AMÃNA TAKAFUL PLC Amana Takaful PLC
Interim Report
30 September 2022
STATEMENT OF FINANCIAL POSITION
Group | Company | ||||||
Unaudited as at | Audited as at | Unaudited as at | Audited as at | ||||
AS AT | Notes | 30.09.2022 | 31.12.2021 | 30.09.2022 | 31.12.2021 | ||
Rs. | Rs. | Rs. | Rs. | ||||
ASSETS | |||||||
Intangible Assets | 173,655,322 | 120,834,732 | 29,106,878 | 29,844,615 | |||
Property, Plant and Equipment | 94,519,629 | 88,131,244 | 44,723,326 | 45,917,040 | |||
Right of use of Lease assets | 3 | 386,529,697 | 250,045,444 | 10,692,345 | 21,550,355 | ||
Deferred Tax Asset | 13 | 18,175,321 | 10,038,460 | - | - | ||
Investment Property | 196,100,000 | 196,100,000 | 48,600,000 | 48,600,000 | |||
Investment in Subsidiary | - | - | 1,052,867,811 | 1,052,867,811 | |||
Financial Assets | 4 | 6,854,868,793 | 3,934,917,715 | 1,279,455,080 | 1,046,608,773 | ||
Financial Assets - Unit Linked | 5 | 2,320,942,946 | 2,121,644,837 | - | - | ||
Retakaful (Reinsurance) Receivables | 372,716,679 | 412,484,080 | 169,919,901 | 270,935,900 | |||
Contribution (Premium) Receivable | 1,598,778,154 | 991,944,876 | 1,034,782,019 | 767,089,545 | |||
Other Assets | 351,023,254 | 264,905,169 | 80,810,179 | 120,532,940 | |||
Cash and Bank Balances | 11 | 231,681,466 | 166,961,978 | 61,215,125 | 48,157,021 | ||
Cash and Bank Balances - Unit Linked | 11 | 15,939,531 | 9,583,462 | - | - | ||
Total Assets | 12,614,930,793 | 8,567,591,998 | 3,812,172,662 | 3,452,104,000 | |||
LIABILITIES | |||||||
Insurance Contract Liabilities - Non Life | 2,715,245,051 | 1,636,432,694 | 1,058,425,046 | 906,281,586 | |||
Insurance Contract Liabilities - Family Takaful Fund | 378,858,180 | 397,380,854 | - | - | |||
Insurance Contract Liabilities- Family Takaful Unit Linked | 2,356,375,036 | 2,149,698,432 | - | - | |||
Employee Benefits | 173,284,110 | 119,528,552 | 58,514,640 | 54,511,610 | |||
Subordinated Debt | 459,185,750 | 379,157,034 | 452,204,819 | 429,026,522 | |||
Other Liabilities - Unit Linked | 117,715,561 | 80,207,746 | - | - | |||
Other Liabilities | 1,893,098,696 | 1,290,699,641 | 558,983,848 | 500,065,993 | |||
Lease Liability | 3 | 172,940,597 | 123,837,659 | 10,846,944 | 22,426,056 | ||
Total Liabilities | 8,266,702,981 | 6,176,942,613 | 2,138,975,295 | 1,912,311,766 | |||
SHAREHOLDERS' EQUITY | |||||||
Stated Capital | 21 | 1,860,001,339 | 1,860,001,339 | 1,860,001,339 | 1,860,001,339 | ||
Other Reserves | 881,257,928 | 214,964,197 | 33,541,361 | 33,541,361 | |||
Revenue Reserves | 120,573,202 | (361,634,798) | (220,345,333) | (353,750,465) | |||
2,861,832,469 | 1,713,330,738 | 1,673,197,366 | 1,539,792,234 | ||||
Non Controlling Interest | 1,486,395,343 | 677,318,647 | - | - | |||
Total Equity | 4,348,227,812 | 2,390,649,385 | 1,673,197,366 | 1,539,792,234 | |||
Total Liabilities and Equity | 12,614,930,793 | 8,567,591,998 | 3,812,172,662 | 3,452,104,000 | |||
The notes form an integral part of the Financial Statements.
