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Arabian Shield Cooperative Insurance Co. announces the interim financial results for the period ending on 31-03-2017 (Three Months)

ARABIAN SHIELD 8070 19.69% 21.52 3.54
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat 20,678 7,430 178.3 44,734 -53.78
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 20,254 6,388 217.06 45,055 -55.05
Gross written premiums (GWP) 239,886 270,057 -11.17 156,423 53.36
Net written premiums (NWP) 149,333 158,339 -5.69 104,385 43.06
Net incurred claims 88,982 66,837 33.13 69,536 27.97
Net profit (loss) of policy holders investment 2,107 1,249 68.69 3,491 -39.64
Net profit (loss) of shareholders capital investment 1,378 1,021 34.97 1,720 -19.88
Earning or loss per share, Riyals 1.03 0.37 - - -
All figures are in (Thousands) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year The Increase in the Net Profit before Zakat is due to the increase in the net earned premiums by 51%, increase in investment income by 54%, increase in earned commission income by 23%, negatively impacted by the increase in operating and administrative expenses by 48% due to increase in provision for bad debts, the increase in the net incurred claims by 33% and increase in other underwriting costs by 64%.
Reasons of increase (decrease) for the quarter compared with the previous quarter The decrease in the Net Profit before Zakat is due mainly to the increase in net incurred claims by 28%, significant increase in operating and administrative expenses by 199% due to the reversal of provision for bad debts in previous quarter, decrease in investment income by 33%, decrease in earned commission income by 6% and positively affected by the increase in net earned premium by 2% and decrease in other underwriting costs by 1%.
External auditor's report containing reservation The auditors' report draws attention to the fact that the Company have prepared the interim financial statements in accordance with International Financial Reporting Standards (IFRS) incorporating International Accounting Standard (IAS) 34 and not in accordance with the Standard on Interim Financial Reporting issued by SOCPA. The Company assures that there are no material differences or substantial impact on the interim financial statements as a result of preparation, according to the international standards over the accounting standards issued by SOCPA.
Other notes Net Income after Zakat for the current quarter was SR 17,324 thousand compared to SR 5,264 thousand for the equivalent quarter from the previous year, increased by 229%

Total Comprehensive Income for the current quarter is SR 18,971 thousand compared to SR 5,264 thousand in the equivalent quarter from the previous year, increased by 260%.

Retained earnings by the end of current quarter was SR 97,454 thousand

Total Shareholders Equity by end of the current period SR 329,134 thousand compared to SR 284,919 thousand for the equivalent period from the previous year, increased by 15.5% (No minority interest)

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