Gulf General Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2019-06-30 ( Six Months )

07 August 2019 08:25 AM

GULF GENERAL 8260 0.28% 7.20 0.02

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Gross Written Premiums (GWP)	51,075	72,575	-29.624	85,365	-40.168
Net Written Premiums (NWP)	32,229	44,558	-27.669	51,837	-37.826
Net Incurred Claims	27,035	15,242	77.371	30,407	-11.089
Net Profit (Loss) of Policy Holders Investment	445	388	14.69	508	-12.401
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results)	2,623	-4,333	-	-10,806	-
Net Profit (loss) of Shareholders Capital Investment	1,904	3,006	-36.66	6,701	-71.586
Net Profit (Loss) before Zakat	4,597	-809	-	2,642	73.996
Total Comprehensive Income	3,425	-2,278	-	2,642	29.636
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Gross Written Premiums (GWP)	136,440	167,021	-18.309
Net Written Premiums (NWP)	84,066	91,414	-8.038
Net Incurred Claims	57,729	29,633	94.813
Net Profit (Loss) of Policy Holders Investment	953	638	49.373
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results)	-758	-6,826	-88.895
Net Profit (loss) of Shareholders Capital Investment	8,605	6,198	38.835
Net Profit (Loss) before Zakat	7,239	-773	-
Total Comprehensive Income	5,374	-3,436	-
Total Share Holders Equity (after Deducting Minority Equity)	165,106	193,914	-14.856
Profit (Loss) per Share	0.27	-0.17
All figures are in (Thousands) Saudi Arabia, Riyals

	Accumulated Losses	Capital	Percentage %
	-37,683	200,000	-18.84
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 increase in the net profit of the current quarter of SR 4,597 thousand compared to a net loss of the similar quarter of last year of SR 809 thousand is due to the performance enhancement of the insurance portfolio and increase in technical income
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to	The reason for the profit of this quarter compared to a loss during the previous quarter is due to the increase in the shareholders investment income of 110% and the increase in the NEP of 88%
Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to	the company had a profit of SR 7,239 thousand during the current period compared to a loss of SR 773 Thousand during the same period of last year due to the performance enhancement of the insurance portfolio and the increase in investment revenue.
Basis of the External Auditor's Opinion	Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	N/A
Reclassification of Comparison Items	Some numbers of the previous period were reclassified where required to match the current classifications
Additional Information	the comprehensive income of this quarter was SR 3,425 thousand compared to a comprehensive loss of SR 2,278 Thousand during the same period of last year. The comprehensive profit of this quarter was SR 3,425 compared to a comprehensive profit of SR 2,642 thousand during the previous quarter. The equity as at the current quarter was SR 165,106 thousand compared to SR 160,769 as at the last quarter with an increase of 2.69%. the share profitability was SR 0.27 during this quarter compared to a loss per share of SR 0.17 during the same quarter of last year with an increase of 162%. the profit per share is calculated after zakat. The accumulated losses decreased to SR 37,683 and it represents now 18.84% of the paid up capital

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