We certify that the preparation and presentation of these Financial Statements comply with the requirements under Companies Act, No. 07 of 2007.
Signed | Signed |
………………………………. | ………………………………. |
M. Rinaz Niyas | Shehan Feisal |
Head of Finance | Chief Executive Officer |
Signed for and on behalf of the Board | |
Signed | Signed |
………………………………. | ………………………………. |
Director | Director |
Colombo | |
14 November 2022 |
Amana Takaful PLC | |
1 | Interim Report 30 September 2022 |
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Group | Company | ||||||
Unaudited | Unaudited | Unaudited | Unaudited | ||||
FOR THE PERIOD ENDED 30 SEPTEMBER | 2022 | 2021 | Change | 2022 | 2021 | Change | |
Notes | Rs. | Rs. | % | Rs. | Rs. | % | |
Gross Written Contribution (Premium) | 6 | 6,365,546,309 | 3,833,151,290 | 66% | 2,546,982,143 | 1,746,654,889 | 46% |
Retakaful Contribution (Reinsurance Premium) | (1,582,728,488) | (936,651,784) | -69% | (854,111,017) | (573,664,747) | -49% | |
Net Written Contribution (Premium) | 4,782,817,821 | 2,896,499,506 | 65% | 1,692,871,126 | 1,172,990,142 | 44% | |
Net Change in Reserve for Un-Earned Contribution (Premium) | (530,946,920) | (248,912,546) | -113% | (151,578,722) | (57,691,860) | -163% | |
Net Earned Contribution (Premium) | 4,251,870,901 | 2,647,586,960 | 61% | 1,541,292,403 | 1,115,298,283 | 38% | |
Other Revenue | |||||||
Income from investments | 464,952,434 | 228,307,675 | 104% | 72,532,019 | 63,872,199 | 14% | |
Other income | 367,531,174 | 126,383,577 | 191% | 209,651,941 | 12,892,700 | 1526% | |
Total Revenue | 7 | 5,084,354,509 | 3,002,278,212 | 69% | 1,823,476,364 | 1,192,063,182 | 53% |
Benefits, Losses and Expenses | |||||||
Takaful (Insurance) claims and benefits | (2,496,850,176) | (1,284,608,356) | -94% | (900,461,865) | (586,464,632) | -54% | |
Acquisition Cost (net of reinsurance commission) | (382,198,525) | (295,541,474) | -29% | (139,923,718) | (96,601,964) | -45% | |
Change in Family Takaful Contract Liability | (192,864,883) | (141,292,479) | -37% | - | - | - | |
Other Operating and Administration Expenses | (1,295,435,774) | (945,694,008) | -37% | (598,693,507) | (459,403,724) | -30% | |
Depreciation | (51,359,187) | (37,486,186) | -37% | (14,481,975) | (15,189,160) | 5% | |
Total Claims, Benefits and Expenses | (4,418,708,546) | (2,704,622,504) | -63% | (1,653,561,064) | (1,157,659,480) | -43% | |
Profit from Operations | 665,645,963 | 297,655,708 | 124% | 169,915,299 | 34,403,702 | 394% | |
Finance cost | (48,359,304) | (31,501,898) | -54% | (39,634,605) | (27,017,859) | -47% | |
Profit / (Loss) Before Taxation | 10 | 617,286,658 | 266,153,811 | 132% | 130,280,694 | 7,385,843 | 1664% |
Income Tax Expenses | 12 | (63,817,567) | (41,017,565) | -56% | - | - | - |
Net Profit / (Loss) for the Period | 553,469,092 | 225,136,246 | 146% | 130,280,694 | 7,385,843 | 1664% | |
Attributable to: | Rs | Rs | |||||
Equity holders of the parent | 368,807,255 | 120,849,627 | |||||
Non-Controlling Interest | 184,661,836 | 104,286,618 | |||||
553,469,092 | 225,136,246 | ||||||
