Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)
-32,890
9,377
-
-3,446
-854.44
Gross written premiums (GWP)
48,273
96,772
-50.12
99,766
-51.61
Net written premiums (NWP)
13,927
81,796
-82.97
61,749
-77.45
Net incurred claims
76,429
101,005
-24.33
74,076
3.18
Net profit (loss) of policy holders investment
-
1,030
-
-50
-
Net profit (loss) of shareholders capital investment
281
1,167
-75.92
550
-48.91
All figures are in (Thousands) Saudi Arabia, Riyals
Element
Current period
Similar period for previous year
% Change
Net profit (loss) before Zakat
-29,397
59,656
-
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)
-29,813
60,501
-
Gross written premiums (GWP)
499,995
550,807
-9.23
Net written premiums (NWP)
301,010
470,078
-35.97
Net incurred claims
314,931
347,233
-9.3
Net profit (loss) of policy holders investment
424
2,956
-85.66
Net profit (loss) of shareholders capital investment
2,024
4,294
-52.86
Earning or loss per share, Riyals
-2.41
4.88
-
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 of having net losses in current quarter of 2017 compared to the net profit in same quarter of 2016 is due to the decrease in Net Premiums Written by 83% , decrease in Net Premiums Earned by 37.39% and the decrease in total revenue by 43.52%.
Reasons of increase (decrease) for the period compared with same period last year
The reason of having net losses in the current period compared to the same period of 2016 is due to the decrease in Net Premiums Written by 36%, decrease in Net Premiums Earned by 19.38%, decrease in total revenue by 19.9 % and the increase in provision for doubtful debts by 44.38%.
Reasons of increase (decrease) for the quarter compared with the previous quarter
The reason of increase in net losses in the current quarter of 2017 compared to previous quarter is due to the decrease in Net Premiums Written by 77.45 % and the decrease in Net Premiums Earned by 21%.
Reclassifications in quarterly financial results
The comparative figures of previous period have been rearranged / reclassified to match with the current presentation.
Other notes
Basic and diluted earnings per share have been computed by dividing the net income before Zakat and income tax for the relevant periods by the weighed average number of issued outstanding shares. The relevant averages are 12,200,000 for the three and twelve-month period ended Dec 31, 2017 and 12,200,000 for the three and twelve-month period ended Dec 31, 2016. The total comprehensive loss for the current quarter is SAR 33.01 million, compared to total comprehensive income SAR 10.54 million for the same quarter last year, compared to total comprehensive loss SAR 3.71 million for the previous quarter, which is increase of 88.76% and the total comprehansive loss for the period from 01-01-2017 to 31-12-2017 is SAR 29.838 million, compared to total comprehensive income SAR 59.53 million for the same period last year. The total shareholder's equity (there are no minority rights) for the current period amounted to SAR 86.9 million compared with SAR 121.07 million for the same period last year, which is decrease of 28.24%. Total accumulated losses amounting to SAR 34.04 million, representing 27.89% 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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