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