Gulf Union Alahlia achieves net profit before zakat of SR4 mln during Q3

Gulf Union Alahlia Cooperative Insurance Company recorded a net profit before zakat during the third quarter of SR4 million, compared to a loss of SR17 million in the same quarter of last year.
This came after the announcement on Thursday of the preliminary financial results for the period ending on 30-09-2022 (nine months).
The net profit of shareholders’ fund’s investments in the third quarter amounted to SR3.6 million, compared to SR2.6 million in the same quarter of the previous year, an increase of 37%.
As for the net loss before zakat in the 9-month period, it amounted to SR14.6 million, compared to losses of SR121 million in the same period last year, a decrease of 88%.
The loss per share in the current period amounted to SR0.45, compared to a loss of SR4.92 in the same period last year.
The reason for the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:
The main reason for the profit before Zakat as following:
Decrease in net claims and other benefits incurred to SR86.0 Million in Q3- 2022 compared to SR143.9 Million in Q3-2021.
Decrease in Policy acquisition costs to SR8.2 Million in Q3-2022 compared to SR13.1 Million in Q3-2021.
Decrease in changes in other technical reserves to SR3.3 Million (Reversal) in Q3-2022 compared to SR1.1 Million in Q3-2021.
Increase in other income to SR9.8 Million in Q3-2022 compared to SR4.7 Million in Q3-2021.
Increase in investment income to SR5.2 Million in Q3-2022 compared to SR4.6 Million in Q3-2021.
The reason for the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is:
The main reason for the profit before Zakat is as following:
Increase in Net premiums earned to SR102.3 Million in Q3- 2022 compared to SR100.4 Million in Q2 -2022.
Decrease in Changes in additional premium reserves to SR3.4 Million (Reversal) in Q3-2022 compared to SR730 Thousand in Q2-2022.
Decrease in Changes in other technical reserves to SR3.3 Million (Reversal) in Q3-2022 compared to SR1.6 Million (Reversal) in Q2-2022.
Increase in investments income to SR5.2 Million in Q3-2022 compared to SR3.7 Million in Q2-2022.
Increase in Other income to SR9.7 Million in Q3-2022 compared to SR2.9 Million in Q2-2022.
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 main reason of decrease in Net losses for Current Period Compared to the Same Period of the Previous Year as following:
Decrease in net claims and other benefits incurred to SR254.3 Million in current period compared to SR459.2 Million in the same period of the previous year.
Decrease in Policy acquisition costs to SR25.7 Million in current period compared to SR41.2 Million in the same period of the previous year.
Decrease in Changes in additional premium reserves to SR2.3 Million (Reversal) in current period compared to SR7.3 Million in the same period of the previous year.
Decrease in changes in other technical reserves to SR6.3 Million (Reversal) in current period compared to SR2.9 Million in the same period of the previous year.
Decrease in Allowance for doubtful debts to SR3.0 Million in current period compared to SR5.1 Million in the same period of the previous year.
Decrease in General and administrative expenses to SR76.2 Million in current period compared to SR83.0 Million in the same period of the previous year.
Increase in Investment income to SR14.5 Million in current period compared to SR13.3 Million in the same period of the previous year.
Increase in Other income to SR13.0 Million in current period compared to SR7.3 Million in the same period of the previous year.
1. Profits or Loss per share has been calculated based on the Total earnings or Loss for the period after Zakat and income tax, taking into effect the impact of rights issue of shares during the period. As a result of the rights issue, the weighted average number of shares used in the calculations of earnings per share were adjusted.
2. Accumulated losses of the company reached 28.37% of its share capital. Amount of accumulated losses was SR130.241 Million while Share capital was SR458,949 Million. The company will take the necessary measures of listed companies related to those who their losses reached 20% or more of their share capital.