Net Profit (loss) of Shareholders Capital Investment
5,196
5,650
-8.035
Net Profit (Loss) before Zakat
-24,500
-18,387
33.246
Total Comprehensive Income
-27,531
-22,759
20.967
Total Share Holders Equity (after Deducting Minority Equity)
217,977
260,336
-16.27
Profit (Loss) per Share
-0.92
-0.75
All figures are in (Thousands) Saudi Arabia, Riyals
Accumulated Losses
Capital
Percentage %
82,023
300,000
27.34
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
Increase in net loss for the current quarter compared with the same quarter of last year is due to Gross written premium lower by 16.8%, increase in premium deficiency reserve by 100% and increase in unit linked reserves by 98%. This increase in loss is partly offset by decrease in net incurred claims by 16.2%, higher reinsurance commission earned by 24.2%, reversal in provision for doubtful debt by SR 3.4M, decrease in zakat and tax charge by 22% and decrease in policy acquisition cost by 8.5%.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to
Decrease in net loss for the current quarter compared with the previous quarter is due to increase in reinsurance commission earned by 15.1% and reversal of doubtful debt provision by 103.3% however this decrease in loss is partly reversed by lower gross written premium by 26.6%, lower overall investment income by 109.8% increase in net incurred claims by 5.5% and increase in premium deficiency reserve by 100% and increase in general and admin expenses by 4.5%.
Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to
Increase in net loss for the current period compared with the previous period of last year is due to the gross written premium being lower by 14.4%, lower overall investment income by 8.7%, increase in policy acquisition cost by 4.2%, increase in premium deficiency reserve by 9.1% and increase in unit linked reserves by 41.3% this increase in loss is partly offset by decrease in net incurred claims by 19.1%, decrease in general and administration expenses by 2.2%, increase in reinsurance commission earned by 11.6%, decrease in zakat and tax provision by 22.2% and decrease in doubtful debt provision by 17.1%.
Basis of the External Auditor's Opinion
Unmodified opinion
Reclassification of Comparison Items
Certain prior period figures have been reclassified to conform with the presentation in the current period.
Additional Information
1. From 01 January 2019, the Company has adopted IFRS 16 with no material impact on its interim financial statements.
2.According to instructions issued regarding treatment of Zakat, the Company has accounted for this change in the accounting for zakat through income statement retrospectively.
Earnings per share (EPS) for the period was calculated based on the Profit after Zakat.
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