Alahli Takaful 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) | 63,740 | 122,673 | -48.04 | 51,715 | 23.252 |
| Net written premiums (NWP) | 13,065 | 32,061 | -59.249 | 6,277 | 108.14 |
| Net incurred claims | 4,214 | 4,154 | 1.444 | 16,839 | -74.974 |
| Net profit (loss) of policy holders investment | 382 | 356 | 7.303 | 361 | 5.817 |
| Profit (Loss) Insurance Operations minus policy holders investments from operations | 1,686 | 9,512 | -82.275 | -11,774 | - |
| Net profit (loss) of shareholders capital investment | 3,568 | 496 | 619.354 | 636 | 461.006 |
| Net Profit (Loss) before Zakat | 3,892 | 7,857 | -50.464 | -10,826 | - |
| Total Comprehensive Income | 3,781 | 7,857 | -51.877 | -10,802 | - |
| 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) | 236,962 | 247,113 | -4.107 |
| Profit (Loss) per Share | 0.23 | 0.47 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year | The reason of decrease the net profit before Zakat for the current quarter compared to same quarter of the previous year was due to the decline in insurance operation profit by 82.28% which is mainly due to a 48.04% decrease in gross written premiums, although the net profit of shareholders capital investment and policy holders investment for the current quarter was increased by 619.35% and 7.30% respectively.
In addition the general and administration expenses for the current quarter were increased by 20.34% compared to the same quarter of the previous year which was mainly due to the activation of the expansion plan for direct sales channels. |
| Reason for increase (decrease) in net profit for current quarter compared to the previous quarter | Reason for increase the net profit before Zakat for the current quarter compared to the previous quarter was due to the increase in insurance operation profit, which is mainly due to the net claims incurred being reduced by 74.97% in addition the company has booked an amount of SAR 14.86 million as an additional provision against outstanding claims. Moreover, the net profit of shareholders capital investment and policy holders investment for the current quarter was increased by 461.01% and 5.82% respectively. |
| Type of the external auditor's opinion | Unmodified opinion |
| External auditor's report containing reservation | The external auditors interim review report on the financial statements mentions that the financial statements have been prepared in accordance with International Accounting Standard 34 and SAMA guidance on accounting for zakat and tax. |
| Reclassifications in quarter financial result | Certain prior period amounts have been reclassified to conform with current period presentation. |
| Additional Information | Earnings per share has been computed for the current quarter by using 16,666,667 shares which is the weighted average number of shares outstanding as at 31 March 2019.
Total comprehensive Income for current quarter is SAR 3,781 thousands compared to SAR 7,857 thousands for same quarter last year with a decrease of 51.88% and compared to the previous quarter loss of SAR (10,802) thousand .
Total shareholders equity (there is no minority interest) during the current quarter was SAR 236,962 thousand, compared to SAR 247,113 thousand for the same quarter last year, which shows a decrease of 4.11%, and compared to SAR 234,713 thousand for the previous quarter, which shows an increase of 0.96%.
Net written premiums (NWP) for the same quarter last year has been reclassified by reclassifying net investable contributions amounting to SAR 42,551 thousand within the net written contributions and represented in a separate line item in the statement of income.
Net incurred claims amount for the same quarter last year has been reclassified by reclassifying the surrender maturities amounting to SAR 71,068 thousand under net investable contributions, also the net changes in claims incurred but not reported for the same quarter last year amounts to SAR 220 thousand has been separated and represented in a separate line item in the statement of income to conform with current quarter presentation.
The External Auditors reviewed the financial statements and issued an unmodified examination report.
EPS before Zakat and Tax. |
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