Al-Rajhi Company for Cooperative Insurance announces its Interim Financial Results for the Period Ending on 2020-03-31 ( Three Months )
Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
---|---|---|---|---|---|
Gross Written Premiums (GWP) | 787,542 | 843,573 | -6.642 | 598,188 | 31.654 |
Net Written Premiums (NWP) | 727,348 | 826,149 | -11.959 | 537,021 | 35.441 |
Net Incurred Claims | 433,591 | 626,873 | -30.832 | 545,893 | -20.572 |
Net Profit (Loss) of Policy Holders Investment | 15,093 | 19,442 | -22.369 | 18,053 | -16.396 |
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 20,864 | -18,271 | - | -31,461 | - |
Net Profit (loss) of Shareholders Capital Investment | 3,689 | 2,864 | 28.805 | 4,556 | -19.029 |
Net Profit (Loss) before Zakat | 36,325 | 4,384 | 728.581 | -7,155 | - |
Total Comprehensive Income | -9,928 | 14,012 | - | 1,725 | - |
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) | 861,695 | 782,296 | 10.149 |
Profit (Loss) per Share | 0.76 | -0.01 | |
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 Net Profit before Zakat has increased by SR 31,941 thousand primarily due to improvement in claims cost by SAR 193,282 thousand (30.83%) which is partly offset by reduction in net earned premium by SAR 102,206 thousand (14.78%) and increase in general and administrative expenses compared to the same quarter of last year. |
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | The Net Profit before Zakat has increased compared to previous quarter (Q4 2019) by SR 43,480 thousand primarily due to improvement in claims cost by SAR 112,302 thousand (17.91%) which is partly offset by reduction in net earned premium by SAR 30,758 thousand (4.96%) and increase in general and administrative expenses. |
Basis of the External Auditor's Opinion | Unmodified opinion |
Reclassification of Comparison Items | The comparative amounts of previous periods have been reclassified to match with the current presentation. The company hereby confirms that there are no classification changes in the net underwriting surplus or net profit before Zakat. |
Additional Information | "According to instructions issued regarding treatment of zakat, the Company has accounted for this change in the accounting for zakat through income statement retrospectively.
Earning per share (EPS) for the period was calculated based on the Profit after Zakat." |
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