Arabian Shield Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2020-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 96,425 | 57,536 | 67.59 | 72,951 | 32.177 |
| Net Written Premiums (NWP) | 54,256 | 35,436 | 53.109 | 43,317 | 25.253 |
| Net Incurred Claims | 63,253 | 92,436 | -31.571 | 51,341 | 23.201 |
| Net Profit (Loss) of Policy Holders Investment | 708 | 1,675 | -57.731 | 870 | -18.62 |
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 12,081 | -1,028 | - | 6,275 | 92.525 |
| Net Profit (loss) of Shareholders Capital Investment | 5,751 | 3,275 | 75.603 | 2,305 | 149.501 |
| Net Profit (Loss) before Zakat | 16,572 | 3,354 | 394.096 | 8,030 | 106.376 |
| Total Comprehensive Income | 17,386 | 2,278 | 663.213 | 1,269 | 1,270.055 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 427,141 | 400,207 | 6.73 |
| Net Written Premiums (NWP) | 244,077 | 243,271 | 0.331 |
| Net Incurred Claims | 182,571 | 298,547 | -38.846 |
| Net Profit (Loss) of Policy Holders Investment | 2,814 | 5,750 | -51.06 |
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 24,087 | -5,979 | - |
| Net Profit (loss) of Shareholders Capital Investment | 11,199 | 13,733 | -18.451 |
| Net Profit (Loss) before Zakat | 33,364 | 11,856 | 181.41 |
| Total Comprehensive Income | 18,865 | 6,678 | 182.494 |
| Total Share Holders Equity (after Deducting Minority Equity) | 456,524 | 434,363 | 5.101 |
| Profit (Loss) per Share | 0.8 | 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 INCREASE in Net Profit for the quarter compared with the same quarter last year is due to decrease in Net Incurred Claims by 32%, decrease in Other Underwriting Costs by 0.38% and increase in Investment Income by 30% which was offset by decrease in Net Earned Premium by 10%, decrease in Earned Commission Income by 20%, and increase in Operating & Administrative Expenses by 53%. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | The INCREASE in Net Profit for the quarter compared with the previous quarter is due to increase in Net Earned Premium by 8%, decrease in Other Underwriting Costs by 33%, decrease in Operating & Administrative Expenses by 29% and increase in Investment Income by 103% which was offset by decrease in Earned Commission Income by 8% and increase in Net Incurred Claims by 23% |
| Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to | The INCREASE in Net Profit for the period compared with the same period last year is due to decrease in Net Incurred Claims by 39% which was offset by decrease in Net Earned Premium by 19%, decrease in Earned Commission Income by 18%, increase in Other Underwriting Costs by 18%, increase in Operating & Administrative Expenses by 46% and decrease in Investment Income by 28% |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Reclassification of Comparison Items | The Financial Statements have been prepared in accordance with International Accounting Standard 34 endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organization for Certified Public Accountants (“SOCPA”), consistent with the Company’s accounting policies. Comparatives have been restated. |
| Additional Information | Total Comprehensive Income for the quarter was SR 17,386 thousand compared to SR 2,278 thousand for the equivalent quarter from the previous year, increased by 663% and compared to SR 1,269 thousand for the previous quarter, increased by 1270%.
Total Comprehensive Income for the period was SR 18,865 thousand compared to SR 6,678 thousand for the equivalent period from the previous year, increased by 182%.
Total Shareholders’ Equity by end of the current period is SR 456,524 thousand compared to SR 434,363 thousand for the equivalent period from the previous year, increased by 5% (No minority interest).
The profits after Zakat and Income Tax for the current quarter reached SR 13,473 thousand compared to SR 1,022 thousand for the same quarter of last year, an increase of 1218%.
The earnings per share (EPS) for the current quarter are SR 0.45 per share versus SR 0.03 per share for the same quarter last year.
The profits after Zakat and Income Tax for the current period reached SR 24,063 thousand compared to SR 4,313 thousand for the same period of last year, an increase of 458%.
The earnings per share (EPS) for the current period are SR 0.8 per share versus SR 0.14 per share for the same period last year.
The authorized, issued and fully paid share capital of the Company is SAR 300,000,000 consisting of 30,000,000 shares each with a nominal value of 10 Saudi Riyals. |
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