Al Alamiya for 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) | 219,941 | 293,533 | -25.071 | ||
| Net Written Premiums (NWP) | 102,409 | 157,422 | -34.946 | ||
| Net Incurred Claims | 62,247 | 59,985 | 3.77 | ||
| Net Profit (Loss) of Policy Holders Investment | 6,580 | 4,188 | 57.115 | ||
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 10,700 | 24,428 | -56.197 | ||
| Net Profit (loss) of Shareholders Capital Investment | 9,601 | 7,315 | 31.25 | ||
| Net Profit (Loss) before Zakat | 23,659 | 31,263 | -24.322 | ||
| Total Comprehensive Income | 18,856 | 20,734 | -9.057 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 407,708 | 388,659 | 4.901 | ||
| Perpetrating Expenses (First Operation Year) | - | - | - | ||
| Profit (Loss) per Share | 0.38 | 0.54 | |||
| 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 decrease in the net profit for the current year compared with last year is due to lower net premiums earned and higher net claims incurred. This decrease in profit is partly offset by higher investment income, higher other income, lower allowance for doubtful debts, higher reinsurance commissions and lower general and administrative expenses. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Reclassification of Comparison Items | The financial statements are prepared based on IFRS as endorsed by SOCPA where zakat and income tax are charged in the "Statement of Income" as per the requirements of IAS 12 and IFRIC 21. Changes are applied retrospectively and comparatives numbers are restated as per the requirements of IAS 12 and IFRIC 21. |
| Additional Information | Total shareholders’ equity (no minority interest) in for the current year is SR 407,708 thousands compared to SR 388,659 thousands for last year, an increase by 4.90%.
Net comprehensive income for the current year is SR 18,856 thousands compared to SR 20,734 thousands for last year, a decrease of 9.06%. The Earnings per Share (EPS) for the current year is SR 0.38 versus SR 0.54 for last year. Earning Per Share (EPS) was calculated on the basis of net income after zakat and income tax attributable to shareholders divided by the number of shares. Net income after zakat and income tax attributable to shareholders is SAR 15,019 thousands and the Number of shares as of 31-12-2019G is 40,000 thousands shares. While in last year, Net income after zakat and income tax attributable to shareholders was SAR 21,543 thousands and the Number of shares as of 31-12-2018G is 40,000 thousands shares. Total accumulated profits at the end of current year are SAR 4,643 thousands compared to accumulated losses of SAR 9,215 thousands for the last year. |
Comments