Gulf Union Alahlia 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 | 624,483 | 506,772 | 23.23 | ||
| Result of Insurance Services | 113,663 | 8,848 | 1,184.62 | ||
| Net Profit (Loss) of The Insurance Results | 68,672 | -13,499 | - | ||
| Net Profit (Loss) of The Investment Results | 37,876 | 9,893 | 282.86 | ||
| Net Insurance Financing Expenses | 4,283 | 5,693 | -24.77 | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 125,037 | -18,300 | - | ||
| Total Comprehensive Income | 132,555 | -14,022 | - | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | - | - | - | ||
| Profit (Loss) per Share | 2.72 | -0.47 | |||
| 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 | - | - | |
| 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 increase in insurance revenues during this year compared to the previous year amounted to SAR 117 million, an increase of 23% . This is mainly due to the growth in the volume of operations in all insurance sectors of the company for this year compared to the previous year. Increase GWP 690M SR compared with 548 M SR during the same period of previous year
Decrease RI share of GWP 87M SR compared with 98 M SR during the same period of previous year Increase NEP 539M SR compared with 413 M SR during the same period of previous year |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Insurance Revenue increased by 624M SR compared with 506 M SR during the same period of previous year increased by 23%
Other income increased by 35.7 M SR compared with 14.9 M SR during the same period of previous year increased by 139% Net Investment income increased by 37.8 M SR compared with 9.9 M SR during the same period of previous year increased by 283% Other Operation expens decreased by 18 M SR compared with 33 M SR during the same period of previous year by 44% |
| 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 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.
The Earning/Loss Per Share is calculated on Profit/Loss after zakat and income tax for the year divided by the weighted average number of ordinary shares outstanding during the year. The earnings per share (EPS) for the current year is SR 2.72 per share versus restated loss per share of SR 0.47 for the previous year
Total Share Holders Equity (no minority interest) as at the end of current year is SR 547.9 million SAR versus restated Share Holders Equity (no minority interest) amounting to SR 415.4 million SAR as at the end of the previous year which represents an increase of 31.91%
Total comprehensive income for the current year amounted to 132.5 million SAR compared to a restated loss of SR 14.02 million SAR for the previous year.
Net profit after zakat for the current year amounted to SR 125,037 million SAR compared to net loss after zakat amounting to SR (18,299) million SAR previous year.
The accumulated losses have decreased as of 31/12/2023 to 0% of the capital. |
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