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

SALAMA 8050 -1.29% 34.30 -0.45
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Gross Written Premiums (GWP) 85,798 150,964 -43.166 119,942 -28.467
Net Written Premiums (NWP) 73,283 131,274 -44.175 99,343 -26.232
Net Incurred Claims 92,696 149,532 -38.009 84,251 10.023
Net Profit (Loss) of Policy Holders Investment -508 2,531 - 1,786 -
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) -22,807 -23,434 -2.675 5,438 -
Net Profit (loss) of Shareholders Capital Investment -2,040 6,777 - 3,008 -
Net Profit (Loss) before Zakat -25,400 -14,580 74.211 10,156 -
Total Comprehensive Income -26,900 -16,080 67.288 8,656 -
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) 175,696 246,631 -28.761
Profit (Loss) per Share -1.08 -0.64
All figures are in (Thousands) Saudi Arabia, Riyals
Accumulated Losses Capital Percentage %
-79,307 250,000 32
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 for increase net loss in current quarter compared to net losses in same quarter previous year is due to decrease in net earned premium by 40%, and increase in net losses of policyholders investment by 120% and increase in net losses of shareholders investment by 130%., partly offset by decrease in net claims incurred by 38%.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The reason for increase in net loss in current quarter compared to net profit in last quarter is due to decrease in net earned premium by 9%, and increase in claims incuured but not reported by 8%, and increase in net losses of policyholders investment by 128% and increase in net losses of shareholders investment by 128%, partly offset by decrease in general & administrative expense by 22%
Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items Certain of the prior year figures have been reclassified to conform to current period presentation
Additional Information The losses per share (LPS) for the current quarter is SR(1.08) per share versus SR (0.64) per share for the same quarter last year by dividing the net Losses attributed to shareholders after zakat and income tax amount of SR (26,900) thousand over the weighted average number of ordinary outstanding shares of 25,000 thousand for the current quarter and SR (15,698) thousand over 25,000 thousand for the same quarter of the last year

The total shareholders` equity (no minority interest) at current period is SR 175,696 thousand compared to SR 246,631 thousand (after deducting minority interest) during the same period of the previous year, an decrease of 29%.

The accumulated losses has reached SR 79,307 thousand for the period ended 31 March 2020, which consist of 32% of the paid capital amounting to SR 250,000 thousand.

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