Gulf General Cooperative Insurance Co. announces the interim financial results for the period ending on 31-03-2018 (Three Months)

10 May 2018 03:05 PM

GULF GENERAL 8260 0.28% 7.20 0.02

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss) before Zakat	36	-324	-	7,493	-99.52
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)	-2,492	-694	-259.08	7,312	-
Gross written premiums (GWP)	94,446	81,691	15.61	32,171	193.57
Net written premiums (NWP)	46,857	39,843	17.6	14,367	226.14
Net incurred claims	14,392	13,847	3.94	8,084	78.03
Net profit (loss) of policy holders investment	249	552	-54.89	374	-33.42
Net profit (loss) of shareholders capital investment	3,195	345	826.09	1,235	158.7
Earning or loss per share, Riyals	0	-0.02	-	-	-
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 for increase in net profit by 111% due to increase in Net Written Premium by 18% and Shareholders Invesment Income Increase by 826% during the first quarter compared with the same quarter of the previous year.
Reasons of increase (decrease) for the period compared with same period last year	The reason for increase in net profit by 111% due to increase in net written premium by 18% and Shareholders investment income increase by 826% during the current period compared to the same period of last year.
Reasons of increase (decrease) for the quarter compared with the previous quarter	The reason for decrease in net profit by 99.5% due to a increase in Net Claims Incurred by 78% compared to previous quarter.
Reclassifications in quarterly financial results	The comparative figures for the previous year period have been reclassified, where necessary, in order to conform to the current period presentation.
Other notes	The comprehensive income for the current quarter is SR 36 thousand compared to the same quarter of the previous year is SR (324) thousand an increase in net profit by 111%. The total income for the current quarter reached SR 36 thousand compared to fourth quarter of the previous year SR 7,493 thousand decrease by SR 7,457 thousand. The comprehensive income for the current period reached SR 36 thousand Compared to last year SR (324) thousand, an increase in profit by 111% during the current period compared to the same period of last year. Total shareholders' equity for the current period (no minority rights) amounted to SR 197,762 thousand, compared as of year ended December 2017 SR 198,920 thousand, decrease by 0.48%. Earnings per share is calculated before Zakat.

Comments