Saudi Arabian 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) | 359,346 | 370,646 | -3.048 | 207,167 | 73.457 |
Net written premiums (NWP) | 215,915 | 223,241 | -3.281 | 167,629 | 28.805 |
Net incurred claims | 130,525 | 106,296 | 22.793 | 126,586 | 3.111 |
Net profit (loss) of policy holders investment | 2,760 | 1,809 | 52.57 | 883 | 212.57 |
Profit (Loss) Insurance Operations minus policy holders investments from operations | -1,323 | -2,900 | -54.379 | -7,750 | -82.929 |
Net profit (loss) of shareholders capital investment | 2,032 | 1,517 | 33.948 | 2,066 | -1.645 |
Net Profit (Loss) before Zakat | 3,012 | 34 | 8,758.823 | -6,107 | - |
Total Comprehensive Income | 2,222 | -330 | - | -4,643 | - |
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) | 320,304 | 339,383 | -5.621 |
Profit (Loss) per Share | 0.1 | 0.001 | |
All figures are in (Thousands) Saudi Arabia, Riyals |
Capital | |
---|---|
300,000 |
Element List | Explanation |
---|---|
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year | The reason for the increase in net profit before zakat during the current quarter in 2019 compared to the net profit for the same quarter of 2018 was due to an increase in net premium earned by 18% and increase in other underwriting income by 179% also increase in shareholders’ investment by 34%, and increase in net profit of policy holder’s investment by 53% and increase in other income by 850%, and decrease in general and administration expenses by 8% and decrease in inspection and supervision fees by 19% despite the increase in policy acquisition costs by 7% and increase in net claims incurred by 23% also increase in provision for doubtful debts by 707% Also decrease in reinsurance commission by 49%. |
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter | The reason for having net profit before zakat during the current quarter in 2019 compared to the net loss to the previous quarter in 2018 was due to an increase in net premium earned by 2% and increase in other underwriting income by 377%
also increase in net profit of policy holder’s investment by 213% and increase in other income by 424%, and decrease in general and administration expenses by 7% and decrease in provision for doubtful debts by 97% despite decrease in Reinsurance commission by 43% and increase in inspection and supervision fees by 33%. |
Type of the external auditor's opinion | Unmodified opinion |
External auditor's report containing reservation | The joint independent auditors report on the Interim condensed financial statements states that the financial statements have been prepared in accordance with IAS 34 as modified by the Saudi Arabian Monetary Authority (SAMA) for the accounting of zakat and income tax. |
Reclassifications in quarter financial result | Certain re classifications were made in comparative figures to confirm to the current presentation. |
Additional Information | Earnings per share before zakat and reflects the increase in share capital of the Company which was agreed on the Extraordinary General Assembly dated 07-06-2018 (Corresponding to 22 Ramadan1439H). The share capital was increased from SR 250 million to SR 300 million that leads to an increase in number of shares from 25 million to 30 million. Basic and diluted earnings per share for the current period amounted to SAR 0.1 compared to SAR 0.001 for the same quarter in 2018 Which was calculated based on weighted average number of shares which are 30,000 thousand shares for the period ended March 31, 2019. Accordingly shares for the period ended March 31, 2018 has also been reclassified and is calculated by dividing net earnings with weighted average number of shares which are 30,000 thousand shares.
The total shareholder equity (no minority rights) for the current period is 320,304 thousand versus 339,383 thousand riyals for the same period of 2018 with a decrease of 5.6%. |
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