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25 April 04:21 PM

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

GULF UNION ALAHLIA 8120 88.85% 23.72 11.16
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat -10,734 5,784 - 5,465 -
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) -11,201 5,947 - 4,831 -
Gross written premiums (GWP) 50,169 78,956 -36.46 80,234 -37.47
Net written premiums (NWP) 32,185 52,628 -38.84 44,149 -27.1
Net incurred claims 28,744 35,410 -18.83 28,338 1.43
Net profit (loss) of policy holders investment 1,021 1,292 -20.98 1,227 -16.79
Net profit (loss) of shareholders capital investment 445 811 -45.13 769 -42.13
All figures are in Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) before Zakat -5,003 12,364 -
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) -6,710 12,111 -
Gross written premiums (GWP) 130,402 239,650 -45.59
Net written premiums (NWP) 76,333 147,279 -48.17
Net incurred claims 57,082 61,451 -7.11
Net profit (loss) of policy holders investment 2,124 2,346 -9.46
Net profit (loss) of shareholders capital investment 1,339 1,476 -9.28
Earning or loss per share, Riyals -0.33 0.82 -
All figures are in Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year The company reported the reason for net loss for the second quarter of 2018 amounting to 10,734 thousand riyals compared to the net profit of same quarter of last year amounting to 5,784 thousand riyals, the reason for net loss is due to decrease in Gross written premium by 28,788 thousand riyals, decrease in Total revenues by 21,858 thousand riyals and increase in General and administrative expense by 4,421 thousand riyals.
Reasons of increase (decrease) for the period compared with same period last year The company reported the reason for increase of net loss for the 6 months ended Jun 30, 2018 amounting to 5,003 thousand riyals compared to the net profit of same period of last year amounting to 12,364 thousand riyals, the reason for net loss is due to decrease in Gross written premium by 109,247 thousand riyals, decrease in Total revenues by 21,030 thousand riyals and increase in General and administrative expense by 5,770 thousand riyals.
Reasons of increase (decrease) for the quarter compared with the previous quarter The company reported the reason for net loss for the second quarter of 2018 amounting to 10,734 thousand riyals compared to the net profit of previous quarter amounting to 5,465 thousand riyals, the reason for net loss is due to decrease in Gross written premium by 30,065 thousand riyals, decrease in Total revenues by 12,396 thousand riyals and increase in General and administrative expense by 1,076 thousand riyals.
External auditor's report containing reservation External Auditors drew attention in their limited review report to the following, note 4 and 12 to the accompanying condensed interim financial statements, the Company has an outstanding net receivable of SR14.76 million from Gulf Union Insurance and Projects Management Holding Company B.S.C. (c.) (GUIPMC), a major shareholder of the Company. The net receivable has not been settled till the balance sheet date. GUIPMC is considering sale of its shareholding in the Company to settle the net balance and has received necessary approval of the regulators for sale of such shares. GUIPMC is in the process of deciding appropriate course of action for the sale of shares. Accordingly, the Company management believes that such amount will be collected in the due course. Our conclusion is not qualified in respect of this matter.
Other notes Total shareholders equity (there are no minority rights) as at 30 Jun 2018 was 160,459 thousand riyals compared to 155,759 thousand riyals for same period of last year, an increase of 3%.The retained earnings as at the end of the current period are 5,162 thousand riyals which is 3.4% of the paid up capital compared to the same period of last year retained earnings 3,471 thousand riyals and for the previous quarter retained earning amounting 15,630 thousand riyals. The total comprehensive loss for the current quarter is 10,981 thousand riyals, compared to total comprehensive income 6,569 thousand riyals for the same quarter last year, a decrease of 267%, compared to 4,926 thousand riyals for the previous quarter which represents an decrease of 323%.

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