| Reasons of increase (decrease) for the quarter compared with same quarter last year |
The Increase in net profit before zakat by SR 3.5 million (66%) can be attributed to increase in investment income (Policy holders & Shareholders combined) by SR 4.6 million in current quarter as compared to same quarter of last year . |
| Reasons of increase (decrease) for the period compared with same period last year |
The Increase in net profit before zakat by SR 14.8 million (53%) can be attributed to improvement in overall claim ratio which improved from 83% in 2015 to 82% in 2016. This improveement is mainly contributed by better claim ratio in Accident and liability , motor and marine segments. In addition, , increase in investment income (Policy holders & Shareholders combined) by SR 9.5 million in current period as compared to corresponding period of last year. |
| Reasons of increase (decrease) for the quarter compared with the previous quarter |
The current quarter decrease in net profit before zakat by SR 2.4 million (22%) can be attributed to the increase in expenses in Q 4 2016 as compared to Q 3 2016. Further, decline in investment income (Policy holders & Shareholders combined) by 16% in current quarter as compared to previous quarter. |
| External auditor's report containing reservation |
Attention is drawn to note 2 of the financial statements: The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and not in accordance with standards issued by the Saudi Organization for Certified Accountants and the Company stresses that there is no material financial impact on the financial statements as a result of preparation, in accordance with IFRS. |
| Other notes |
Earnings Per Share (EPS) is calculated before zakat and reflects the increase in share capital of the Company which was agreed on the Extraordinary General Assembly dated 21-04-1436H corresponding on 10-02-2015. The share capital was increased from SR 200 million to SR 450 million that leads to an increase in number of shares from 20 million to 45 million. Calculations of EPS is based on weighted average number of shares which are 45,000 thousand shares for Twelve month period ended December 31, 2016. Accordingly shares for twelve month period ended December 31, 2015 has also been reclassified and is calculated by dividing net earnings with weighted average number of shares which are 43,712 thousand shares. The total shareholder equity (no minority interest) at current period end is SR 499.549 million versus SR 468.461 million riyals for the same period of 2015 with an increase of 6.6% |
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