Riyadh - Mubasher: The net losses after Zakat of Amana Cooperative Insurance Company hiked to SAR 23.23 million in the first half (H1) of 2026 from SAR 249,000 a year earlier.
The company’s accumulated losses reached SAR 211.05 million as of 30 June 2026, accounting for 49.08% of its capital.
On the other hand, the insurance revenues rose by 38.08% to SAR 176.30 million, driven by a SAR 37.50 million increase in gross written premiums from new business growth.
However, the net insurance service result swung to a loss of SAR 34.14 million from a profit of SAR 7.52 million a year earlier. This decline was primarily attributed to higher incurred claims and directly attributable expenses, which together exceeded recognized insurance revenues.
For the second quarter (Q2) of 2026, the company recorded a net loss of SAR 16.94 million, compared to a profit of SAR 5.61 million in the prior-year quarter.
External auditors issued an unmodified opinion but included an emphasis of matter paragraph regarding material uncertainty related to going concern, noting that the company’s future depends on the successful implementation of recovery measures.
Total shareholders' equity stood at SAR 287.66 million as of 30 June 2026.
