Saudi Enaya Cooperative Insurance Co. announces its interim Financial results for the period ending on 2019-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross written premiums (GWP) | 25,197 | 87,188 | -71.1 | 1,973 | 1,177.09 |
| Net written premiums (NWP) | 25,197 | 82,961 | -69.627 | -1,629 | - |
| Net incurred claims | 25,788 | 118,967 | -78.323 | 48,260 | -46.564 |
| Net profit (loss) of policy holders investment | - | - | - | - | - |
| Profit (Loss) Insurance Operations minus policy holders investments from operations | -19,276 | -103,959 | -81.458 | -15,918 | 21.095 |
| Net profit (loss) of shareholders capital investment | 1,877 | 925 | 102.918 | 980 | 91.53 |
| Net Profit (Loss) before Zakat | -17,609 | -103,336 | -82.959 | -15,630 | 12.661 |
| Total Comprehensive Income | -17,609 | -103,336 | -82.959 | -15,630 | 12.661 |
| 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) | 237,083 | 50,992 | 364.941 |
| Profit (Loss) per Share | -0.64 | -6.59 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| -62,917 | 300,000 | 20.97 |
| Element List | Explanation |
|---|---|
| Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year | The net loss for Q1 2019 amounting to SR 17,609K, compared to a net loss of SR 103,336K in Q1 2018, has improved by SR 85,727K representing an improvement of 83% primarily due to significant decrease in total underwriting costs and expenses amounting to SR 130,473K in Q1 2019 compared to Q1 2018 representing a 82% decrease. In Q1 2018, there was increase in technical reserves amounting to SR 93,552 but there is a reversal in technical reserves amounting to SR 36,263K in Q1 2019 as suggested by the actuary. Furthermore, the gross written premium decreased by SR 61,991K, representing 71% (Q1 2019: SR 25,197K, Q1 2018: SR 87,188K). |
| Reason for increase (decrease) in net profit for current quarter compared to the previous quarter | 'The net loss for Q1 2019 amounting to SR 17,609K, compared to a net loss of SR 15,630K in Q4 2018, showing an increase of SR 1,979K representing 13% increase. The net underwriting results deteriorated by SR 1,072K representing 14% decrease and the reversal of provision for doubtful debts decreased by SR 3,059K representing 70% decrease, in Q1 2019 compared to Q4 2018. Furthermore investment income in Q1 2019 in comparison with Q4 2018 increased by SR 897K, representing 92% increase. |
| Type of the external auditor's opinion | Unmodified opinion |
| External auditor's report containing reservation | 'The joint independent auditors report on review of Interim Condensed Financial Statements states that the financial statements have been prepared in accordance with International Accounting Standard 34 - "Interim Financial Reporting" (IAS 34) and Saudi Arabian Monetary Authority (SAMA) guidance on accounting for zakat and income tax. |
| Reclassifications in quarter financial result | Certain prior period amounts have been reclassified for consistency with the current period presentation. These re classifications had no effect on the reported results of operations |
| Additional Information | '1. Total comprehensive loss for the current quarter is SR 17,609K compared to a loss of SR 103,336K for the same quarter last year, an improvement of 83% and compared to net loss of SR 15,630K in previous quarter, a deterioration of 13%.
2. Total shareholders' equity (there is no minority interest) for the current quarter reached SR 237,083K compared to SR 50,992K for the same quarter last year, an increase of 365% and compared to total shareholders' equity of SR 55,292K at the end of previous quarter, an increase of 329%. The reason for increase in shareholders equity is that Company issued SR 200M through rights issue and the capital was deposited on 16 January 2019.
3. Total accumulated losses amounted to SR 62,917K, representing 21% of share capital. Total accumulated losses at the end of current quarter is SR 62,917K compared to total accumulated losses of SR 149,008K at the end of same quarter last year, an improvement of 58% and compared to total accumulated losses of SR 44,708K at the end of previous quarter, a deterioration of 41%.
4. Earning per share (EPS) for the current quarter ended 31 March 2019 is SR (0.64) per share versus SR (6.59) per share (restated) for the same quarter last year, improvement of 90%.
Earning per share (EPS) for the current quarter ended 31 March 2019 is SR (0.64) per share based on 27,612K weighted average number of outstanding shares. EPS for the quarter ended 31 March 2018 is SR (6.59) per share based on 15,673K weighted average number of outstanding shares (restated). The loss per share has decreased by 90% because the loss before Zakat for the current quarter is SR 17,609K as compared to the loss before Zakat of SR 103,336K for the same quarter last year, decreased by SR 85,727K, representing 83% decrease. |
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