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

04 June 2020 08:53 AM

SOLIDARITY 8290 -0.70% 14.20 -0.10

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Gross Written Premiums (GWP)	118,873	77,981	52.438	109,979	8.086
Net Written Premiums (NWP)	115,221	71,296	61.609	100,938	14.15
Net Incurred Claims	77,912	34,527	125.655	70,785	10.068
Net Profit (Loss) of Policy Holders Investment	-	-	-	-	-
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results)	9,469	2,485	281.046	-8,336	-
Net Profit (loss) of Shareholders Capital Investment	2,169	3,468	-37.456	6,639	-67.329
Net Profit (Loss) before Zakat	9,915	5,682	74.498	-1,778	-
Total Comprehensive Income	5,639	8,834	-36.167	-272	-
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)	215,031	259,366	-17.093
Profit (Loss) per Share	0.35	0.34
All figures are in (Thousands) Saudi Arabia, Riyals

	Accumulated Losses	Capital	Percentage %
	-40,222	250,000	-16.09
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 reason of the increase in Net profit for the current quarter as compared to the same quarter previous year is due to increase in GWP by 52%, without increase in the policy acquisition cost as the company's e-sales has been increased substantially.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to	The reason of the increase in Net profit for the current quarter as compared previous quarter is due to increase in GWP by 8% and subsequently increased in the net earned premium by 12%.
Basis of the External Auditor's Opinion	Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	"Unaudited interim condensed Financial Statements for prior periods were prepared in accordance with International Accounting Standard 34 - Interim Financial Reporting ("IAS 34") as modified by SAMA for the accounting of zakat and income tax, which have been accrued on a quarterly basis through shareholders’ equity under retained earnings in accordance with SAMA Circular No. 381000074519 dated 11 April 2017 and subsequent amendments through certain clarifications relating to the accounting for zakat and income tax (“SAMA Circular”). The above basis has been amended and zakat and income tax are now charged to the statement of income. The Financial Statements have therefore been prepared in accordance with International Accounting Standard 34 endorsed in the Kingdom of Saudi Arabia, consistent with the Company’s accounting policies. Comparatives have been restated.
Reclassification of Comparison Items	The compared figures of previous period had been reclassified to match with current presentation.
Additional Information	1. Income / Earning per share for the period was calculated after Zakat and Income Tax (following the amendment in presentation of Zakat and Income Tax from Statement of Changes in Equity to Statement of Income). Earning per Share (EPS) for the current period is calculated on weighted average number of shares (25Million). 2. Total Shareholders’ Equity by end of the current period is SAR 215,031 thousand compared to SAR 259,366 thousand for the same period of previous year, decreased by 17.09% (No minority interest).The accumulated losses for the end of current period is SAR (40,222) thousands which is (16.09%) of the paid up capital. 3.Total Comprehensive Income for the current quarter is SR 5,639 thousand compared to SR 8,834 thousand for the same quarter previous year, decreased by 36% and a loss of SR (272) thousand as compared to previous quarter.

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