Gulf Union Alahlia Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 182,030 | 122,194 | 48.97 | 159,409 | 14.19 |
| 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 | 31,261 | 888 | 3,420.38 | 28,415 | 10.02 |
| Total Comprehensive Income | 30,761 | 388 | 7,828.09 | 27,915 | 10.2 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 341,438 | 257,244 | 32.73 |
| 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 | 59,676 | -23,412 | - |
| Total Comprehensive Income | 58,676 | -24,412 | - |
| Total Share Holders Equity (after Deducting Minority Equity) | 474,112 | 405,047 | 17.05 |
| Profit (Loss) per Share | 1.28 | -0.79 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| -64,051 | 458,949 | 13.96 | |
| 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 reason for the profit before zakat during the current quarter of 2023 compared to the same quarter of the previous year is due to the following reasons:
Insurance expenses decreased to be 95 M SR compared with the same quarter of previous year 97 M SR
Other operation expenses decreased to be 9.7 M SR compared with 13.4 M SR of the same quarter of previous year
Net Investment income increased by 9.49 M SR compared with (1.77) M SR loss during the same quarter of previous year
Other income increased by 12.2 M SR compared with 3 M SR during the same quarter of previous year
Insurance Revenue increased by 141.1 M SR compared with 125.6 M SR during the same quarter of 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 reason for the profit before zakat during the current quarter of 2023 compared to previous quarter of the current year is due to the following reasons:
Insurance expenses decreased to be 95 M SR compared with 122 M SR the previous quarter of the current year .
Net Investment income increased by 9.49 M SR compared with 4.60 M SR during the previous quarter of the current year
Insurance Revenue increased by 141.1 M SR compared with 136.3 M SR during the previous quarter of the current year |
| 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 profit before zakat during the current Period of 2023 compared to previous period of previous year is due to the following reasons:
Insurance expenses decreased to be 218.1 M SR compared with the same period of previous year 263.5 M SR
Other operation expenses decreased to be 16.94 M SR compared with 19.64M SR of the same period of previous year
Net Investment income increased by 14.1 M SR compared with 2.28 M SR expense during the same period of previous year
Other income increased by 27 M SR compared with 3.25 M SR during the same period of previous year
Insurance Revenue increased by 277.84 M SR compared with 260.49 M SR during the same period of previous year |
| 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 | None |
| 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 | 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.
Refer to the attachment for the financial results based on IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments).
1- Basic and diluted earnings (losses) per share for the three-month and six-month periods ended June 30, 2023 and 2022 were calculated by dividing the total loss for the period attributable to shareholders by the weighted average number of shares outstanding during the period.
The weighted average number of shares has been adjusted retrospectively for the prior period to reflect the bonus component of the valid issue as required by IAS 33, Earnings per Share.
2- The percentage of accumulated losses as of 06/30/2023 amounted to 13.96% of the capital, as the losses amounted to 64.051 million Saudi riyals and the capital amounted to 458.949 million Saudi riyals, compared to 20.66% in Q1-2023. |
| Attached Documents |  |
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