Solidarity Saudi Takaful Co. announces its Annual financial results for the period ending on 2018-12-31

31 March 2019 08:04 AM

SOLIDARITY 8290 -0.70% 14.20 -0.10

Element List	Current Year	Previous Year	%Change
Gross written premiums (GWP)	245,857	136,134	80.599
Net written premiums (NWP)	219,816	109,507	100.732
Net incurred claims	124,002	52,661	135.472
Net profit (loss) of policy holders investment	-	-	-
Profit (Loss) Insurance Operations minus policy holders investments from operations	-46,985	43,398	-
Net profit (loss) of shareholders capital investment	-10,990	-3,288	234.245
Net Profit (Loss) before Zakat	-59,695	34,072	-
Total Comprehensive Income	-42,770	39,084	-
Total Share Holders Equity (after deducting minority equity)	250,781	291,693	-14.025
Pre operating expenses (first operation year)	-	-	-
Profit (Loss) per Share	-2.4	1.36
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Explanation
Reason for increase (decrease) in net profit for current year compared to last year	The reasons for the deficit during the current period as compared to the surplus for the same period previous year are due to increase in the technical reserves by 56%, increase in direct policyholders G & A Expenses, which impact the overall increase in total G & A Expenses by 28% and realised loss in shareholders investments.
Type of the external auditor's opinion	Unmodified opinion
External auditor's report containing reservation	The external auditors issued their opinion that the financial position of the Company as at 31 December 2018, and the results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS) as modified by Saudi Arabian Monetary Authority (SAMA) for the accounting of zakat and income tax.
Reclassifications in annual financial results	The compared figures of previous period had been reclassified to match with current presentation.
Additional Information	Loss / Earning per share for the period was calculated based on the loss 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 250,781 thousands compared with SAR 291,693 thousands for the same period last year, which is a decrease of 14.02%. The accumulated losses as at the end of the period is SAR (9,725) thousands which is 3.89% of the paid up capital. The total comprehensive loss for the current period is SAR (42,770) thousands as compared to total comprehensive income SAR 39,084 thousands for the same period last year.

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