Salama Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2020-06-30 ( Six Months )

27 August 2020 08:19 AM

SALAMA 8050 1.90% 34.95 0.65

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Gross Written Premiums (GWP)	96,619	137,443	-29.702	85,798	12.612
Net Written Premiums (NWP)	84,431	124,903	-32.402	73,283	15.212
Net Incurred Claims	34,994	109,076	-67.917	92,696	-62.248
Net Profit (Loss) of Policy Holders Investment	3,622	-2,293	-	-508	-
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results)	28,439	-34,234	-	-22,507	-
Net Profit (loss) of Shareholders Capital Investment	1,844	1,205	53.029	-2,040	-
Net Profit (Loss) before Zakat	29,491	-35,379	-	-25,400	-
Total Comprehensive Income	27,991	-36,879	-	-26,900	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Gross Written Premiums (GWP)	182,417	288,407	-36.75
Net Written Premiums (NWP)	157,714	256,177	-38.435
Net Incurred Claims	127,690	258,608	-50.624
Net Profit (Loss) of Policy Holders Investment	3,114	238	1,208.403
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results)	5,632	-57,668	-
Net Profit (loss) of Shareholders Capital Investment	-196	7,982	-
Net Profit (Loss) before Zakat	6,422	-49,959	-
Total Comprehensive Income	3,422	-52,959	-
Total Share Holders Equity (after Deducting Minority Equity)	206,018	209,751	-1.779
Profit (Loss) per Share	0.14	-2.12
All figures are in (Thousands) Saudi Arabia, Riyals

	Accumulated Losses	Capital	Percentage %
	-48,984	250,000	20
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 in net profit in current quarter compared to same quarter previous year is mainly due to decrease in net incurred claims by 68% and decrease in general and admistration expenses by 28%, partly offset by decrease in net earned premium (NEP) by 29%.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to	The reason for increase in net profit in current quarter compared to same previous quarter is mainly due to decrease in net incurred claims by 62%, increase in investment income by 314% , partly offset by decrease in net earned premium (NEP) by 6%.
Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to	The reason for net profit in current period compared to net losses same period previous year is due to decrease in net incurred claims by 58% and decrease in general and administration expenses by 46%, partly offset by decrease in net earned premium (NEP) by 6%.
Basis of the External Auditor's Opinion	Unmodified opinion
Reclassification of Comparison Items	Certain of the prior period figures have been reclassified to conform to current period presentation
Additional Information	The profit per share (PPS) for the current quarter is SR(1.12) per share versus losses SR (1.48) per share for the same quarter last year by dividing the net profit attributed to shareholders after zakat and income tax amount of SR (27,991) thousand over the weighted average number of ordinary outstanding shares of 25,000 thousand for the current quarter and SR (36,879) 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 206,017 thousand compared to SR 209,751 thousand (after deducting minority interest) during the same period of the previous year, an decrease of 2%. The accumulated losses has reached SR (48,984) thousand for the period ended 30 June 2020, which consist of 20% of the paid capital amounting to SR 250,000 thousand.

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