What were Amana Cooperative's revenues in Q1 2026?

Insurance revenues reached SAR 85.56 million, up 47.16% YoY.

Why did the company report a loss despite revenue growth?

Insurance service results deteriorated sharply, swinging from a profit of SAR 0.83 million to a loss of SAR 19.84 million.

Did the auditor express any qualification?

The auditor issued an unmodified opinion but included an emphasis of matter paragraph highlighting material uncertainty about going concern.

Amana Cooperative Insurance Reports SAR 6.29M Net Loss in Q1 2026

Amana Cooperative Insurance Co. (8310) reported a net loss of SAR 6.29 million for Q1 2026, widening 7.35% YoY despite a 47.16% surge in insurance revenues to SAR 85.56 million. The loss was driven by a sharp deterioration in insurance service results, which swung from a profit to a loss of SAR 19.84 million.

Amana Cooperative Insurance Co. (8310) announced its interim financial results for the three months ended March 31, 2026, posting a net loss of SAR 6.29 million, compared to a loss of SAR 5.86 million in the same period last year, an increase of 7.35%. Despite a 47.16% rise in insurance revenues to SAR 85.56 million, the company's bottom line was hurt by a significant deterioration in insurance service results.

Key Financial Results

Item	Q1 2026	Q1 2025	Change
Insurance Revenues	SAR 85.56M	SAR 58.14M	+47.16%
Net Loss	(SAR 6.29M)	(SAR 5.86M)	+7.35%
Net Comprehensive Loss	(SAR 6.24M)	-	-
Accumulated Losses	SAR 194.11M	-	-

Key Highlights

The company attributed the revenue growth to a SAR 12.9 million increase in gross written premiums and favorable changes in unearned premium reserves of SAR 15.7 million. However, insurance service results swung from a profit of SAR 0.83 million to a loss of SAR 19.84 million, partially offset by a 74.81% rise in investment income to SAR 5.27 million and SAR 3.74 million in savings on other operating expenses.

Quarter-on-quarter, insurance revenues increased 6.11%, but net loss deepened 25.64% due to deteriorating insurance service results and lower other operating income.

Guidance

No specific guidance was provided. However, auditors issued an unmodified opinion with an emphasis of matter paragraph highlighting material uncertainty about the company's ability to continue as a going concern. Accumulated losses reached SAR 194.11 million, representing 45.14% of share capital as of March 31, 2026.

Impact on Stock

The stock (8310) is likely to face selling pressure following the results, given the continued losses and going concern uncertainty.

What This Means for Investors

Despite strong revenue growth, Amana's operational challenges persist, as insurance service results deteriorated sharply. Investors should monitor any restructuring or capital-raising initiatives the company may undertake to address its accumulated losses.