ACIG achieved a net profit of 15 million riyals during Q2‎

United Cooperative Insurance Group “ACIG” recorded a net profit before zakat of 15 million riyals during the second quarter, compared to a loss of 11 million riyals in the same quarter of last year. This came after the announcement today of the preliminary financial results for the period ending on June 30 (6 months).

Total written insurance premiums amounted to 223 million riyals during the second quarter, compared to 169 million riyals in the same quarter of the previous year, with a growth of 32%.

Net profit after zakat and tax during the 6-month period amounted to 19.3 million riyals, compared to losses of 43 million riyals in the same period last year.

Earnings per share in the current period amounted to 0.48 riyals, compared to a loss of 1.2 riyals in the same period last year.

The net profit before zakat and income tax for the current quarter is 14.95 million Saudi riyals, compared to the net loss before zakat and income tax amounting to 11.09 million Saudi riyals for the same quarter of last year. The reason for the change is due to the increase in insurance revenues and net investment return. ,

The net profit before zakat and income tax for the current quarter amounts to 14.95 million riyals, compared to the net profit before zakat and income tax amounting to 4.34 million riyals for the previous quarter of the current year. The reason for the change is due to the increase in insurance revenues and net investment return.

The net profit before zakat and income tax for the current period is 19.29 million riyals, compared to a net loss before zakat and income tax of 43.04 million riyals for the same period last year. The reason for the change is the increase in insurance revenues and net investment return.

The nature of the auditor’s opinion is drawn to attention

The company drew attention to Note No. 2 on the interim condensed financial statements, which indicates that as of June 30, 2023, the accumulated losses represent 42.40% (December 31, 2022: 49.26%) of the company’s capital. These events and conditions indicate a material uncertainty regarding the Company’s ability to continue as a going concern. However, several strategic options were considered by the company’s board of directors.

Based on the above, the Company’s management has assessed its ability to continue as a going concern and is satisfied that the Company’s operations will continue for the foreseeable future under the normal course of business. Accordingly, the financial statements have been prepared on a going concern basis and do not include any adjustments that might be required if the Company is not able to continue as a going concern. Our opinion has not been modified regarding this matter

The company has reclassified and measured the financial statements for the comparative figures for the previous year to comply with the requirements of IFRS 17 and IFRS 9. Please see Disclosure No. 4 of the condensed interim financial statements for more details.

Additional information:

An attachment has been added to this announcement with the financial results in a more detailed manner and in accordance with the requirements of the presentation of the two new standards referred to above. Please see the attachment for further clarification.

– The earnings per share (loss) was calculated based on the profit after zakat and tax as a result of making profits during the period. The accumulated losses decreased to 42.4%.