Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)
14,429
22,160
-34.89
8,678
66.27
Gross written premiums (GWP)
78,202
61,678
26.79
151,601
-48.42
Net written premiums (NWP)
33,793
30,375
11.25
87,660
-61.45
Net incurred claims
51,609
25,376
103.38
48,978
5.37
Net profit (loss) of shareholders capital investment
543
548
-0.91
703
-22.76
All figures are in (Thousands) Saudi Arabia, Riyals
Element
Current period
Similar period for previous year
% Change
Net profit (loss) before Zakat
44,708
38,745
15.39
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)
50,545
44,547
13.46
Gross written premiums (GWP)
578,701
507,708
13.98
Net written premiums (NWP)
301,324
253,622
18.81
Net incurred claims
190,558
158,872
19.94
Net profit (loss) of shareholders capital investment
3,032
1,340
126.27
Earning or loss per share, Riyals
2.24
2.17
-
All figures are in (Thousands) Saudi Arabia, Riyals
Element
EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year
The decrease in the company net profit in the fourth quarter of 2017 as compared to the profit in the fourth quarter of 2016 was due to an increase in net claims incurred by SAR 26,233 thousand
Reasons of increase (decrease) for the period compared with same period last year
The increase in the company net profit for the twelve months of 2017 as compared to the previous period of 2016 was due to an increase in net earned premiums by SAR 39,177 thousand
Reasons of increase (decrease) for the quarter compared with the previous quarter
The increase in the company net profit in the fourth quarter of 2017 as compared to the profit in the third quarter of 2017 was due to the decrease in the General and Administration Expenses by SAR 2,566 thousand and to the increase in net earned premiums by SAR 2,649 thousand
Other notes
Earnings per share after zakat and income tax for the 12 months period of 2016 has been computed by using 17,857,000 share which were the weighted average number of shares outstanding as at 31/12/2016 restated for the comparative purpose based on the rights issue approved by General Assembly on 31 July 2016. The total of shareholders equity (there are no minority rights) for the current period amounted to SAR 225,359 thousand compared with SAR 185,351 thousand for the same period last year which represents an increase of 21% The total comprehensive income for the current period is SAR 44,708 thousand compared to SAR 38,745 thousand for the same period last year which represents an increase of 15% and as compared to SAR 31,590 thousand to the previous period of 2017 which represents an increase of 41% Net profit for the fourth quarter before zakat and income tax amounted to SAR 13,118 thousand as compared to a net profit of SAR 20,134 thousand in the fourth quarter of 2016 representing a decrease of 35% and compared to a net profit before zakat and income tax for the third quarter of 2017 of SAR 8,201 thousand representing an increase of 60%. The provision of Zakat and Income Tax in the 2016 Financial Statements was shown as SAR 4,276 thousand. This amount has been shown in the current Financial Statements as provision for Zakat of SAR 2,355 thousand and provision for Income Tax of SAR 1,921 thousand to conform to the current year presentation.
Comments