Reasons of increase (decrease) for the quarter compared with same quarter last year |
The increase in Profit Before Zakat of 527.97% results from a large increase of 435.93% in the policyholder investment income and somewhat offset by a small decrease of 1.87% in the net underwriting surplus of the Company. Shareholder investment income was SAR 17,988 (thousands) compared to a loss of SAR 4,782 (thousands) in the same quarter of the previous year. |
Reasons of increase (decrease) for the period compared with same period last year |
The increase in Profit Before Zakat results from an increase in policyholder investment income of 359.91% and recognition of shareholder investment income of SAR 18,803 (thousands) compared to losses of SAR 6,623 (thousands) for the previous year. In addition, net underwriting surplus increased by 7.11% due to an increase in the Company's underlying business volumes. |
Reasons of increase (decrease) for the quarter compared with the previous quarter |
The increase in Profit Before Zakat is due to an increase in policyholder investment income of 47.44 %, shareholder investment income of SAR 17,988 (thousands) compared to losses of SAR 4,078 (thousands) in Q3 2016 and a decrease of net underwriting surplus by 28.85% |
External auditor's report containing reservation |
We draw attention to the fact that these interim condensed financial statements are prepared in accordance with IAS 34 and not in accordance with the Standard on Interim Financial Reporting issued by SOCPA. The company hereby confirms that there are no material changes in the financial results due to the change of standards. |
Reclassifications in quarterly financial results |
The comparative figures of previous periods have been reclassified to conform with the current presentation format. |
Other notes |
The company's share capital increased from SR 200 million to SR 400 million on 10/03/2015 consequently increasing the number of shares issued from 20 Million to 40 million. The profit per share was calculated after Zakat and income tax, for the current period and previous period per the weighted average number of shares of 36,625, The total shareholder's equity (no minority interest) for the current period is SAR 429,363 thousand, compared to SAR 340,495 thousand for the previous year with an increase of 26.1 % |
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