Salama 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 | 9,028 | 16,159 | -44.13 | 7,288 | 23.87 |
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) | 7,310 | 14,504 | -49.6 | 3,176 | 130.16 |
| Gross written premiums (GWP) | 224,273 | 201,968 | 11.04 | 246,229 | -8.92 |
| Net written premiums (NWP) | 213,361 | 194,419 | 9.74 | 234,837 | -9.15 |
| Net incurred claims | 139,333 | 128,700 | 8.26 | 136,132 | 2.35 |
| Net profit (loss) of policy holders investment | 1,932 | 1,753 | 10.21 | 794 | 143.32 |
| Net profit (loss) of shareholders capital investment | 799 | 2,274 | -64.86 | 4,118 | -80.6 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) before Zakat | 16,319 | 30,336 | -46.21 |
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) | 10,486 | 27,607 | -62.02 |
| Gross written premiums (GWP) | 470,502 | 429,847 | 9.46 |
| Net written premiums (NWP) | 448,198 | 412,177 | 8.74 |
| Net incurred claims | 275,465 | 233,450 | 18 |
| Net profit (loss) of policy holders investment | 2,725 | 3,960 | -31.19 |
| Net profit (loss) of shareholders capital investment | 4,917 | 3,017 | 62.98 |
| Earning or loss per share, Riyals | 0.65 | 1.21 | - |
| 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 8%, increase in general and administration expenses by 26% and decrease in investment income from shareholders' operations by 65% partly offset by increase in net earned premium by 9%. |
| Reasons of increase (decrease) for the period compared with same period last year | The reason for decrease in net profit in current period compared to same period previous year is due to increase in net claims incurred by 18% and increase in general and administration expenses by 37% partly offset by increase in net earned premium by 14%. |
| Reasons of increase (decrease) for the quarter compared with the previous quarter | The reason for increase in net profit in current quarter compared to previous quarter is due to increase in net earned premium 5% and decrease in general and administration expenses by 16%. |
| Reclassifications in quarterly financial results | The comparative figures of previous period have been rearranged / reclassified to match with the current presentation. |
| Other notes | 1. Total comprehensive income for the current quarter is SR 9,028 thousand compared to SR 16,158 thousand for the same quarter last year, a decrease of 44% and compared to SR 7,288 thousand in previous quarter, an increase of 24%. 2. Total comprehensive income for the current 6 months period is SR 16,319 thousand compared to SR 30,336 thousand for the same period last year, a decrease of 46%. 3. The retained earnings as at the end of 30/06/2018 is SR 13,953 thousands which is 6% of the paid up capital. 4. Total shareholders' equity (there is no minority interest) for the current period reached SAR 265,687 thousand compared to SAR 221,012 thousand for the same period last year, an increase of 20%. |
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