Amana Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2024-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 212,597 | 184,638 | 15.14 | ||
| Result of Insurance Services | 15,007 | 23,871 | -37.13 | ||
| Net Profit (Loss) of The Insurance Results | 11,677 | 17,545 | -33.45 | ||
| Net Profit (Loss) of The Investment Results | 16,887 | 7,246 | 133.05 | ||
| Net Insurance Financing Expenses | -653 | -1,681 | -61.15 | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 12,027 | 25,439 | -52.72 | ||
| Total Comprehensive Income | 30,091 | 31,489 | -4.44 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 314,534 | 285,129 | 10.31 | ||
| Profit (Loss) per Share | 0.28 | 0.59 | |||
| 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 | -174,541 | 41 | |
| 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 the insurance revenue during the current year compared to the previous year is SAR +27.9 million, this is mainly due from the following net effects:
1) Increase in GWP by SAR +52.8 million 2) Decrease with change in Unearned Premium Reserves by SAR -22.3 million 3) A change in Premium Debtors' Provision by SAR -2.6 million" |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | "The decrease in the net profit after Zakat for the current year is SAR -13.4 million compared to the last year, this is mainly due from the following net effects:
1) A decrease in Other operating income by SAR -20.6 million, mainly due to reduction in the share of the surplus from Hajj and Umrah coinsurance portfolio for the current year. 2) A decrease in Net Insurance service result by SAR -5.9 million
These adverse movements were offset by the following favorable positive changes:
3) An increase in net investment income by SAR +9.6 million 4) A change in net insurance finance expenses by SAR +1 million 5) A positive change in Other operating expenses by SAR +1.4 million 6) A change to ZAKAT provision by SAR +1 million" |
| 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 Auditor draw's attention to Note 2 to the financial statements of the Company. The Company has posted a net comprehensive income of SAR 30.09 million for the year ended December 31, 2024 (comprehensive income of SAR 31.49 million for the year ended December 31, 2023), and as of that date, the Company’s accumulated losses stand at SAR 174.54 million (as at December 31, 2023: SAR 186.57 million), representing 40.59% of the share capital as at December 31, 2024 (as at December 31, 2023: 43.39%). 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. |
| Reclassification of Comparison Items | None |
| Additional Information | None |
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