Reasons of increase (decrease) for the quarter compared with same quarter last year |
The increase in net profit before zakat is mainly driven by the excellent performance of the general lines, which is reflected in an increase of 233.1% in commission earned from reinsurers. Also the increase was influenced by a higher return on investments and lower expenses in the shareholders operations. |
Reasons of increase (decrease) for the period compared with same period last year |
The increase in net profit before Zakat is mainly driven by the company focus on profitable growth, which is demonstrated in an increase of 138.2Mn in net earned premium compared to an increase of 122.3Mn in net incurred claims. This profitable growth was mainly driven by the motor business where gross written premiums increased by 43.2%, and operating results increased by 133.5%. The excellent performance in other general lines also contributed in the presented results and was demonstrated in the increase of 47% in commission earned from the reinsurers. Also the results were influenced by a higher return on investments and lower expenses in shareholders activities. |
Reasons of increase (decrease) for the quarter compared with the previous quarter |
The increase in net profit before zakat is mainly due to the excellent performance of the general lines, and reflected in the profit sharing assessment done at year end which has resulted in increasing the commission earned by 177.9%. |
External auditor's report containing reservation |
It was mentioned in the external auditors review report that the company prepared the interim financial statements in accordance with the International Accounting Standard on interim financial reporting (IAS 34) and not in accordance with the Standard on Interim Financial Reporting issued by SOCPA. |
Reclassifications in quarterly financial results |
Certain figures for the comparative period have been reclassified to conform with the presentation of the current period. |
Other notes |
EPS is calculated based on net profit before Zakat. Shareholders Equity, No Minority Interest, reached SR 251,104,359 as at 31/12/2017 compared to SR 221,354,286 as at 31/12/2016 with an increase of 13.4% due to profit achieved during the current period which resulted in moving our retained earning to the positive side reaching SR 19,902,207 compared to accumulated losses SR 448,379 as at 31/12/2016. On another note total comprehensive income for current quarter is SAR 10,489,639 compared to SAR 2,927,799 for same quarter last year, an increase of 258%, and compared to SAR 8,210,777 for previous quarter, an increase of 27.8 %. Also total comprehensive income for the current period is SAR 37,334,069 compared to SAR 25,794,093 for same period last year an increase of 44.7 %. |
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