Rs | Rs | Rs | Rs | ||||
Basic, Diluted Earnings Per Share | 2.05 | 0.67 | 205% | 0.72 | 0.04 | 1664% | |
Dividend per share | |||||||
Interim dividend paid per share | - | - | - | - | - | - | |
Final proposed dividend per share | - | - | - | - | - | - | |
- | - | - | - | - | - | ||
OTHER COMPREHENSIVE INCOME | |||||||
Group | Company | ||||||
Unaudited | Unaudited | Unaudited | Unaudited | ||||
FOR THE PERIOD ENDED 30 SEPTEMBER | 2022 | 2021 | Change | 2022 | 2021 | Change | |
Rs. | Rs. | % | Rs. | Rs. | % | ||
Profit / (Loss) for the period | 553,469,092 | 225,136,246 | 146% | 130,280,694 | 7,385,843 | 1664% | |
Change in Fair Value of Available for Sale Financial Assets | 201,198,670 | (57,762,506) | 448% | 3,124,438 | - | 100% | |
Fair Value of Available for Sale Financial Assets Transferred to Policyholder's | 3,331,078 | 1,909,844 | 74% | - | - | ||
Reserve | - | ||||||
Foreign Currency Translation Differences for Foreign Operations | 1,211,443,146 | 88,215,255 | 1273% | - | - | - | |
1,969,441,986 | 257,498,838 | 665% | 133,405,132 | 7,385,843 | 1706% | ||
Total Comprehensive Income for the period | 1,969,441,986 | 257,498,838 | 665% | 133,405,132 | 7,385,843 | 1706% | |
Attributable to; | |||||||
Equity holders of the parent | 1,149,907,728 | 139,170,441 | |||||
Non-Controlling Interest | 819,534,257 | 118,328,397 | |||||
1,969,441,986 | 257,498,838 |
Amana Takaful PLC | |
2 | Interim Report 30 September 2022 |
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Group | Company | |||||
Unaudited | Unaudited | Unaudited | Unaudited | |||
FOR THE QUARTER ENDED 30 SEPTEMBER | 2022 | 2021 | Change | 2022 | 2021 | Change |
Rs. | Rs. | % | Rs. | Rs. | % | |
Gross Written Contribution (Premium) | 2,106,265,120 | 1,124,856,761 | 87% | 939,957,555 | 618,909,057 | 52% |
Retakaful Contribution (Reinsurance Premium) | (464,286,403) | (272,428,009) | -70% | (334,773,336) | (198,815,730) | -68% |
Net Written Contribution (Premium) | 1,641,978,717 | 852,428,751 | 93% | 605,184,218 | 420,093,327 | 44% |
Net Change in Reserve for Un-Earned Contribution (Premium) | (104,071,954) | 31,551,277 | -430% | (33,090,074) | (17,132,332) | -93% |
Net Earned Contribution (Premium) | 1,537,906,763 | 883,980,028 | 74% | 572,094,144 | 402,960,995 | 42% |
Other Revenue | ||||||
Income from investments | 209,611,426 | 82,337,244 | 155% | 43,235,150 | 35,698,345 | 21% |
Other income | 79,426,148 | 48,820,672 | 63% | 31,590,052 | 2,287,383 | 1281% |
Total Revenue | 1,826,944,337 | 1,015,137,944 | 80% | 646,919,347 | 440,946,724 | 47% |
Benefits, Losses and Expenses | ||||||
Takaful (Insurance) claims and benefits | (1,016,935,674) | (473,977,956) | -115% | (354,371,904) | (208,011,845) | -70% |
Acquisition Cost (net of reinsurance commission) | (135,615,005) | (120,899,432) | -12% | (48,303,665) | (35,027,225) | -38% |
Change in Family Takaful Contract Liability | (109,732,037) | (44,754,649) | -145% | - | - | - |
Other Operating and Administration Expenses | (456,617,724) | (286,128,333) | -60% | (212,455,046) | (162,820,797) | -30% |
