Solidarity Saudi Takaful Co. announces the interim financial results for the period ending on 31-03-2017 (Three Months)

11 May 2017 03:42 PM

SOLIDARITY 8290 -0.70% 14.20 -0.10

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss) before Zakat	10,643	3,470	206.71	16,532	-35.62
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	10,386	11,578	-10.3	16,545	-37.23
Gross written premiums (GWP)	35,952	98,005	-63.32	68,902	-47.82
Net written premiums (NWP)	31,144	88,343	-64.75	60,315	-48.36
Net incurred claims	21,893	28,724	-23.78	23,426	-6.54
Net profit (loss) of shareholders capital investment	1,782	-7,974	-	1,750	1.83
Earning or loss per share, Riyals	0.43	0.14	-	-	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year	The reasons for the increase in the net profit during the current quarter as compared to the same quarter of the previous year are due to the release of unearned premium and decrease in net incurred claims.
Reasons of increase (decrease) for the quarter compared with the previous quarter	The reason for the decrease in the net income during the first quarter in 2017 as compared to the fourth quarter in 2016 is due to decrease in Gross Written Premium (GWP).
External auditor's report containing reservation	The external auditors issued their report with emphasis of matter stating that These interim condensed financial statements are prepared in accordance with international accounting standard 34- interim financial reporting (IAS34) and accounting standards issued for Financial Institutions by Saudi Arabian Monetary Authority (SAMA).
Reclassifications in quarterly financial results	The compared figures of previous period had been reclassified to match with current presentation.
Other notes	Earning per share for the period was calculated based on the income before Zakat. Earning per Share (EPS) for the current period is calculated on weighted average number of shares (25Million). The Company have decreased its share capital by offseting with accumulated losses, as a result the weighted average number of shares same period previos year has been restated to 25 million shares and accordingly income per share is restated. The total of shareholder's equity (there are no minority rights) for the current period amounted to SAR 254,474 thousands compared with SAR 206,231 thousands for the same period last year, which is an increase of 23.39%. The retained earnings as at the end of the period is SAR 23,666 thousnds which is 9.47% of the paid up capital. The total comprehansive income for the current period is SAR 9,696 thousands, compared to SAR 3,404 thousands for the same period last year which represents an increase of 185%, compared to SAR 30,205 thousands for the previous quarter which represents a decrease of 68%

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