Buruj Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2019-12-31
Element List | Current Year | Previous Year | %Change | ||
---|---|---|---|---|---|
Gross Written Premiums (GWP) | 305,540,939 | 319,997,982 | -4.517 | ||
Net Written Premiums (NWP) | 247,333,609 | 274,565,020 | -9.918 | ||
Net Incurred Claims | 192,869,227 | 184,996,246 | 4.255 | ||
Net Profit (Loss) of Policy Holders Investment | 16,789,219 | 11,868,924 | 41.455 | ||
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | -12,109,439 | 61,398,028 | - | ||
Net Profit (loss) of Shareholders Capital Investment | 14,649,539 | 9,175,099 | 59.666 | ||
Net Profit (Loss) before Zakat | 15,185,631 | 72,416,852 | -79.03 | ||
Total Comprehensive Income | 14,614,688 | 56,568,200 | -74.164 | ||
Total Share Holders Equity (after Deducting Minority Equity) | 438,159,404 | 453,544,716 | -3.392 | ||
Perpetrating Expenses (First Operation Year) | - | - | - | ||
Profit (Loss) per Share | 0.14 | 2.02 | |||
All figures are in (Actual) Saudi Arabia, Riyals |
Element List | Explanation |
---|---|
Increase (Decrease) in Net Profit for Current Year Compared to Last Year is Attributed to | The reason of decrease in profits during this year compared to prior year is because of the decrease in underwriting surplus by 67.8% due to the decrease in net earned premiums by 21.1%, increase in net incurred claims by 4.3%, decrease in policy issuance fees by 95.2% and increase in premium deficiency reserves by 328.8%, although an improvement was noted in the release of provision of doubtful debts this year by SAR 4.8 Million approximately compared to an allowance of provision prior year by SAR 3.6 Million, and also the increase in total combined investment income for insurance and shareholders operations by 49.4%. |
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 year 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 year presentation. |
Additional Information | (1) Earnings per share for the current and prior years 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. Net income after zakat for the current year reached SAR 4,332,428 compared to SAR 60,503,354 for prior year, a decrease of 92.8%.
(2) Total comprehensive income for insurance operations for the current year is SAR 939,170 compared to SAR 6,319,988 for the prior year, a decrease of 85.1%. Total comprehensive income for shareholders operations for the current year is SAR 14,614,688 compared to SAR 56,568,200 for the prior year, a decrease of 74.2%. |
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