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Saudi Enaya Cooperative Insurance Co. announces the interim financial results for the period ending on 31-12-2017 (Twelve Months)

ENAYA 8311 -0.37% 10.90 -0.04
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat -4,729 -4,481 -5.53 728 -
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) -4,837 -5,550 12.85 433 -
Gross written premiums (GWP) 100,154 39,525 153.39 59,427 68.53
Net written premiums (NWP) 95,364 43,595 118.75 59,671 59.82
Net incurred claims 48,067 9,431 409.67 31,013 54.99
Net profit (loss) of shareholders capital investment 507 1,856 -72.68 700 -27.57
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) before Zakat -14,032 -25,823 45.66
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) -15,964 -28,627 44.23
Gross written premiums (GWP) 274,822 128,825 113.33
Net written premiums (NWP) 268,143 97,026 176.36
Net incurred claims 119,152 33,888 251.61
Net profit (loss) of shareholders capital investment 3,195 4,962 -35.61
Earning or loss per share, Riyals -0.7 -1.29 -
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 loss for Q4 2017 amounting to SR 4,729K, compared to a net loss of SR 4,481K in Q4 2016, increased by SR 248K representing an increase of 6%. The gross written premiums in Q4 2017 increased by SR60,629K representing percentage of 153%, compared to same quarter last year but the result were negatively effected by an increase of SR 38,636K in net claims incurred representing an increase of 409.7% in Q4 2017 on comparison to Q4 2016. Furthermore, the investment income decreased by SR 1,349K representing a decrease of 73%.
Reasons of increase (decrease) for the period compared with same period last year The net loss for twelve months ended 31 Dec 2017 amounting to SR 14,032K, compared to a net loss of SR 25,824K for same period of 2016, improved by SR 11,792K representing an improvement of 46%. The improvement in results is primarily due to growth in gross written premiums in 2017 amounting to SR145,997K representing percentage of 113%, compared to same period last year. Furthermore, the net earned premiums improved by SR 112,685K representing an increase of 181% on comparison with last year.
Reasons of increase (decrease) for the quarter compared with the previous quarter The net loss for Q4 2017 amounting to SR 4,729K, compared to a net profit of SR 728K in Q3 2017, increased by SR 5,457K representing an increase of 750%. The gross written premiums in Q4 2017 increased by SR40,727K representing percentage of 68%, compared to previous quarter but the results were negatively effected by an increase of SR17,054 in net claims incurred representing an increase of 55% in Q4 2017 on comparison to Q3 2017. Furthermore, the investment income decreased by SR193K representing a decrease of 28%.
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 (Interim Financial Reporting) (IAS 34)as modified by SAMA for the accounting of Zakat and Income Tax.
Other notes 1. Total comprehensive loss for the current quarter is SR 4,729 K compared to net loss of SR 4,481 K for the same quarter last year, an increase of 6% and compared to net profit of SR 728 K in previous quarter, an increase of 750%. 2. Total comprehensive loss for the current 12 month period is SR 14,032 K compared to net loss of SR 25,824 K for the same period last year, an improvement of 46%. 3. Total shareholders' equity (there is no minority interest) for the current period reached SAR 155,415 K compared to SAR 171,747 K for the same period last year, a decrease of 9.5%. 4. Total accumulated losses amounting to SR 44,585 K, representing 22.29% of capital. The reason to the losses is mainly due to the losses generated from operations. The Company announces that it will implement the procedures and instructions issued by the Capital Market Authority related to listed companies, the accumulated losses of which have amounted to 20% or more and less than 35% of its paid-up Capital, as per the Capital Market Authority Boards resolution no. 1-130-2016 dated 23/01/1438H corresponding to 24/10/2016.

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