Amana Cooperative Reports SAR 6.29M Net Loss in Three Months 2026
AMANA INSURANCE 8310.SA | 0.00 |
On 2026-05-06 08:31:27 (Saudi Time), Amana Cooperative Insurance Co. announced its Interim financial results for the three months ended on March 31, 2026.
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 85,564 | 58,145 | 47.156 | 80,638 | 6.108 |
| Result of Insurance Services | -19,842 | 828 | - | -5,093 | 289.593 |
| Net Profit (Loss) of The Insurance Results | -6,063 | -1,241 | 388.557 | -7,936 | -23.601 |
| Net Profit (Loss) of The Investment Results | 5,267 | 3,013 | 74.809 | 4,644 | 13.415 |
| Net Insurance Financing Expenses | -425 | -206 | 106.31 | -23 | 1,747.826 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | -6,291 | -5,860 | 7.354 | -5,007 | 25.644 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -6,244 | -3,328 | 87.62 | -1,918 | 225.547 |
| 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) | 304,625 | 309,459 | -1.562 |
| Profit (Loss) per Share | -0.15 | -0.14 | |
| 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 | -194,111 | -45.14 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
Year-on-Year Performance Drivers
Insurance revenues surged 47.16% YoY to SAR 85.56 million driven by increased gross written premiums of SAR 12.9 million and favorable changes in unearned premium reserves of SAR 15.7 million. Net loss widened marginally by 7.35% to SAR 6.29 million despite higher revenues, primarily due to a significant deterioration in insurance service results which swung from a profit of SAR 0.83 million to a loss of SAR 19.84 million, partially offset by improved investment income that increased 74.81% to SAR 5.27 million and savings in other operating expenses of SAR 3.74 million.
Quarter-on-Quarter Performance Drivers
QoQ insurance revenues increased 6.11% to 85.56 million, driven by a 23.4 million increase in unearned premium reserves and 1.8 million positive change in premium debtors' provision, partially offset by a 20.3 million decrease in gross written premiums. Net loss deepened 25.64% to -6.29 million primarily due to deteriorating insurance service results (-14.75 million worse QoQ), lower other operating income (-3.4 million), and higher insurance finance expenses (-0.4 million), partially offset by improved investment income (+0.6 million).
Other Items
Auditors issued an unmodified conclusion but included an emphasis of matter paragraph highlighting material uncertainty regarding the company's ability to continue as a going concern. The auditors noted that accumulated losses reached SAR 194.11 million, representing 45.14% of share capital as at March 31, 2026, compared to 43.68% as at December 31, 2025. The company generated a net comprehensive loss of SAR 6.24 million for the three-month period, indicating deteriorating financial conditions that cast significant doubt on going concern capability.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=95002&anCat=1&cs=8310&locale=arImportant Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.