Saudi Enaya Cooperative Insurance Co. announces the interim financial results for the period ending on 30-09-2017 (Nine Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) before Zakat | 728 | -6,263 | - | -3,475 | - |
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) | 433 | -7,582 | - | -4,356 | - |
| Gross written premiums (GWP) | 59,427 | 21,373 | 178.05 | 66,246 | -10.29 |
| Net written premiums (NWP) | 59,671 | 12,822 | 365.38 | 65,301 | -8.62 |
| Net incurred claims | 31,013 | 6,356 | 387.93 | 20,452 | 51.64 |
| Net profit (loss) of shareholders capital investment | 700 | 1,652 | -57.63 | 1,166 | -39.97 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) before Zakat | -9,303 | -21,343 | 56.41 |
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) | -11,127 | -23,078 | 51.79 |
| Gross written premiums (GWP) | 174,668 | 89,300 | 95.6 |
| Net written premiums (NWP) | 172,779 | 53,431 | 223.37 |
| Net incurred claims | 71,085 | 24,458 | 190.64 |
| Net profit (loss) of shareholders capital investment | 2,688 | 3,106 | -13.46 |
| Earning or loss per share, Riyals | -0.47 | -1.07 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for the quarter compared with same quarter last year | The net profit for Q3 2017 amounting to SR 728K, compared to a net loss of SR 6,263K in Q3 2016, improved by SR 6,991K representing an improvement of 112%. This improvement in results is primarily due to growth in gross written premiums by SR 38,054K representing an increase of 178% and an increase in net earned premiums by SR 38,157K representing an increase of 270%. |
| Reasons of increase (decrease) for the period compared with same period last year | The net loss for nine months ended 30 Sep 2017 amounting to SR 9,303K, compared to a net loss of SR 21,343K for same period of 2016, improved by SR 12,040K representing an improvement of 56%. This improvement in results is primarily due to growth in gross written premiums by SR 85,368K representing an increase of 96% and an increase in net earned premiums by SR 73,758K representing an increase of 176%. |
| Reasons of increase (decrease) for the quarter compared with the previous quarter | The net profit for Q3 2017 amounting to SR 728K, compared to a net loss of SR 3,475K for Q2 2017, improved by SR 4,203K representing an improvement of 121%. This improvement in results is primarily due to growth in net earned premiums by SR 18,664K representing an increase of 56% versus Q2 2017. |
| External auditor's report containing reservation | The joint auditors interim review report on the interim condensed financial statements mentions that the interim condensed financial statements have been prepared in accordance with International Accounting Standard 34 and SAMA guidance on accounting for zakat and tax. |
| Other notes | 1.Total comprehensive income for current quarter is SR 728K compared to total comprehensive loss of SR 6,263K for the same quarter last year, and compared to total comprehensive loss of SR 3,475K for the previous quarter. 2.Total comprehensive loss for the current 9 month period is SR 9,303K compared to SR 21,343K for the same period last year, an improvement of 56%. 3.The accumulated losses as at the end of 30/09/2017 are SR 39,456K which is 19.7% of the paid up capital. 4.Total shareholders' equity (there is no minority interest) for the current period reached SAR 160,544K compared to SAR 176,628K for the same period last year, a decrease of 9%. The equity in Q2 2017 had reached SAR 160,416K which represents an increase of 0.08% compared to Q3 2017. 5.Earning per share (EPS) for the three months period ended 30 September 2017 of SR 0.04 per share versus SR (0.31) per share for the same period in 2016. EPS for current period is SR (0.47) per share versus SR (1.07) per share for same period last year. |
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