Al Alamiya for Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2020-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 31,707 | 41,297 | -23.222 | 52,099 | -39.14 |
| Net Written Premiums (NWP) | 9,479 | 22,911 | -58.626 | 15,820 | -40.082 |
| Net Incurred Claims | 2,931 | 13,541 | -78.354 | 13,693 | -78.594 |
| Net Profit (Loss) of Policy Holders Investment | 1,137 | 1,748 | -34.954 | 1,395 | -18.494 |
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 1,953 | 4,252 | -54.068 | 308 | 534.09 |
| Net Profit (loss) of Shareholders Capital Investment | 1,774 | 2,453 | -27.68 | 2,270 | -21.85 |
| Net Profit (Loss) before Zakat | 4,191 | 7,489 | -44.037 | 3,438 | 21.902 |
| Total Comprehensive Income | 2,769 | 6,976 | -60.306 | 2,154 | 28.551 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 83,806 | 112,809 | -25.709 |
| Net Written Premiums (NWP) | 25,299 | 62,013 | -59.203 |
| Net Incurred Claims | 16,624 | 26,095 | -36.294 |
| Net Profit (Loss) of Policy Holders Investment | 2,532 | 3,366 | -24.777 |
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 2,261 | 9,364 | -75.854 |
| Net Profit (loss) of Shareholders Capital Investment | 4,044 | 4,557 | -11.257 |
| Net Profit (Loss) before Zakat | 7,629 | 15,266 | -50.026 |
| Total Comprehensive Income | 4,923 | 14,150 | -65.208 |
| Total Share Holders Equity (after Deducting Minority Equity) | 412,631 | 403,266 | 2.322 |
| Profit (Loss) per Share | 0.07 | 0.27 | |
| 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, lower reinsurance commissions and lower investment income.
This decrease in the profit is partly offset by lower net claims incurred, lower policy acquisition costs, 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 lower net claims incurred, higher other income and lower policy acquisition costs. This increase in the profit is partly offset by lower net premiums earned, lower reinsurance commissions, higher allowance for doubtful debts and higher general and administrative expenses. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to | The decrease in the net profit for the current period compared with the same period of the previous year is due to lower net premiums earned, lower reversal for doubtful debts and lower investment income.
This decrease in the profit is partly offset by lower net claims incurred, higher reinsurance commissions, lower policy acquisition costs, higher other income and lower general and administrative expenses. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Reclassification of Comparison Items | From Q2 2019, Charge for Zakat and Income Tax is recognized in “Statement of income” in accordance with International Financial Reporting Standards (IFRS) and other standards and pronouncements issued by the Saudi Organization for Certified Public Accountants (“SOCPA”). These were previously recognized in “Statement of changes in equity” as per regulatory guidelines. |
| Additional Information | The total shareholders' equity (there is no minority equity) for the current period reached SAR 412,631 thousands compared to SAR 403,266 thousands for the same period last year reflecting an increase of 2.32%. The net comprehensive income for the current quarter is SAR 2,769 thousands compared to SAR 6,976 thousands for the same quarter last year with a decrease of 60.31% and SAR 2,154 thousands for the previous quarter (reflecting an increase of 28.55%).
The net comprehensive income for the current period is SAR 4,923 thousands compared to SAR 14,150 thousands for the same period last year with a decrease of 65.20%. The Earnings per Share (EPS) for the current period is SR 0.07 versus SR 0.27 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 period is SAR 2,944 thousands and the Number of shares as of 30-06-2020G is 40,000 thousands shares. While in last year same period, Net income after zakat and income tax attributable to shareholders was SAR 10,823 thousands and the Number of shares as of 30-06-2019G were 40,000 thousands shares. |
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