Solidarity Saudi Takaful Co. announces the interim financial results for the period ending on 30-06-2017 (Six Months)

30 July 2017 04:07 AM

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	12,913	9,474	36.3	10,643	21.33
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	13,906	8,444	64.68	10,386	33.89
Gross written premiums (GWP)	20,607	40,064	-48.56	35,952	-42.68
Net written premiums (NWP)	17,635	31,774	-44.5	31,144	-43.38
Net incurred claims	16,071	24,953	-35.59	21,893	-26.59
Net profit (loss) of shareholders capital investment	1,856	1,978	-6.17	1,782	4.15
All figures are in (Thousands) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss) before Zakat	23,556	12,945	81.97
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	24,293	21,309	14
Gross written premiums (GWP)	56,559	138,070	-59.04
Net written premiums (NWP)	48,779	120,118	-59.39
Net incurred claims	37,964	53,678	-29.27
Net profit (loss) of shareholders capital investment	3,639	-5,996	-
Earning or loss per share, Riyals	0.94	0.52	-
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 income during the current quarter as compared to the same quarter of the previous year are due to the release in Unearned premium, decrease in net incurred claims and decrease in policy acquisition cost.
Reasons of increase (decrease) for the period compared with same period last year	The reason for the increase in net income during the current period (06 months) as compared to the same period in the previous year are due to the release in Unearned premium, decrease in net incurred claims and increase in Shareholder's investments income.
Reasons of increase (decrease) for the quarter compared with the previous quarter	The reasons for the increase in net income during the second quarter in 2017 as compared to the first quarter in 2017 are due to decrease in net incurred claims, decrease in policy acquisition cost and increase in other Income
External auditor's report containing reservation	The external auditors issued their review audit report with emphasis of matter stating that the Company 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 265,083 thousands compared with SAR 218,711 thousands for the same period last year, which is an increase of 21.20%. The retained earnings as at the end of the period is SAR 36,770 thousnds which is 14.71% of the paid up capital. The total comprehansive income for the current period is SAR 20,114 thousands, compared to SAR 16,977 thousands for the same period last year which represents an increase of 18.48%, compared to SAR 9,696 thousands for the previous quarter which represents an increase of 107.45%

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