| Reasons of increase (decrease) for the quarter compared with same quarter last year |
The reason for decrease in net profit before zakat during the second quarter in 2018 compared to the profit for the same quarter in previous year was due to a increase in net claims incurred by 32% and an increase in general and administration expenses by 8% also an increase in provision for doubtful debts by 75%, also decrease in policy holders investment income by 38%, a decrease in commission income by 2%, the decrease in other underwriting income by 27% an increase in inspection and supervision fees by71% and decrease in other income by 196%, despite increase in net earned premiums by 15%, the increase in shareholders capital investment income by 74%. |
| Reasons of increase (decrease) for the period compared with same period last year |
The reason for decrease in net profit before zakat during the six-month period compared to the profit for the same period last year was due to an increase in general and administration expenses by 5%, and decrease in other income by 63% and an increase in net claims incurred by 25% decrease in other underwriting income by 15%. And increase in inspection and supervision fees by29%, despite increase in net earned premiums by 10%, also an increase in policy holders investment income by 11%, a decrease in provision for doubtful debts by 23% also a decrease in policy acquisition costs by 5%. |
| Reasons of increase (decrease) for the quarter compared with the previous quarter |
The reason for increase in net profit before zakat during the second quarter in 2018 compared to the profit for the previous quarter in 2018 was due to a decrease in general and administration expenses by 15% also a decrease in inspection and supervision fees by 27% and the increase in net earned premiums by 6%. despite an increase in net claims incurred by 9% a decrease in other underwriting income by 11% an increase in provision for doubtful debts by 7190 % also decrease in policy holders investment income by 80% an increase in policy acquisition costs by 9% and a decrease in commission income by 75%. |
| External auditor's report containing reservation |
External auditors reviewed the financial statements and issued (unmodified report) the financial statements are prepared in accordance with IAS 34 as modified by SAMA for accounting of zakat and income tax. |
| Reclassifications in quarterly financial results |
Certain re classifications were made in comparative figures to confirm to the current presentation. |
| Other notes |
Total Comprehensive Income for the current quarter is SR 415 thousand compared to SR 11,512 thousand in the same quarter in previous year, decreased by 96% and compared to SR 34 thousand in the previous quarter, increased by 1121%.
Total Comprehensive Income for the current period is SR 449 thousand compared to SR 20,917 thousand in the same period in previous year, decreased by 98%.
Earnings per share before zakat and reflects the increase in share capital of the Company which was agreed on the Extraordinary General Assembly dated 07-06-2018 (Corresponding to 22 Ramadan1439H). The share capital was increased from SR 250 million to SR 300 million that leads to an increase in number of shares from 25 million to 30 million. Basic and diluted earnings per share for the current period amounted to SAR 0.01 compared to SAR 0.70 for the previous period in 2017 Which was calculated based on weighted average number of shares which are 30,000 thousand shares for the period ended June 30, 2018. Accordingly shares for the period ended June 30, 2017 has also been reclassified and is calculated by dividing net earnings with weighted average number of shares which are 30,000 thousand shares. The total shareholder equity (no minority rights) at current period is 337,415 thousand versus 315,771 thousand riyals for the same period of 2017 with an increase of 7%. |
Comments