accumulated losses amounted to 20% or more of their capital, will be applied.

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