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Solidarity Saudi Takaful Co. announces the interim financial results for the period ending on 31-03-2018 (Three Months)

SOLIDARITY 8290 -0.70% 14.20 -0.10
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat 1,337 10,643 -87.44 -2,909 -
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 1,819 10,386 -82.49 -1,022 -
Gross written premiums (GWP) 71,777 35,952 99.65 42,580 68.57
Net written premiums (NWP) 65,495 31,144 110.3 30,631 113.82
Net incurred claims 8,365 21,893 -61.79 9,022 -7.28
Net profit (loss) of shareholders capital investment -200 1,782 - -2,352 91.5
Earning or loss per share, Riyals 0.05 0.43 - - -
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 decrease in the net profit during the current quarter as compared to the same quarter of the previous year is due to the negative effect of unearned premium and realized loss in shareholders investment.
Reasons of increase (decrease) for the period compared with same period last year The reasons for the deccrease in the net profit during the current quarter as compared to the same quarter of the previous year is due to the negetive effect of unearned premium and realized loss in shareholders investment.
Reasons of increase (decrease) for the quarter compared with the previous quarter The reason for the income during the current quarter as compared to the deficit for the previous quarter is due to increase in the Gross Written Premium (GWP).
External auditor's report containing reservation The external auditors issued their report stating that these 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.
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 total of shareholder's equity (there are no minority rights) for the current period amounted to SAR 300,105 thousands compared with SAR 254,474 thousands for the same period last year, which is an increase of 18.02%. The retained earnings as at the end of the period is SAR 55,723 thousands which is 22.29% of the paid up capital. The total comprehensive income for the current quarter is SAR 2,137 thousands, compared to SAR 9,697 thousands for the same quarter last year which represents a decrease of 353.77%, compared to loss of SAR (3,756) thousands for the previous quarter.

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