Salama Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2019-12-31

26 March 2020 04:06 PM

SALAMA 8050 1.90% 34.95 0.65

Element List	Current Year	Previous Year	%Change
Gross Written Premiums (GWP)	503,504	734,982	-31.494
Net Written Premiums (NWP)	437,864	687,344	-36.296
Net Incurred Claims	431,516	578,781	-25.443
Net Profit (Loss) of Policy Holders Investment	3,233	5,709	-43.37
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results)	-66,496	8,683	-
Net Profit (loss) of Shareholders Capital Investment	10,086	6,794	48.454
Net Profit (Loss) before Zakat	-54,115	16,343	-
Total Comprehensive Income	-61,994	11,422	-
Total Share Holders Equity (after Deducting Minority Equity)	202,596	262,711	-22.882
Perpetrating Expenses (First Operation Year)	-	-	-
Profit (Loss) per Share	-2.4	0.41
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 net losses in current year compared to profit in previous year is due to decrease in net earned premium by 31% and increase in general and administrative expenses by 9% partly offset by decrease in claims incurred by 25%
Basis of the External Auditor's Opinion	Unmodified opinion
Reclassification of Comparison Items	Certain of the prior year figures have been reclassified to conform to current year presentation

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