Allied Cooperative Insurance Group announces its Annual Financial Results for the Period Ending on 2023-12-31.

21 March 2024 08:06 AM

ACIG 8150 4.02% 11.90 0.46

Element List	Current Year	Previous Year	%Change
Insurance Revenues	974,681	672,811	44.87
Result of Insurance Services	81,869	-118	-
Net Profit (Loss) of The Insurance Results	47,073	-32,918	-
Net Profit (Loss) of The Investment Results	38,245	10,815	253.63
Net Insurance Financing Expenses	185	3,615	-94.88
Net Profit (Loss), After Zakat, Attributable To Shareholders	63,406	-17,344	-
Total Comprehensive Income	65,396	-18,219	-
Total Share Holders Equity (After Deducting the Minority Equity)	254,343	188,947	34.61
Profit (Loss) per Share	2.18	-0.82
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	73,998	25.43
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in revenues during the current year compared to the last year is	The reason for the increase in revenues during this year compared to the previous year is due to the increase in Motor policies sales
The reason of the increase (decrease) in the net profit during the current year compared to the last year is	The net profit during this year compared to the net loss in the previous year is due to the increase in insurance revenues and net profits from investment results.
Statement of the type of external auditor's report	Unmodified opinion
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)	None
Reclassification of Comparison Items	The Company has reclassified and restated comparative information to meet the requirements of the newly adopted standards IFRS 17 and IFRS 9. Please refer to note 4 of the interim condensed financial statements for more details.
Additional Information	(Loss) Earnings per share has been calculated based on profit after zakat and tax. As a result of achieving profits during the year, the accumulated losses decreased to 25.43%.

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