Salama Cooperative Insurance Co. announces the interim financial results for the period ending on 31-03-2018 (Three Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) before Zakat | 7,288 | 14,177 | -48.59 | 15,151 | -51.9 |
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) | 3,176 | 13,103 | -75.76 | 14,669 | -78.35 |
| Gross written premiums (GWP) | 246,229 | 227,878 | 8.05 | 161,860 | 52.12 |
| Net written premiums (NWP) | 234,837 | 217,757 | 7.84 | 152,288 | 54.21 |
| Net incurred claims | 136,132 | 104,749 | 29.96 | 136,730 | -0.44 |
| Net profit (loss) of policy holders investment | 794 | 2,207 | -64.02 | 1,408 | -43.61 |
| Net profit (loss) of shareholders capital investment | 4,118 | 744 | 453.49 | 804 | 412.19 |
| Earning or loss per share, Riyals | 0.29 | 0.57 | - | - | - |
| 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 decrease in net profit in current quarter compared to same quarter previous year is due to increase in net claims incurred by 30% and increase in general and administration expenses by 48% partly offset by increase in net earned premium by 19% and increase in net profit from shareholders' capital investment by 453%. |
| Reasons of increase (decrease) for the quarter compared with the previous quarter | The reason for decrease in net profit in current quarter compared to previous quarter is due to decrease in net earned premium by 4% and increase in general and administration expenses and allowance for doubtful debts in aggregate by 55%. |
| Other notes | 1. Total comprehensive income for the current quarter is SR 7,288 thousand compared to SR 14,177 thousand for the same quarter last year, a decrease of 48.6% and compared to SR 15,151 thousand in previous quarter, a decrease of 51.9%. 2. The retained earnings as at the end of 31/03/2018 is SR 6,422 thousands which is 2.6% of the paid up capital. 3. Total shareholders' equity (there is no minority interest) for the current period reached SAR 258,156 thousand compared to SAR 206,103 thousand for the same period last year, an increase of 25%. |
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