| Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year |
The reason of Increase in losses in current quarter of 2018 compared to the same quarter of 2017 is due to the decrease in Gross Premiums Written by 99.98%, decrease in Net Premiums Written from SAR 62 million to SAR -2 million, and the decrease in total revenue by 70.85%. |
| Reason for increase (decrease) in net profit for current quarter compared to the previous quarter |
The reason of increase in losses in the current quarter of 2018 compared to the previous quarter is due to the decrease in Gross Premiums Written by 99.91%, decrease in Net Premiums Written from SAR 14 million to SAR -2 million, and the decrease in total revenue by 41.03% |
| Reason for increase (decrease) in net profit for current period compared to the previous year similar period |
The Reason of having losses in current period compared to profit same period of 2017 is due to the decrease in Gross Premiums Written by 75.27%, the decrease in Net Premiums Written by 77.74%, and the decrease in total revenue by 52.56%. |
| Type of the external auditor's opinion |
Emphasis of Matter paragraph |
| External auditor's report containing reservation |
"We draw attention to note 2.1 and 2.2 to the accompanying interim condensed financial information which describe reasons for preparation of the interim condensed financial information considering the Company as a non-going concern. Accordingly, this interim condensed financial information has been prepared on liquidation basis i.e. assets and liabilities have been stated on expected realisable and settlement values respectively except for property and equipment and intangibles whose carrying values have been considered by management as approximating their fair values, and following IAS 34 as modified by SAMA for the accounting of zakat and income tax; and note 8 to the accompanying interim condensed financial information, which describes that the Company has filed a case for recovery of SR 2.8 million on account of rent paid and expenditure incurred on renovation of a property and has recorded this amount in prepayments and other assets. Pending decision from the court, ultimate outcome of the said case can not be determined at this stage. " |
| Reclassifications in quarter financial result |
The comparative figures of previous period have been rearranged / reclassified to match with the current presentation |
| Additional Information |
Basic and diluted earnings per share have been computed by dividing the net income before Zakat and income tax for the relevant periods by the weighed average number of issued outstanding shares. The relevant averages are 10,000,000 for the three and nine moth period ended September 30, 2018 and 10,000,000 for the three and nine month period ended ended September 30, 2017. The total comprehensive loss for the current quarter is SAR 33.22 million, compared to total comprehensive loss of SAR 3.71 million for the same quarter last year ,which represents increase in loss by 796.7% compared to total comprehensive loss of SAR 10.66 million for the previous quarter which represents increase in loss by 211.66%, and the total comprehansive loss for the period from 01-01-2018 to 30-09-2018 is SAR 74.4 million, compared to total comprehensive income of SAR 2.97 million for the same period last year . Total accumulated losses amounting to SAR 93 million, representing 93% of capital. The total of shareholder's equity (there are no minority rights) for the current period amounted to SAR 6.99 million compared with SAR 119.88 million for the same period last year, which is a decrease of 94.2%. The reason of the losses is mainly due to the suspension of business. The Company announces that it will implement the procedures and instructions issued by the Capital Market Authority related to listed companies, the accumulated losses of which have amounted to 50 % or more of its paid-up Capital, as per the Capital Market Authority Boards resolution no. 1-130-2016 dated 23/01/1438H corresponding to 24/10/2016. |
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