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

GULF GENERAL 8260 86.67% 13.44 6.24
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat -809 11,293 - 36 -
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) -4,334 9,044 - -2,492 -73.92
Gross written premiums (GWP) 72,575 46,150 57.26 94,446 -23.16
Net written premiums (NWP) 44,558 23,322 91.06 46,857 -4.91
Net incurred claims 15,242 14,026 8.67 14,392 5.91
Net profit (loss) of policy holders investment 388 596 -34.9 249 55.82
Net profit (loss) of shareholders capital investment 3,940 1,967 100.31 3,195 23.32
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) before Zakat -773 10,968 -
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) -6,827 8,349 -
Gross written premiums (GWP) 167,021 127,841 30.65
Net written premiums (NWP) 91,414 63,165 44.72
Net incurred claims 29,633 28,022 5.75
Net profit (loss) of policy holders investment 638 1,148 -44.43
Net profit (loss) of shareholders capital investment 7,134 2,312 208.56
Earning or loss per share, Riyals -0.04 0.55 -
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 loss by 107% due to increase in Net Claims Incurred by 9% and increase in other operating expenses by 134% during the second 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 decrease in net loss by 107% due to increase in net incurred claim by 6% and increase in other operating expenses by 31% 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 loss by 2,347% due to decrease in Gross Written Premium by 23%. Also, due to increase in Net Claims Incurred by 6% and other operating expenses increased by 54% compared to previous quarter.
External auditor's report containing reservation The External Auditors reviewed the Financial Statements and issued limited review report
Reclassifications in quarterly financial results The comparative figures for the previous period have been reclassified where necessary in order to confirm to the current periods presentation
Other notes The comprehensive loss for the current quarter is SR (809) thousand compared to the same quarter of the previous year is SR 11,293 thousand a decrease in net profit by 107%. The total loss for the current quarter reached SR (809) thousand compared to first quarter of the same year SR 36 thousand decrease by SR (845) thousand. The comprehensive income for the current period reached SR (773) thousand Compared to last year SR 10,968 thousand, a decrease in profit by 107% 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 195,484 thousand, compared as of year ended December 2017 SR 198,920 thousand, decrease by 2%. Earnings per share is calculated before Zakat.

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