Allied Cooperative Insurance Group announces its Interim Financial Results for the period ending on 2025-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 222,439 | 215,718 | 3.115 | 187,788 | 18.452 |
| Result of Insurance Services | 5,842 | 2,996 | 94.993 | 25,613 | -77.191 |
| Net Profit (Loss) of The Insurance Results | 10,041 | 4,514 | 122.441 | 17,754 | -43.443 |
| Net Profit (Loss) of The Investment Results | 583 | 10,426 | -94.408 | 5,065 | -88.489 |
| Net Insurance Financing Expenses | -377 | -756 | -50.132 | -1,157 | -67.415 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 1,337 | 2,890 | -53.737 | 13,964 | -90.425 |
| Total Comprehensive Income | 1,337 | 2,890 | -53.737 | 16,455 | -91.874 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Insurance Revenues | 410,227 | 447,137 | -8.254 |
| Result of Insurance Services | 31,455 | 31,852 | -1.246 |
| Net Profit (Loss) of The Insurance Results | 28,561 | 27,411 | 4.195 |
| Net Profit (Loss) of The Investment Results | 5,648 | 20,951 | -73.041 |
| Net Insurance Financing Expenses | -1,534 | 1,505 | - |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 15,115 | 27,887 | -45.799 |
| Total Comprehensive Income | 17,624 | 27,887 | -36.802 |
| Total Shareholders Equity (after Deducting Minority Equity) | 270,775 | 282,231 | -4.059 |
| Profit (Loss) per Share | 0.52 | 0.96 | |
| 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 | 77,264 | 26.55 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the revenues during the current quarter compared to the same quarter of last year is | The reason for the increase in revenues during the current quarter compared to the same quarter of the previous year is due to increase in sales of motor insurance policies and health insurance. |
| 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 reason for the decrease in net profit during the current quarter compared to the same quarter of the previous year is due to decrease in net investment income |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | The reason for the increase in revenues during the current quarter compared to the previous quarter is due to increase in sales of motor insurance policies and health insurance. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | The reason for the decrease in net profit during the current quarter compared to the previous quarter is due to decrease in insurance service results and decrease in net investment income. |
| The reason of the increase (decrease) in the revenues during the current period compared to the same period of the last year is | The reason for the decrease in revenues during the current period compared to the same period of the previous year is due to decrease in sales of domestic labor insurance policies. |
| 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 decrease in net profit during the current period compared to the similar period of the previous year is due to decrease in net investment income. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| 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) | Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial statements as at and for the period ended June 30, 2025, of the Company are not prepared, in all material respects, in accordance with IAS 34, as endorsed in the Kingdom of Saudi Arabia.
MATERIAL UNCERTAINTY RELATED TO GOING CONCERN We draw attention to note 2 (c) to the accompanying interim condensed financial statements of the Company. As of 30 June 2025, the Company did not meet the solvency margin requirements and the Company’s accumulated losses stands at SAR 77.26 million (31 December 2024: SAR 92.37 million), representing 26.55% of the share capital (31 December 2024: 31.75%). These events and conditions indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. However, the accompanying financial statements are prepared using the going-concern assumption based on management’s assessment of the Company’s abilities to continue as a going concern as detailed in the above referred note. Our opinion is not modified with respect to this matter. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS As at 30 June 2025, the solvency margin stands at 26% (31 December 2024: 110%). In compliance with the Article 68 of the Implementing Regulations for Insurance Companies, the Company is in the process of taking remedial measures as disclosed in note 2 (c) to the accompanying interim condensed financial statements. |
| Reclassification of Comparison Items | Certain reclassifications were made in comparative numbers to conform to the current period. This reclassification had no effect on the reported |
| Additional Information | Earnings per share has been calculated based on profit after zakat and tax. |
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