Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)
-1,022
16,545
-
20,127
-
Gross written premiums (GWP)
42,580
68,902
-38.2
36,994
15.1
Net written premiums (NWP)
30,631
60,315
-49.21
30,096
1.78
Net incurred claims
9,022
23,426
-61.49
5,674
59.01
Net profit (loss) of shareholders capital investment
-2,352
1,750
-
1,588
-
All figures are in (Thousands) Saudi Arabia, Riyals
Element
Current period
Similar period for previous year
% Change
Net profit (loss) before Zakat
40,235
43,561
-7.64
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)
43,398
50,792
-14.56
Gross written premiums (GWP)
136,134
262,447
-48.13
Net written premiums (NWP)
109,507
228,892
-52.16
Net incurred claims
52,661
95,414
-44.81
Net profit (loss) of shareholders capital investment
2,875
-1,786
-
Earning or loss per share, Riyals
1.61
1.74
-
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 deficit during the current quarter as compared to the income in the same quarter of the previous year are due to the decrease in gross written premium and realized loss on shareholders investment.
Reasons of increase (decrease) for the period compared with same period last year
The reason for the decrease in net income during the current period as compared to the same period previous year is due to the decrease in gross written premium.
Reasons of increase (decrease) for the quarter compared with the previous quarter
The reasons for the deficit during the current quarter as compared to the income in the previous quarter are due to the increase in the net incurred claims and realized loss on shareholders investment.
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 (25 Million). The Company have decreased its share capital by offsetting with accumulated losses, as a result the weighted average number of shares same period previous 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 284,456 thousands compared with SAR 246,216 thousands for the same period last year, which is an increase of 15.53%. The retained earnings as at the end of the period is SAR 45,806 thousands which is 18.32% of the paid up capital. The total comprehensive income for the current period is SAR 39,084 thousands, compared to SAR 47,249 thousands for the same period last year which represents a decrease of 17.28%. There is a total comprehensive loss for the current quarter is SAR (3,756) thousand compared to the income SAR 30,205 thousand for the same quarter last year. Also, there is a comprehensive loss for the current quarter SAR (3,756) thousands compared to the income SAR 18,740 thousand in the previous quarter.
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