Amana Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 184,638 | 237,700 | -22.32 | ||
| Result of Insurance Services | 23,871 | -30,235 | - | ||
| Net Profit (Loss) of The Insurance Results | 17,545 | -45,527 | - | ||
| Net Profit (Loss) of The Investment Results | 7,246 | 1,812 | 299.89 | ||
| Net Insurance Financing Expenses | -1,681 | 1,961 | - | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 25,439 | -48,183 | - | ||
| Total Comprehensive Income | 31,489 | -45,637 | - | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 282,696 | 251,207 | 12.54 | ||
| Profit (Loss) per Share | 0.59 | -1.7 | |||
| 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 | -186,567.8 | -43.39 | |
| 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 decrease in revenues during the current year compared to the last year is SAR 54,106K. This is mainly due to reduction in Gross Written Premiums (GWP), driven by company's strategy focusing on profitable products and running off loss making portfolio |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | "The company achieved a net income before zakat of SAR 30.719K during the current year compared to SAR- 43,919K for the last year, an increase of 170%. While the net income after Zakat amounted to SAR 25,439K during the current year compared to SAR- 47,369K for the last year, an increase of 154%, which was due to the following main reasons:
- The Net Service results improved by SAR 54,106K, led by the following net effects: 1) A reduction in insurance revenue by SR 53,062K 2) Insurance service expenses reduced by SR 107,168K - The Net expense from reinsurance contracts Improved by a reduction of SR 8,966K, - The Company’s investment portfolio witnessed a growth leading to an increase in Investment Income by SR 5,434 - Net Other Income and Expenses improved by SR 10,588K" |
| 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) | "The external auditors draws attention to note 2 of the audited financial statements which indicates that for the year
ended 31 December 2023, the Company has posted a net comprehensive income of SAR 31.48 million (2022: Comprehensive loss of SAR 45.63 million), the Company’s accumulated losses as at 31 December 2023, are 43.39 % (31 December 2022: 49.92 %) of the Company’s share capital. These events and conditions indicate a material uncertainty on the Company’s ability to continue as a going concern. However, the accompanying financial statements are prepared using the goingconcern assumption based on management’s assessment on the company’s abilities to continue as a going concern. Our opinion is not modified with respect to this matter." |
| Reclassification of Comparison Items | The company has reclassified and restated the financial statements for the comparative figures to be in line with the requirements of IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments). |
| 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.
The earnings per share (EPS) calculated based on Net Profit after Zakat.
Earnings per share for the current year amounted to SAR 0.59, compared to SAR -1.70 for last year,
Total Equity at end of current year is SAR 282,696K versus SAR 251,207K at end of the previous year, an increase of 12.54%." |
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