Depreciation | (33,317,875) | (14,244,969) | -134% | (4,827,325) | (5,384,438) | 10% |
Total Claims, Benefits and Expenses | (1,752,218,316) | (940,005,339) | -86% | (619,957,941) | (411,244,305) | -51% |
Profit / (Loss) from Operations | 74,726,021 | 75,132,604 | -1% | 26,961,406 | 29,702,419 | 9% |
Finance cost | (16,602,824) | (11,000,074) | -51% | (13,265,329) | (9,838,563) | -35% |
Profit / (Loss) Before Taxation | 58,123,197 | 64,132,530 | -9% | 13,696,077 | 19,863,856 | -31% |
Income Tax Expenses | (5,242,576) | (2,949,210) | -78% | - | - | - |
Net Profit / (Loss) for the Period | 52,880,620 | 61,183,320 | -14% | 13,696,077 | 19,863,856 | -31% |
Attributable to: | Rs | Rs | ||||
Equity holders of the parent | 38,138,707 | 39,617,315 | ||||
Non-Controlling Interest | 14,741,915 | 21,566,006 | ||||
52,880,620 | 61,183,320 | |||||
Rs | Rs | Rs | Rs | |||
Basic, Diluted Earnings Per Share | 0.21 | 0.22 | -4% | 0.08 | 0.11 | -31% |
Dividend per share | ||||||
Interim dividend paid per share | - | - | - | - | - | - |
Final proposed dividend per share | - | - | - | - | - | - |
- | - | - | - | - | - | |
OTHER COMPREHENSIVE INCOME | ||||||
Group | Company | |||||
Unaudited | Unaudited | Unaudited | Unaudited | |||
FOR THE QUARTER ENDED 30 SEPTEMBER | 2022 | 2021 | Change | 2022 | 2021 | Change |
Rs. | Rs. | % | Rs. | Rs. | % | |
Other Comprehensive Income | ||||||
Profit/(Loss) for the period | 52,880,620 | 61,183,320 | -14% | 13,696,077 | 19,863,856 | -31% |
Change in Fair Value of Available for Sale Financial Assets | 114,147,578 | (72,126,375) | 258% | 1,636,195 | - | 100% |
Fair Value of Available for Sale Financial Assets Transferred to | 4,428,697 | 1,221,756 | 262% | - | - | - |
Policyholder's Reserve | ||||||
Defined Benefit Plan Actuarial Losses | - | - | - | - | - | - |
Foreign Currency Translation Differences for Foreign Operations | 5,352,465 | 12,298,844 | -56% | - | - | - |
Total Comprehensive Income / (Loss) for the period | 176,809,360 | 2,577,546 | 6760% | 15,332,272 | 19,863,856 | -23% |
Attributable to; | ||||||
Equity holders of the parent | 108,244,834 | 7,717,678 | ||||
Non-Controlling Interest | 68,564,526 | (5,140,132) | ||||
176,809,360 | 2,577,546 |
3 | Amana Takaful PLC |
Interim Report 30 September 2022 |
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER
Other Reserves | Revenue Reserves | ||||||||
Stated Capital | Revaluation | Translation | Available For | Policy Holder's | Accumulated | Non Controlling | Total Equity | ||
Reserve | Reserve | Sale Reserve | Rserve | Losses | Interest | ||||
(Rs) | (Rs) | (Rs) | (Rs) | (Rs) | (Rs) | (Rs) | (Rs) | ||
Balance as at 1st January 2021 | 1,860,001,339 | 30,806,332 | 122,390,856 | 90,580,572 | 6,616,125 | (585,147,004) | 570,498,888 | 2,095,747,108 | |
Net Profit for the period | - | - | - | - | - | 120,849,627 | 104,286,618 | 225,136,245 | |
Other Comprehensive Income | |||||||||
Net Change in Fair Value of Available for Sale Financial Assets | - | - | - | (31,769,379) | - | - | (25,993,128) | (57,762,506) | |
