Solidarity Saudi Takaful Co. announces its interim Financial results for the period ending on 2019-03-31 ( Three Months )

12 May 2019 08:04 AM

SOLIDARITY 8290 -0.70% 14.20 -0.10

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Gross written premiums (GWP)	77,981	71,777	8.643	76,524	1.903
Net written premiums (NWP)	71,296	65,495	8.857	71,098	0.278
Net incurred claims	34,527	8,365	312.755	59,550	-42.02
Net profit (loss) of policy holders investment	-	-	-	-	-
Profit (Loss) Insurance Operations minus policy holders investments from operations	2,485	1,819	36.613	-37,385	-
Net profit (loss) of shareholders capital investment	3,468	-200	-	-25,174	-
Net Profit (Loss) before Zakat	5,682	1,337	324.981	-62,705	-
Total Comprehensive Income	5,682	2,137	165.886	-41,060	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (after deducting minority equity)	259,366	300,105	-13.574
Profit (Loss) per Share	0.23	0.05
All figures are in (Thousands) Saudi Arabia, Riyals

	Accumulated Losses	Capital	Percentage %
	-1,140	250,000	-0.46

Element List	Explanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year	The reasons for the increase in the net profit during the current quarter as compared to the same quarter of the previous year are due to increase in earned premium and realized profit in shareholders investment.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter	The reason for the income during the current quarter as compared to the deficit for the previous quarter is due to decrease in the net incurred claims.
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.
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 (25 Million). The total of shareholder's equity (there are no minority rights) for the current period amounted to SAR 259,366 thousands compared with SAR 250,781 thousands as of 31st December 2018, which is an increase of 3.42%. The accumulated losses as at the end of the period is SAR (1,140) thousands which is 0.46% of the paid up capital. The total comprehensive income for the current period is SAR 5,682 thousands as compared to total comprehensive income SAR 2,137 thousands for the same period last year, an increase of 165.83%. On the other hand, there was comprehensive loss of SAR (41,060) thousand as incurred in the previous quarter.

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