SABB Takaful Co. announces its Interim Financial Results for the Period Ending on 2020-03-31 ( Three Months )

17 May 2020 08:41 AM

SABB TAKAFUL 8080 -2.87% 11.50 -0.34

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Gross Written Premiums (GWP)	46,894	39,311	19.289	46,380	1.108
Net Written Premiums (NWP)	31,550	26,240	20.236	30,476	3.524
Net Incurred Claims	21,249	19,064	11.461	23,131	-8.136
Net Profit (Loss) of Policy Holders Investment	513	581	-11.703	707	-27.439
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results)	-11,992	-751	1,496.804	-13,555	-11.53
Net Profit (loss) of Shareholders Capital Investment	1,899	2,574	-26.223	2,114	-10.17
Net Profit (Loss) before Zakat	-10,414	1,522	-	-12,470	-16.487
Total Comprehensive Income	-12,763	-119	10,625.21	-13,432	-4.98
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (after Deducting Minority Equity)	308,587	345,992	-10.81
Profit (Loss) per Share	-0.34	-0.001
All figures are in (Thousands) Saudi Arabia, Riyals

	Accumulated Losses	Capital	Percentage %
	-44,808	340,000	-13.2
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	The recorded net loss before zakat and tax amounted to SAR 10.4 million in Q1 2020 compared to a net profit before zakat and tax for the same period last year of SAR 1.5 million, this is mainly due to an increase of 71% in total underwriting cost and expenses which is mainly attributed to a increase in net claims and other benefits incurred, reserves for takaful activities, non-unit reserve, reserve for unexpired risk and policy acquisition costs. Furthermore there is an increase in general and administrative expenses. The above impact is partially offset by an increase in net contributions earned by 16.3 %.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to	The recorded net loss before zakat and tax amounted to SAR 10.4 million in Q1 2020 compared to a net loss before zakat and tax for the previous quarter of SAR 12.5 million, this decrease is mainly due to an increase of 14.48 % in net contribution earned and decrease in general and administrative expenses by 16.99%. The above impact is partially off-set by an increase in total underwriting cost and expenses by 13.82% which is mainly attributed to a increase in reserves for takaful activities , non-unit reserve and policy acquisition costs, this increase is partially offset by a decrease in net claims and other benefits paid and reserve for unexpired risk .
Basis of the External Auditor's Opinion	Unmodified opinion
Reclassification of Comparison Items	Certain of the prior period amounts have been reclassified to conform with the presentation in the current period. These changes were made for better presentation of balances and transactions in the interim condensed financial information of the Company.
Additional Information	Earning / (loss) per share calculated based on net profit / loss after zakat and tax; net loss after zakat and tax during the current quarter is SAR 11,544 thousands compared with net loss after zakat and tax of SAR 29 thousands for the same quarter previous year with an increase of 39706%. Net loss after zakat and tax during the current quarter is SAR 11,544 thousands compared with net loss after zakat and tax of SAR 13,993 thousands for the previous quarter with a decrease of 17.5%.

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