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Salama Cooperative Insurance Co. announces the interim financial results for the period ending on 30-09-2017 (Nine Months)

SALAMA 8050 -1.29% 34.30 -0.45
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat 22,028 8,737 152.12 16,159 36.32
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 21,836 9,481 130.31 14,504 50.55
Gross written premiums (GWP) 158,984 132,050 20.4 201,968 -21.28
Net written premiums (NWP) 148,361 124,807 18.87 194,419 -23.69
Net incurred claims 127,708 82,863 54.12 128,700 -0.77
Net profit (loss) of policy holders investment 2,026 1,421 42.58 1,753 15.57
Net profit (loss) of shareholders capital investment 796 -1,053 - 2,274 -65
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) before Zakat 52,364 14,266 267.05
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 49,443 13,396 269.09
Gross written premiums (GWP) 588,831 415,255 41.8
Net written premiums (NWP) 560,538 394,310 42.16
Net incurred claims 361,158 238,478 51.44
Net profit (loss) of policy holders investment 5,986 3,386 76.79
Net profit (loss) of shareholders capital investment 3,813 -383 -
Earning or loss per share, Riyals 2.09 0.57 -
All figures are in (Thousands) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year The reason for increase in net profit in current quarter compared to same quarter previous year is due to increase in net earned premium by 60% partly offset by increase in net claims incurred by 54% and increase in general and administration expenses by 30%.
Reasons of increase (decrease) for the period compared with same period last year The reason for increase in profit in current period compared to same period previous year is due to increase in net earned premium by 61% and increase in total investment income from policyholder and shareholders' fund by 226% partly offset by increase in net claims incurred by 51% and increase in operating and general and administration expenses and provision for doubtful debts in aggregate by 45%.
Reasons of increase (decrease) for the quarter compared with the previous quarter The reason for increase in net profit in current quarter compared to previous quarter is due to increase in net earned premium by 8% partly offset by increase in provision for doubtful debts by 113%.
Other notes 1. Total comprehensive income for the current quarter is SR 22,028 thousand compared to SR 8,737 thousand for the same quarter last year, an increase of 152% and compared to SR 16,159 thousand in previous quarter, an increase of 36%.

2. Total comprehensive income for the current 9 month period is SR 52,364 thousand compared to SR 14,266 thousand for the same period last year, an increase of 267%.

3. The accumulated losses as at the end of 30/09/2017 is SR 8,210 thousands which is 3.3% of the paid up capital.

4. Total shareholders' equity (there is no minority interest) for the current period reached SAR 241,790 thousand compared to SAR 182,388 thousand for the same period last year, an increase of 33%.

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