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

LIVA 8280 28.21% 20.00 4.40
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Gross Written Premiums (GWP) 52,099 71,512 -27.146 51,851 0.478
Net Written Premiums (NWP) 15,820 39,102 -59.541 17,666 -10.449
Net Incurred Claims 13,693 12,554 9.072 19,398 -29.41
Net Profit (Loss) of Policy Holders Investment 1,395 1,618 -13.782 1,544 -9.65
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 308 5,112 -93.974 -364 -
Net Profit (loss) of Shareholders Capital Investment 2,270 2,104 7.889 2,490 -8.835
Net Profit (Loss) before Zakat 3,438 7,777 -55.792 3,188 7.841
Total Comprehensive Income 2,154 7,104 -69.679 969 122.291
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) 409,862 394,717 3.836
Profit (Loss) per Share 0.03 0.14
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 decrease in the net profit for the current quarter compared with the same quarter of the previous year is due to lower net premiums earned, higher net claims incurred and lower reversal for doubtful debts. This decrease in the profit is partly offset by higher reinsurance commissions, higher other income and lower general and administrative expenses.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The increase in the net profit for the current quarter compared with the previous quarter is due to higher net claims incurred, higher reinsurance commissions and lower general and administrative expenses. This increase in the profit is partly offset by lower net premiums earned, higher policy acquisition costs, lower other income and lower reversal of allowance for doubtful debts.
Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items The financial statements are prepared based on IFRS as endorsed by SOCPA where zakat and income tax are charged in the "Statement of Income" as per the requirements of IAS 12 and IFRIC 21. Changes are applied retrospectively and comparatives numbers are restated as per the requirements of IAS 12 and IFRIC 21.
Additional Information The total shareholders' equity (there is no minority equity) for the current period reached SAR 409,862 thousands compared to SAR 394,717 thousands for the same period last year reflecting an increase of 3.84%. The net comprehensive income for the current quarter is SAR 2,154 thousands compared to SAR 7,104 thousands for the same quarter last year with a decrease of 69.68% and SAR 969 thousands for the previous quarter (reflecting an increase of 122.29%).

The Earnings per Share (EPS) for the current period is SR 0.03 versus SR 0.14 for the same period last year.

Earning Per Share (EPS) was calculated on the basis of net income after zakat and income tax attributable to shareholders divided by the number of shares.

Net income after zakat and income tax attributable to shareholders for current quarter is SAR 1,186 thousands and the Number of shares as of 31-03-2020G is 40,000 thousands shares. While in last year same quarter, Net income after zakat and income tax attributable to shareholders was SAR 5,462 thousands and the Number of shares as of 31-03-2019G were 40,000 thousands shares.

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