| Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year |
The company reported the reason for net loss for the third quarter of 2018 amounting to 7,086 thousand riyals compared to the net profit of same quarter of last year amounting to 2,009 thousand riyals, the reason for net loss is due to decrease in Net premiums earned by 16,368 thousand riyals, decrease in Total revenues by 19,271 thousand riyals and increase in General and administrative expense by 4,082 thousand riyals. |
| Reason for increase (decrease) in net profit for current quarter compared to the previous quarter |
The company reported the reason for net loss for the third quarter of 2018 amounting to 7,086 thousand riyals compared to the net loss of previous quarter amounting to 10,734 thousand riyals, the reason for decrease in net loss is due to decrease in Net claims incurred by 5,255 thousand riyals, increase in investments income by 476 thousand riyals. |
| Reason for increase (decrease) in net profit for current period compared to the previous year similar period |
The company reported the reason for net loss for the 9 months ended September 30, 2018 amounting to 12,089 thousand riyals compared to the net profit of same period of last year amounting to 14,373 thousand riyals, the reason for net loss is due to decrease in Gross written premium by 93,231 thousand riyals, decrease in Total revenues by 40,302 thousand riyals and increase in General and administrative expense by 9,852 thousand riyals. |
| Type of the external auditor's opinion |
Emphasis of Matter paragraph |
| 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. |
| Additional Information |
Total shareholders equity (there are no minority rights) as at 30 September 2018 was 153,389 thousand riyals compared to 156,623 thousand riyals for same period of last year, a decrease of 2%.The accumulated losses as at the end of the current period are 1,924 thousand riyals which is 1% of the paid up capital compared to the same period of last year retained earnings 4,216 thousand riyals and for the previous quarter retained earning amounting 5,162 thousand riyals. The total comprehensive loss for the current quarter is 7,617 thousand riyals, compared to total comprehensive income 2,273 thousand riyals for the same quarter last year, compared to the total comprehensive loss amounting to 10,981 thousand riyals for the previous quarter which represents an decrease of 31%. The total comprehensive loss for the current period is 13,691 thousand riyals, compared to total comprehensive income 16,283 thousand riyals for the same period last year. |
Comments