Gulf Union Alahlia Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2022-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 548,431 | 572,523 | -4.21 | ||
| Net Written Premiums (NWP) | 449,476 | 442,713 | 1.53 | ||
| Net Incurred Claims | 313,877 | 564,308 | -44.38 | ||
| Net Profit (Loss) of Policy Holders Investment | 5,768 | 6,518 | -11.51 | ||
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | -2,704 | -153,657 | -98.24 | ||
| Net Profit (loss) of Shareholders Capital Investment | 14,361 | 11,237 | 27.8 | ||
| Net Profit (Loss) before Zakat | 4,524 | -139,189 | - | ||
| Total Comprehensive Income | -23,975 | -140,306 | -82.91 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 334,592 | 132,025 | 153.43 | ||
| Perpetrating Expenses (First Operation Year) | 0 | 0 | 0 | ||
| Profit (Loss) per Share | 0.07 | -5.67 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The main reasons of the profit before Zakat for current year compared to the losses for last year as following: Decrease in net claims and other benefits incurred to SR. 313.8 Million in 2022 compared to SR. 564.3 Million in 2021. Decrease in Policy acquisition costs to SR. 34.0 Million in 2022 compared to SR. 52.4 Million in 2021. Decrease in changes in additional premium reserves to SR. 4.8 Million (Reversal) in 2022 compared to SR. 10.7 Million in 2021. Decrease in changes in other technical reserves to SR. 8.4 Million (Reversal) in 2022 compared to SR. 6.7 Million in 2021. Decrease in allowance for doubtful debts expense to SR. 1.0 Million in 2022 compared to SR. 2.6 Million in 2021. Decrease in general and administrative expenses to SR. 106.1 Million in 2022 compared to SR. 113.5 Million in 2021. Increase in investments income to SR. 20.1 Million in 2022 compared to 17.7 Million in 2021. Increase in Other income to SR. 16.5 Million in 2022 compared to 7.6 Million in 2021. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Reclassification of Comparison Items | N/A |
| Additional Information | 1. Earnings or Loss per share has been calculated based on the Total earnings or Loss for the period after Zakat and income tax, taking into effect the impact of rights issue of shares during the period. As a result of the rights issue, the weighted average number of shares used in the calculations of earnings per share were adjusted. 2. Accumulated losses of the company reached 24.32% of its share capital. Amount of accumulated losses was SR. 111.652 Million while Share capital was SR 458,949 Million. The company will continue to apply procedures and instructions for companies listed in Saudi Capital Market whose accumulated losses are equal to or more than 20% of its share capital. 3. On June 8, 2022, the Company completed its rights issue amounting to Saudi Riyals 229.5 million. |
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