Alahli Takaful Co. announces its Interim Financial Results for the Period Ending on 2019-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 54,485 | 48,912 | 11.393 | 63,740 | -14.519 |
| Net Written Premiums (NWP) | 10,073 | 4,846 | 107.862 | 13,065 | -22.9 |
| Net Incurred Claims | 3,816 | 6,684 | -42.908 | 4,214 | -9.444 |
| Net Profit (Loss) of Policy Holders Investment | 429 | 322 | 33.229 | 382 | 12.303 |
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 2,445 | 7,345 | -66.712 | 1,686 | 45.017 |
| Net Profit (loss) of Shareholders Capital Investment | 2,249 | 1,946 | 15.57 | 3,568 | -36.967 |
| Net Profit (Loss) before Zakat | 3,039 | 7,352 | -58.664 | 3,892 | -21.916 |
| Total Comprehensive Income | 1,494 | 5,592 | -73.283 | 2,138 | -30.121 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 118,225 | 171,585 | -31.098 |
| Net Written Premiums (NWP) | 23,138 | 36,907 | -37.307 |
| Net Incurred Claims | 8,030 | 10,838 | -25.908 |
| Net Profit (Loss) of Policy Holders Investment | 811 | 678 | 19.616 |
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 4,131 | 16,857 | -75.493 |
| Net Profit (loss) of Shareholders Capital Investment | 5,817 | 2,442 | 138.206 |
| Net Profit (Loss) before Zakat | 6,931 | 15,209 | -54.428 |
| Total Comprehensive Income | 3,632 | 12,038 | -69.828 |
| Total Share Holders Equity (after Deducting Minority Equity) | 238,567 | 242,666 | -1.689 |
| Profit (Loss) per Share | 0.23 | 0.72 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to | 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 66.71% which is mainly due to decrease in the net earned premium by 32.75% for the current quarter. In addition, the general and administration expenses for the current quarter were increased by 23.94% compared to the same quarter of the previous year which was mainly due to the activation of the expansion plan for direct sales channels. Although, the net profit of shareholders capital investment and policy holders investment for the current quarter was increased by 15.57% and 33.23% respectively. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | Reason for decrease the net profit before Zakat for the current quarter compared to the previous quarter was due to the decrease in the net profit of shareholders capital investment for the current quarter by 36.97%. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to | The reason of decrease the net profit before Zakat for the current period compared to the previous year similar period was due to the decline in insurance operation profit by 75.49% which is mainly due to decrease in the net written premium by 37.31% for the current period. In addition, the general and administration expenses for the current period were increased by 22.12% compared to the previous year similar period which was mainly due to the activation of the expansion plan for direct sales channels. Although, the net profit of shareholders capital investment and policy holders investment for the current period was increased by 138.21% and 19.62% respectively. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | 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, “Interim Financial Reporting” endorsed in the Kingdom of Saudi Arabia. |
| Reclassification of Comparison Items | 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 30 June 2019.
Total comprehensive Income for current quarter is SAR 1,494 thousand compared to SAR 5,592 thousand for same quarter last year with a decrease of 73.28% and compared to the previous quarter SAR 2,138 thousand which represents with a decrease of 13.12% (The comprehensive income for the previous quarter was reclassified after deducting Zakat and income tax which amounts to SAR 1,643 thousand).
Total comprehensive Income for current period is SAR 3,632 thousand compared to SAR 12,038 thousand for the previous year similar period with a decrease of 69.83% (The comprehensive income for the previous year similar period was reclassified after deducting Zakat and income tax which amounts to SAR 3,171 thousand)
Total shareholders equity (there is no minority interest) during the current period was SAR 238,567 thousand, compared to SAR 242,666 thousand for the previous year similar period, which shows a decrease of 1.69%.
Net written premiums (NWP) for the same quarter last year has been reclassified by reclassifying net investable contributions amounting to SAR 40,461 thousand within the net written contributions and represented in a separate line item in the statement of income.
Net written premiums (NWP) for the previous year similar period has been reclassified by reclassifying net investable contributions amounting to SAR 83,012 thousand within the net written contributions and represented in a separate line item in the statement of income.
The External Auditors reviewed the financial statements and issued an unmodified examination report.
EPS after Zakat and Tax. |
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