Net Change in Fair Value of Available-for-Sale Financial Assets Transferred (to)/ from Policyholders | |||||||||
Reserve | - | - | - | - | 1,571,802 | - | 338,042 | 1,909,844 | |
Foreign Currency Translation Difference | - | - | 48,518,390 | - | - | - | 39,696,865 | 88,215,255 | |
Total Comprehensive Income | - | - | 48,518,390 | (31,769,379) | 1,571,802 | 120,849,627 | 118,328,397 | 257,498,837 | |
Dividend Distributed | (11,698,299) | (11,698,299) | |||||||
Balance as at 30th September 2021 | 1,860,001,339 | 30,806,332 | 170,909,246 | 58,811,194 | 8,187,927 | (464,297,377) | 677,128,986 | 2,341,547,646 | |
Net Profit for the period | - | - | - | - | - | 43,717,260 | 7,303,060 | 51,020,320 | |
Net Change in Fair Value of Property,plant & equipment | - | 14,645,575 | - | - | - | - | - | 14,645,575 | |
Foreign Currency Translation Difference | - | - | (1,369,363) | - | - | - | (1,120,388) | (2,489,750) | |
Net Change in Fair Value of Available-for-Sale Financial Assets Transferred (to)/ from Policyholders Reserve | - | - | - | - | 2,871,681 | - | 617,603 | 3,489,284 | |
Net Change in Fair Value of Available for Sale Financial Assets | - | - | - | 9,170,567 | - | - | 6,357,234 | 15,527,802 | |
Defined Benefit Plan Actuarial Losses | - | - | - | - | - | (20,123,643) | (14,911) | (20,138,554) | |
Total Comprehensive Income | - | 14,645,575 | (1,369,363) | 9,170,567 | 2,871,681 | 23,593,617 | 13,142,600 | 62,054,677 | |
Transfer of revaluation surplus to retained earnings, at the disposal | - | (27,593) | - | - | - | 27,593 | - | - | |
Dividend Distributed | - | - | - | - | - | - | (12,952,938) | (12,952,938) | |
Total Changes in Ownership Interests | - | (27,593) | - | - | - | 27,593 | (12,952,938) | (12,952,938) | |
Balance as at 31st December 2021 | 1,860,001,339 | 45,424,314 | 169,539,884 | 67,981,761 | 11,059,608 | (440,676,168) | 677,318,647 | 2,390,649,385 | |
Net Profit for the period | - | - | - | - | - | 368,807,255 | 184,661,836 | 553,469,092 | |
Net Change in Fair Value of Available for Sale Financial Assets | - | - | - | 110,659,269 | - | - | 90,539,402 | 201,198,670 | |
Net Change in Fair Value of Available-for-Sale Financial Assets Transferred (to)/ from Policyholders Reserve | - | - | - | - | 2,741,477 | - | 589,601 | 3,331,078 | |
Foreign Currency Translation Difference | - | - | 666,293,730 | - | - | - | 545,149,416 | 1,211,443,146 | |
Total Comprehensive Income | - | - | 666,293,730 | 110,659,269 | 2,741,477 | 368,807,255 | 820,940,332 | 1,969,442,064 | |
Dividend Distributed | - | - | - | - | - | - | (11,863,636) | (11,863,636) | |
Total changes in ownership interests | - | - | - | - | - | - | (11,863,636) | (11,863,636) | |
Balance as at 30th September 2022 | 1,860,001,339 | 45,424,314 | 835,833,614 | 178,641,029 | 13,801,085 | (71,868,912) | 1,486,395,343 | 4,348,227,812 |
Amana Takaful PLC | |
4 | Interim Report 30 September 2022 |
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Amana Takaful plc published this content on 15 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 November 2022 10:50:10 UTC.
