Mubasher TV
Contact Us Advertising   العربية

Arabian Shield Cooperative Insurance Co. announces the interim financial results for the period ending on 30-06-2017 (Six Months)

ARABIAN SHIELD 8070 -1.96% 17.98 -0.36
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat 22,349 10,071 121.91 20,678 8.08
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 23,851 7,863 203.33 20,254 17.76
Gross written premiums (GWP) 165,349 175,284 -5.67 239,886 -31.07
Net written premiums (NWP) 113,778 116,788 -2.58 149,333 -23.81
Net incurred claims 70,264 65,674 6.99 88,982 -21.04
Net profit (loss) of policy holders investment 1,411 1,889 -25.3 2,107 -33.03
Net profit (loss) of shareholders capital investment 836 1,794 -53.4 1,378 -39.33
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) before Zakat 43,026 17,501 145.85
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 44,105 14,252 209.47
Gross written premiums (GWP) 405,235 445,340 -9.01
Net written premiums (NWP) 263,111 275,128 -4.37
Net incurred claims 159,245 132,511 20.17
Net profit (loss) of policy holders investment 3,518 3,138 12.11
Net profit (loss) of shareholders capital investment 2,214 2,814 -21.32
Earning or loss per share, Riyals 2.15 0.88 -
All figures are in (Thousands) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year Is due to the increase in the net earned premiums by 32%, increase in earned commission income by 1%, negatively impacted by the decrease in investment income by 39%, increase in operating and administrative expenses by 31%, increase in net incurred claims by 7% and increase in other underwriting costs by 33%.
Reasons of increase (decrease) for the period compared with same period last year Is due to the increase in the net earned premiums by 41%, increase in earned commission income by 11%, negatively impacted by the decrease in investment income by 4%, increase in operating and administrative expenses by 38%, increase in net incurred claims by 20% and increase in other underwriting costs by 47%.
Reasons of increase (decrease) for the quarter compared with the previous quarter Is due mainly to the decrease in net incurred claims by 21%, decrease in other underwriting costs by 3%, negatively impacted by the increase in operating and administrative expenses by 19%, decrease in investment income by 36%, decrease in earned commission income by 3%, decrease in net earned premium by 4%.
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)

Comments