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

08 August 2019 08:19 AM

GULF UNION ALAHLIA 8120 -0.79% 12.56 -0.10

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Gross Written Premiums (GWP)	99,872	50,169	99.071	173,976	-42.594
Net Written Premiums (NWP)	80,602	31,918	152.528	111,385	-27.636
Net Incurred Claims	65,972	28,744	129.515	58,535	12.705
Net Profit (Loss) of Policy Holders Investment	2,175	1,021	113.026	1,342	62.071
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results)	153	-11,201	-	-38,136	-
Net Profit (loss) of Shareholders Capital Investment	755	446	69.282	1,378	-45.21
Net Profit (Loss) before Zakat	1,294	-10,734	-	-36,168	-
Total Comprehensive Income	2,265	-10,981	-	-35,899	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Gross Written Premiums (GWP)	273,847	130,402	110.002
Net Written Premiums (NWP)	191,988	75,560	154.086
Net Incurred Claims	124,507	57,082	118.119
Net Profit (Loss) of Policy Holders Investment	3,517	2,124	65.583
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results)	-37,982	-6,710	466.05
Net Profit (loss) of Shareholders Capital Investment	2,133	1,340	59.179
Net Profit (Loss) before Zakat	-34,874	-5,003	597.061
Total Comprehensive Income	-36,563	-7,362	396.644
Total Share Holders Equity (after Deducting Minority Equity)	132,359	160,209	-17.383
Profit (Loss) per Share	-2.44	-0.49
All figures are in (Thousands) Saudi Arabia, Riyals

	Accumulated Losses	Capital	Percentage %
	21,385	150,000	14
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 company reported the reason for net Profit for the Second quarter of 2019 amounting to 1,294 thousand riyals compared to the net Loss of same quarter of last year amounting to 10,734 thousand riyals, the reason for net profit is due to the increase in Net written premium by 48,684 thousands riyals, Increase in Insurance operations investments income by 1,154 thousands riyals, Increase in Shareholders operations investments income by 309 thousands riyals and decrease in Insurance operation general and administrative expenses by 1,486 thousands riyals.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to	The company reported the reason for net profit for the second quarter of 2019 amounting to 1,294 thousand riyals compared to the net loss of previous quarter amounting to 36,168 thousand riyals, the reason for the net profit is due to increase in Net earned premiums by 13,875 thousand riyals, decrease in Insurance operation general and administrative expenses by 2,552 thousand riyals.
Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to	The company reported the reason for net loss for the 6 months ended June 30, 2019 amounting to 34,874 thousand riyals compared to the net loss of same period of last year amounting to 5,003 thousand riyals, the reason for net loss is due to increase in Net incurred claims by 67,425 thousand riyals, increase in Policy acquisition cost by 2,595 thousand riyals and increase in Insurance operation general and administrative expenses by 413 thousands riyals.
Basis of the External Auditor's Opinion	Unmodified opinion
Additional Information	Total shareholders equity (there are no minority rights) as at 30 June 2019 was 132,359 thousand riyals compared to 160,209 thousand riyals for the same period last year, a decrease of 17%. The Accumulated losses as at the second quarter 2019 are 21,385 thousand riyals which is 14% of the paid up capital compared to the same period last year retained earnings 5,783 thousand riyals presenting 4% of the paid up capital, compared to the previous quarter Accumulated losses 22,677 thousand riyals presenting 15% of the paid up capital. The total comprehensive income for the second quarter 2019 is 2,498 thousand riyals, compared to total comprehensive loss 10,981 thousand riyals for the same quarter last year, an increase of 123%. Compared to total comprehensive loss 35,900 thousand riyals for the previous quarter, an increase of 107%. The total comprehensive loss for the six months ended in 30 June 2019 is 35,089 thousand riyals, compared to total comprehensive loss 8,433 thousand riyals for the same period last year, an increase of 316%.

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