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Alahli Takaful Co. announces its interim Financial results for the period ending on 2018-09-30 ( Nine Months )

ATC 8130 0.15% 34.00 0.05

Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Gross written premiums (GWP) 115,046 119,739 -3.919 48,912 135.21
Net written premiums (NWP) 68,220 73,174 -6.77 45,307 50.572
Net incurred claims 7,979 -720 - 6,684 19.374
Net profit (loss) of policy holders investment 474 377 25.729 322 47.204
Profit (Loss) Insurance Operations minus policy holders investments from operations 6,524 9,526 -31.513 7,345 -11.177
Net profit (loss) of shareholders capital investment 1,387 1,380 0.507 1,946 -28.725
Net Profit (Loss) before Zakat 6,038 8,690 -30.517 7,352 -17.872
Total Comprehensive Income 6,038 8,690 -30.517 7,352 -17.872
All figures are in (Thousands) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Gross written premiums (GWP) 286,631 295,916 -3.137
Net written premiums (NWP) 188,139 207,461 -9.313
Net incurred claims 18,817 7,528 149.96
Net profit (loss) of policy holders investment 1,152 1,183 -2.62
Profit (Loss) Insurance Operations minus policy holders investments from operations 23,381 29,878 -21.745
Net profit (loss) of shareholders capital investment 3,829 5,761 -33.535
Net Profit (Loss) before Zakat 21,247 29,121 -27.038
Total Comprehensive Income 21,247 27,966 -24.025
Total Share Holders Equity (after deducting minority equity) 247,145 232,170 6.45
Profit (Loss) per Share 1.27 1.75
All figures are in (Thousands) Saudi Arabia, Riyals
Element List Explanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year Reason of decrease in the net profit before Zakat for the current quarter of 2018 compared with the same quarter of 2017 was due to decrease in surplus of insurance transactions by 31.51% which is mainly attributable to decline in the net written premiums (NWP) by 6.77%. Also, the net incurred claims was increased in the current quarter of 2018 by 1,208% comparing to the same quarter of 2017.

In addition due to increase in general and administration expenses by 10.65%

Reason for increase (decrease) in net profit for current quarter compared to the previous quarter Reason of decrease in net profit before Zakat for the current quarter of 2018 compared to the previous quarter of 2018 was due to decrease in surplus of insurance transactions by 11.18% which is mainly attributable to increase in net incurred claims by 19.37%. In addition of decrease in the net profit of shareholders capital investment for the current quarter of 2018 by 28.73%. Also there was an increase in general and administration expenses 18.02%
Reason for increase (decrease) in net profit for current period compared to the previous year similar period Reason of decrease in the net profit before Zakat for the current period of 2018 compared with the same period of 2017 was due to decrease in surplus of insurance transactions by 21.75% which is mainly attributable to decline in the net written premiums (NWP) by 9.31% and increase in net incurred claims by 150%.

Additionally, there is also a decrease in the net profit of shareholders capital investment for the current period of 2018 by 33.54%.

Type of the external auditor's opinion Unmodified opinion
External auditor's report containing reservation The external auditors interim review report on the financial statements mentions that the financial statements have been prepared in accordance with International Accounting Standard 34 and SAMA guidance on accounting for zakat and tax.
Reclassifications in quarter financial result Certain prior period amounts have been reclassified to conform with current period presentation.
Additional Information Earnings per share has been computed for the current period by using 16,666,667 shares which is the weighted average number of shares outstanding as at 30 September 2018.

Total comprehensive Income for current quarter is SAR 6,038 thousands compared to SAR 8,690 thousands for same quarter last year with a decrease of 30.52% and compared to SAR 7,352 thousand in previous quarter which represents with a decrease of 17.87%.

Total comprehensive Income for current period is SAR 21,247 thousands compared to SAR 27,966 thousands for same period last year with a decrease of 24.03%.

Total shareholders equity (there is no minority interest) during the current period was SAR 247,145 thousand, compared to SAR 232,170 thousand for the same period last year, which shows an increase of 6.45%.

Net written premiums (NWP) for the same quarter last year was reclassified by separating the net investable contribution amount SAR 51,731 thousand as a separate line item in the statement of income.

Accordingly, net written premiums (NWP) for the same period last year was reclassified by separating the net investable contribution amount SAR 143,695 thousand as a separate line item in the statement of income.

Net incurred claims amount for the same quarter last year has been reclassified by segregating the changes in technical reserves net amounts to SAR 373 thousand to a separate line item in the statement of income to conform with current quarter presentation.

Accordingly, net incurred claims amount for the same period last year has been reclassified by segregating the changes in technical reserves net amounts to SAR 38 thousand to a separate line item to conform with current period presentation.

The External Auditors reviewed the financial statements and issued an unmodified examination report.

EPS before Zakat and Tax.

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