Allied Cooperative Insurance Group announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Gross Written Premiums (GWP)	223,063	169,085	31.92	286,855	-22.24
Net Written Premiums (NWP)	-	-	-	-	-
Net Incurred Claims	-	-	-	-	-
Net Profit (Loss) of Policy Holders Investment	-	-	-	-	-
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	-	-	-	-	-
Net Profit (loss) of Shareholders Capital Investment	-	-	-	-	-
Net Profit (Loss) before Zakat	14,952	-11,089	-	4,341	244.44
Total Comprehensive Income	10,523	-7,907	-	3,841	173.97
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Gross Written Premiums (GWP)	509,914	346,923	46.98
Net Written Premiums (NWP)	-	-	-
Net Incurred Claims	-	-	-
Net Profit (Loss) of Policy Holders Investment	-	-	-
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	-	-	-
Net Profit (loss) of Shareholders Capital Investment	-	-	-
Net Profit (Loss) before Zakat	19,293	-43,044	-
Total Comprehensive Income	14,063	-36,516	-
Total Share Holders Equity (after Deducting Minority Equity)	200,541	174,861	14.69
Profit (Loss) per Share	0.48	-1.2
All figures are in (Thousands) Saudi Arabia, Riyals

	Accumulated Losses	Capital	Percentage %
	123,375	291,000	42.4
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	Net profit before zakat and income tax for the current quarter is SAR 14.95 million compared to net loss before zakat and income tax of SAR 11.09 million for the same quarter last year due to the increase in insurance income and net return on investments.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is	Net profit before zakat and income tax for the current quarter is SAR 14.95 million compared to net profit before zakat and income tax of SAR 4.34 million for the previous quarter of the current year The reason for the change is due to the increase in insurance income and net return on investments.
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 net profit before zakat and income tax for the current period is SAR 19.29 million compared to the net loss before zakat and income tax of SAR 43.04 million for the same period last year due to the increase in insurance income and net return on investments.
Statement of the type of external auditor's report	Emphasis of Matter
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	We draw attention to Note 2 to the interim condensed financial statements, which indicates that as of 30 June 2023, the accumulated losses represent 42.40% (31 December 2022: 49.26%) of the Company's share capital. These events and conditions indicate a material uncertainty on the Company's ability to continue as a going concern. However, various 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 shall continue for the foreseeable future under the normal course of business. Accordingly, the financial statements have been prepared on the going concern basis and do not include any adjustments, which may be required, if the Company is not able to continue as a going concern. Our opinion is not modified in respect of this matter.Reclassification of Comparison Items The Company has reclassified and restated comparative information to meet the requirements of the newly adopted standards IFRS 17 and IFRS 9. Please refer to note 4 of the interim condensed financial statements for more details.Additional Information An attachment is added to this announcement with more detailed financial results in accordance with the presentation requirements of the two new standards referred to above. Please refer to the attachment of this announcement for further clarification.

(Loss) Earnings per share has been calculated based on profit after zakat and tax.

As a result of achieving profits during the period, the accumulated losses decreased to 42.4%Attached Documents

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.