Reasons of annual financial results |
The decrease in the net profit for the period compared with the same period of the previous year is due to lower net premium earned, higher policy acquisition costs and lower investment income. This decrease in profit is partly offset by lower net claims incurred, higher reinsurance commission income and lower general and administration expenses. |
Reclassifications in annual financial results |
As per the guidelines issued by SAMA, the split of zakat and income tax charges have been provided in the Statement of Changes in Shareholders Equity. |
Other notes |
The total shareholders' equity (there is no minority equity) for the current period reached SAR 366,865 thousands compared to SAR 330,956 thousands for the same period last year reflecting an increase of 10.85%. The total comprehensive income for the current period is SAR 44,313 thousands compared to SAR 46,944 thousands for the same period last year with a decrease of 5.60%. Total accumulated losses at the end of current period are SAR 32,275 thousands (8.07 % of share capital) compared to accumulated losses of SAR 68,356 thousands (17.09 % of capital) for the same period last year reflecting a decrease of 9.02 percentage points. |
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