Profit (Loss) Insurance Operations minus policy holders investments from operations
-12,088
20,127
-
669
-
Net profit (loss) of shareholders capital investment
2,426
1,588
52.77
11,958
-79.712
Net Profit (Loss) before Zakat
-9,676
19,587
-
11,099
-
Total Comprehensive Income
-14,928
18,740
-
10,769
-
All figures are in (Thousands) Saudi Arabia, Riyals
Element List
Current Period
Similar period for previous year
%Change
Gross written premiums (GWP)
169,332
93,554
80.999
Net written premiums (NWP)
148,717
78,876
88.545
Net incurred claims
64,452
43,639
47.693
Net profit (loss) of policy holders investment
-
-
-
Profit (Loss) Insurance Operations minus policy holders investments from operations
-9,600
44,420
-
Net profit (loss) of shareholders capital investment
14,184
5,227
171.36
Net Profit (Loss) before Zakat
3,010
43,144
-93.023
Total Comprehensive Income
-1,706
38,855
-
Total Share Holders Equity (after deducting minority equity)
295,499
282,051
4.767
Profit (Loss) per Share
0.12
1.73
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
The reason for the net loss during the current quarter as compared to the net profit in the same quarter of the previous year is mainly due to the negative effect of unearned premium.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter
The reason for the net loss during the current quarter as compared to net profit in the previous quarter is due to the increase in incurred claims.
Reason for increase (decrease) in net profit for current period compared to the previous year similar period
The reason for the decrease in the net profit during the current period as compared to the same period previous year is mainly due to the negetive effect of unearned premium.
Type of the external auditor's opinion
Unmodified opinion
External auditor's report containing reservation
The external auditors issued their report stating that these interim condensed financial statements are prepared in accordance with international accounting standard 34- interim financial reporting (IAS34) and accounting standards issued for Financial Institutions by Saudi Arabian Monetary Authority ("SAMA").
Reclassifications in quarter financial result
The compared figures of previous period had been reclassified to match with current presentation.
Additional Information
Earning per share for the period was calculated based on the income before Zakat. Earning per Share (EPS) for the current period is calculated on weighted average number of shares (25Million). The total of shareholder's equity (there are no minority rights) for the current period amounted to SAR 295,499 thousands compared with SAR 282,051 thousands for the comparative amount as at 30 September 2017, which reflects an increase of 4.77%. The Retained Earnings as at the end of the period is SAR 56,634 thousnds which is 22.65% of the paid up capital. The total comprehansive loss for the current quarter is SAR (14,928) thousands, compared to the comprehensive income of SAR 18,740 thousands for the same quarter last year, compared to comprehensive income of SAR 10,769 thousands for the previous quarter.The total comprehensive loss for the current period is SAR (1,706) thousands, compared with comprehensive income of SAR 38,855 thousands for the same period last year.
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