Reasons of increase (decrease) for the quarter compared with same quarter last year |
The increase in net profit before zakat is mainly due to higher level of underwriting income SAR 40.8Mn v.s 32.3Mn representing an increase of 26.3%. This is influenced by the decrease of 13.8% in the net incurred claims due to lower loss ratio in medical. Such performance was reflected in the net underwriting income before expense allocation, which amounted to SAR 6.1Mn for medical (SAR -4.1Mn for the same quarter last year) |
Reasons of increase (decrease) for the period compared with same period last year |
The increase in net profit before zakat is mainly due to higher level of underwriting income SAR 77.6Mn v.s 65.6Mn representing an increase of 18.3%. This is influenced by the decrease of 3.1% in net incurred claims, resulting from the excellent performance in motor and medical. Such performance was reflected in the net underwriting income before expense allocation, which amounted to SAR 37.6Mn for motor (SAR 34.1Mn for the same period last year) and SAR 12.1Mn for medical (SAR -0.6 for the same period last year). Also the results were influence by a higher return on investments. |
Reasons of increase (decrease) for the quarter compared with the previous quarter |
The decrease in net profit before zakat is due to having an increase in the other operating expenses by 16.3% while the net underwring income increased by 11.1%. |
External auditor's report containing reservation |
It was mentioned in the external auditors review report that the company prepared the interim financial statements in accordance with the International Accounting Standard on interim financial reporting (IAS 34) as modified by SAMA for the accounting of zakat and tax income. The external auditors reviewed the interim financial statements for the period ended June 30,2018, and they issued an unmodified review report. |
Reclassifications in quarterly financial results |
Certain figures for the comparative period have been reclassified to conform with the presentation of the current period |
Other notes |
EPS is calculated based on net profit before Zakat. The shareholders Equity, No Minority Interest, reached SR 263,004,075 as at 30/06/2018 compared to SR 251,104,359 as at 31/12/2017 with an increase of 4.7% due to profit achieved during the current period. The total comprehensive income for current quarter increased by 5.2% compared to same quarter last year, and increased by 31.8% compared to previous quarter. The total comprehensive income for the current period decreased by 15.9% compared to same period last year with an amount of SAR 15,677,581 influenced by the fair value change in available for sale investments. |
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