Amana Cooperative Insurance Co. announces its Interim Financial Results for the period ending on 2025-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 58,145 | 45,866 | 26.771 | 56,955 | 2.089 |
| Result of Insurance Services | 828 | -929 | - | 2,264 | -63.427 |
| Net Profit (Loss) of The Insurance Results | -1,241 | -988 | 25.607 | 926 | - |
| Net Profit (Loss) of The Investment Results | 3,013 | 3,455 | -12.793 | 4,946 | -39.082 |
| Net Insurance Financing Expenses | -206 | -300 | -31.333 | -141 | 46.099 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | -5,860 | 1,952 | - | 328 | - |
| Total Comprehensive Income | -3,328 | 1,890 | - | 18,607 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 309,459 | 284,586 | 8.74 |
| Profit (Loss) per Share | -0.14 | 0.05 | |
| 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 | -180,401 | -41.95 | |
| 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 increase in the insurance revenue during the current quarter compared to the same quarter of last year is SAR +12.2 million, this is mainly due from the following net effects:
1) Increase in GWP by SAR +5.5 million 2) Increase with change in Unearned Premium Reserves by SAR +4.2 million 3) A positive change in Premium Debtors' Provision by SAR +2.5 million" |
| 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 decrease in the net profit for the current quarter compared to the same quarter of the last year is SAR -7.8 million, this is mainly due from the following net effects:
1) Decrease in Net Insurance service result by SAR -0.3 million 2) Decrease in net investment income by SAR -0.4 million 3) an increase in Other operating income by SAR +0.3 million 4) an increase in Other operating expenses by SAR -4.8 million 5) A change to ZAKAT provision by SAR -2.6 million" |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | "The increase in the insurance revenue during the current quarter compared to the previous quarter is SAR +1.2 million, this is mainly due from the following net effects:
1) Decrease in GWP and others by SAR -8.3 million 2) Increase in change in Unearned Premium Reserves by SAR +7.6 million 3) A positive change in Premium Debtors' Provision by SAR +1.9 million" |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | "The decrease in the net profit for the current quarter compared with the previous quarter of the last year is SAR -6.1 million, this is mainly due from the following net effects:
1) Decrease in Net Insurance service result by SAR -2.2 million 2) Decrease in net investment income by SAR -1.9 million 3) Increase in Other operating income by SAR +0.2 million 4) an increase in Other operating expenses by SAR -3.5 million 5) A change to ZAKAT provision by SAR +1.3 million" |
| 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) | "The external auditors, draw attention to Note 2 to the financial statements of the Company with respect to going concern. The Company has posted a net comprehensive loss of SAR 3.33 million for the period ended March 31, 2025 (comprehensive income of SAR 1.89 million for the period ended March 31, 2024), and as of that date, the Company’s accumulated losses stand at SAR 180.40 million (as at December 31, 2024: SAR 174.54 million), representing 41.95% of the share capital as at March 31, 2025 (as at December 31, 2024: 40.59%).
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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