Gulf General Cooperative Insurance Co. announces its Annual financial results for the period ending on 2018-12-31

31 March 2019 08:55 AM

GULF GENERAL 8260 95.00% 14.04 6.84

Element List	Current Year	Previous Year	%Change
Gross written premiums (GWP)	264,675	185,627	42.584
Net written premiums (NWP)	146,964	88,237	66.555
Net incurred claims	83,707	47,574	75.951
Net profit (loss) of policy holders investment	1,542	1,885	-18.196
Profit (Loss) Insurance Operations minus policy holders investments from operations	-29,702	18,924	-
Net profit (loss) of shareholders capital investment	6,513	3,890	67.429
Net Profit (Loss) before Zakat	-24,968	19,584	-
Total Comprehensive Income	-24,840	19,584	-
Total Share Holders Equity (after deducting minority equity)	159,127	197,350	-19.368
Pre operating expenses (first operation year)	-	-	-
Profit (Loss) per Share	-1.25	0.98
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 company incurred a loss during the current year compared to a profit in the previous year due to the increase in the net incurred claims by 75.95% and the increase in the unearned premium reserves of 65.90%
Type of the external auditor's opinion	Unmodified opinion
External auditor's report containing reservation	None
Reclassifications in annual financial results	some comparative figures of the year 2017 were reclassified, where necessary, to be consistent with the current financial reporting
Additional Information	the loss of the current year was SR 24,968 thousand compared to a profit of SR 21,476 thousand with a decrease of 216.26%. The shareholders equity as at 31 december 2018 was SR 159,127 thousand compared to to SR 197,350 thousand as at 31/12/2017 with a decrease of 19.37%. the accumulated losses as at 31 December 2018 was SR 43,038 thousand representing 21.52% of the capital. the increase in the accumulated losses is due to the losses incurred during the year ended 31/12/2018 amounting to SR. 24,968 thousand and the increase in the Zakat and withholding tax provision of SR. 9,497 thousand relating to previous years. The procedures and instructions of listed companies will be applied to the Saudi Stock Exchange, which has accumulated losses of 20% or more of its capital.

Comments