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Buruj Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2019-09-30 ( Nine Months )

BURUJ 8270 20.55% 23.00 3.92
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Gross Written Premiums (GWP) 58,571,086 71,395,010 -17.961 84,638,685 -30.798
Net Written Premiums (NWP) 47,404,437 60,060,429 -21.072 64,646,221 -26.67
Net Incurred Claims 71,415,747 34,695,072 105.838 48,750,140 46.493
Net Profit (Loss) of Policy Holders Investment 5,180,096 2,000,762 158.906 4,491,368 15.334
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) -18,656,317 23,315,999 - -3,233,310 477.003
Net Profit (loss) of Shareholders Capital Investment 4,361,637 3,109,175 40.282 2,373,088 83.795
Net Profit (Loss) before Zakat -9,824,105 25,459,224 - 2,958,704 -
Total Comprehensive Income -11,397,088 24,567,195 - 4,338,758 -
All figures are in (Actual) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Gross Written Premiums (GWP) 248,096,780 253,723,956 -2.217
Net Written Premiums (NWP) 208,643,117 217,966,476 -4.277
Net Incurred Claims 154,037,067 140,338,002 9.761
Net Profit (Loss) of Policy Holders Investment 13,189,370 8,725,065 51.166
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) -12,188,954 57,242,175 -
Net Profit (loss) of Shareholders Capital Investment 12,005,940 6,808,920 76.326
Net Profit (Loss) before Zakat 10,628,196 64,407,577 -83.498
Total Comprehensive Income 5,952,041 51,844,122 -88.519
Total Share Holders Equity (after Deducting Minority Equity) 459,496,757 448,820,638 2.378
Profit (Loss) per Share 0.06 1.83
All figures are in (Actual) 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 Reason of loss for quarter compared with same quarter last year is due to decrease in net earned premiums by 18.6% and increase in net incurred claims by 105.8% mainly from the increase in net change of outstanding claims.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to Reason of loss for quarter compared to previous quarter is due to achieving an underwriting deficit mainly from the increase in net incurred claims by 46.5%.
Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to Reason of decrease in profits for period compared with same period last year is due to decrease in underwriting surplus by 72.2% mainly from the decrease of net earned premiums by 22.8% and increase of net incurred claims by 9.8% and decrease of other underwriting income by 40.5%.
Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items In pursuance of complying with IFRSs that are endorsed in KSA, the Company has amended its accounting policy to charge the zakat expense for the period to the statement of income whereas the corresponding liability will continue to be recognized in the statement of financial position. Previously, zakat was charged directly to the statement of changes in equity. In addition to the above, some items have been re-classified to conform to current period presentation.
Additional Information (1) Earnings per share for the current and prior period have been calculated based on net income after Zakat and divided by 30 million shares to give a retroactive effect of change in the number of shares increased as a result of the bonus shares issued.

(2) Total comprehensive loss for insurance operations for the current quarter is SAR (2,988,327) compared to comprehensive income SAR 2,709,803 for the same quarter prior year, and compared to comprehensive loss SAR (530,303) for the preceding quarter, an increase of 463.5%. Total comprehensive loss for shareholders operations for the current quarter is SAR (11,397,088) compared to comprehensive income SAR 24,567,195 for the same quarter prior year and compared to SAR 4,338,758 for the preceding quarter.

Total comprehensive loss for insurance operations for the current period is SAR (1,454,718) compared to comprehensive income SAR 8,311,266 for the same period prior year. Total comprehensive income for shareholders operations for the current period is SAR 5,952,041 compared to SAR 51,844,122 for the same period prior year, a decrease of 88.5%.

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