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

21 May 2020 08:24 AM

BURUJ 8270 13.63% 21.68 2.60

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Gross Written Premiums (GWP)	67,053,223	104,887,009	-36.07	57,444,159	16.727
Net Written Premiums (NWP)	59,604,499	96,592,459	-38.292	38,690,492	54.054
Net Incurred Claims	53,718,156	33,871,180	58.595	38,832,160	38.334
Net Profit (Loss) of Policy Holders Investment	1,601,990	3,517,906	-54.461	3,599,849	-55.498
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results)	-12,780,968	9,700,673	-	79,515	-
Net Profit (loss) of Shareholders Capital Investment	-1,716,311	5,271,215	-	2,643,599	-
Net Profit (Loss) before Zakat	-13,991,122	16,145,978	-	4,557,435	-
Total Comprehensive Income	-31,712,613	11,662,749	-	8,662,647	-
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (after Deducting Minority Equity)	406,446,791	465,207,465	-12.631
Profit (Loss) per Share	-0.55	0.43
All figures are in (Actual) 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	Loss current quarter compared to the profit same quarter of the previous year is due to the underwriting deficit mainly from the decrease in net earned premiums by 19.2% and increase in net incurred claims by 58.6%. Also reason of loss is due to losses on overall investments for SAR (114,321) compared to investment profits of SAR 8,789,121 same quarter of the previous year, and this due to recording of impairment losses on some of the available for sale investments.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to	Loss current quarter compared to the previous quarter is due to the underwriting deficit mainly from the increase in net incurred claims by 38.3%. Also reason of loss is due to losses on overall investments for SAR (114,321) compared to investment profits of SAR 6,243,448 s of the previous quarter, and this due to recording of impairment losses on some of the available for sale investments.
Basis of the External Auditor's Opinion	Unmodified opinion
Reclassification of Comparison Items	The comparative amounts of previous period have been reclassified to match with the current presentation. These reclassification changes have no financial impact on insurance results and net profit before Zakat.
Additional Information	(1) (Loss)/earnings per share have been calculated based on net (loss)/income after Zakat. (2) In pursuance of complying with IFRSs that are endorsed in KSA, the Company has amended its accounting policy to charge the zakat expense to the statement of income whereas the corresponding liability will continue to be recognized in the statement of financial position. Thus this change have been reflected in the same quarter of previous year.

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