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Buruj Cooperative Insurance Co. announces the interim financial results for the period ending on 30-06-2018 (Six Months)

BURUJ 8270 -0.42% 19.08 -0.08
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat 16,057,725 27,787,643 -42.21 22,890,628 -29.85
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 13,762,549 24,482,491 -43.79 20,163,627 -31.75
Gross written premiums (GWP) 84,332,454 144,352,404 -41.58 97,996,492 -13.94
Net written premiums (NWP) 69,330,612 133,096,573 -47.91 88,575,435 -21.73
Net incurred claims 43,179,686 62,283,118 -30.67 62,463,244 -30.87
Net profit (loss) of policy holders investment 3,422,947 2,987,165 14.59 3,301,356 3.68
Net profit (loss) of shareholders capital investment 1,322,874 3,796,112 -65.15 2,376,871 -44.34
All figures are in Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) before Zakat 38,948,353 55,789,550 -30.19
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 33,926,176 50,150,147 -32.35
Gross written premiums (GWP) 182,328,946 321,270,428 -43.25
Net written premiums (NWP) 157,906,047 299,512,079 -47.28
Net incurred claims 105,642,930 126,692,994 -16.62
Net profit (loss) of policy holders investment 6,724,303 6,862,356 -2.01
Net profit (loss) of shareholders capital investment 3,699,745 5,666,902 -34.71
Earning or loss per share, Riyals 1.56 2.23 -
All figures are in Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year Decrease in net income is due to decrease in underwriting surplus by 23.5% due to decrease in net earned premiums by 28.9%.
Reasons of increase (decrease) for the period compared with same period last year Decrease in net income is due to decrease in underwriting surplus by 12.2% due to decrease in net earned premiums by 16.2% in addition to the increase in general and administrative expenses and provision for doubtful debts combined by 20.5%.
Reasons of increase (decrease) for the quarter compared with the previous quarter Decrease in net income is due to increase in general and administrative expenses by 13.7% and increase in the provision for doubtful debts by 267.3%.
Other notes (1) Total shareholders’ equity (no minority interest) for the current period reached SAR 424,253,443 compared to SAR 354,692,448 for the same period last year, an increase of 19.6%.
(2) Total comprehensive income for insurance operations for the current quarter is SAR 2,536,946 compared to SAR 2,080,244 for the same quarter last year, an increase of 21.9% and compared to SAR 3,064,517 for the preceding quarter, a decrease of 17.2%. Total comprehensive income for shareholders operations for the current quarter is SAR 14,768,739 compared to SAR 28,850,443 for the same quarter last year, a decrease of 48.8% and compared to SAR 18,739,908 for the preceding quarter, a decrease of 21.2%. Total comprehensive income for insurance operations for the current period is SAR 5,601,463 compared to SAR 838,109 for the same period last year, an increase of 568.3%. Total comprehensive income for shareholders operations for the current period is SAR 33,508,647 compared to SAR 57,586,067 for the same period last year, a decrease of 41.8%.
(3) The external auditors issued an unmodified review report.

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