Solidarity Saudi Takaful 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) | 391,021 | 245,857 | 59.044 | ||
| Net Written Premiums (NWP) | 363,684 | 219,816 | 65.449 | ||
| Net Incurred Claims | 241,992 | 124,002 | 95.151 | ||
| Net Profit (Loss) of Policy Holders Investment | - | - | - | ||
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | -56,944 | -46,985 | 21.196 | ||
| Net Profit (loss) of Shareholders Capital Investment | 14,842 | -10,990 | - | ||
| Net Profit (Loss) before Zakat | -43,920 | -59,695 | -26.425 | ||
| Total Comprehensive Income | -40,468 | -48,275 | -16.171 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 210,339 | 250,781 | -16.126 | ||
| Perpetrating Expenses (First Operation Year) | - | - | - | ||
| Profit (Loss) per Share | -1.72 | -2.61 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Year Compared to Last Year is Attributed to | The reason of the decrease in Net loss for the current year as compared with the last year is due to the positive shareholder's investment income 14.8 M SAR as compared to the negative shareholders' investment loss of the previous year (10.9 M) SAR |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | The independent auditors report on the annual financial statements states that the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at 31 December 2019, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (“IFRSs”), as endorsed in the Kingdom of Saudi Arabia by Saudi Organization for Certified Public Accountants (SOCPA) and other standards and pronouncements issued by SOCPA. |
| Reclassification of Comparison Items | The compared figures of previous period had been reclassified to match with current presentation. |
| Additional Information | 1. Loss / Earning per share for the period was calculated after Zakat and Income Tax (following the amendment in presentation of Zakat and Income Tax from Statement of Changes in Equity to Statement of Income). Earning per Share (EPS) for the current period is calculated on weighted average number of shares (25Million).
2. Total Shareholders’ Equity by end of the current period is SAR 210,339 thousand compared to SAR 250,781 thousand for the previous year, decreased by 16.13% (No minority interest).The accumulated losses as at the end of the year is SAR (48,967) thousands which is (19.59%) of the paid up capital.
3.Total Comprehensive loss for the current year was SR (40,468) thousand compared to SR (48,275) thousand for the previous year, decreased by 16%. |
Comments