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Alahli Takaful Co. announces its Interim Financial Results for the Period Ending on 2020-09-30 ( Nine Months )

ATC 8130 0.15% 34.00 0.05
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Gross Written Premiums (GWP) 62,394 55,063 13.313 66,684 -6.433
Net Written Premiums (NWP) 14,659 11,950 22.669 13,515 8.464
Net Incurred Claims 8,450 5,647 49.636 2,744 207.944
Net Profit (Loss) of Policy Holders Investment 135 414 -67.391 196 -31.122
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 2,851 3,172 -10.119 4,967 -42.601
Net Profit (loss) of Shareholders Capital Investment -584 2,007 - 908 -
Net Profit (Loss) before Zakat 202 3,903 -94.824 3,900 -94.82
Total Comprehensive Income -1,090 2,026 - 2,147 -
All figures are in (Thousands) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Gross Written Premiums (GWP) 187,525 173,288 8.215
Net Written Premiums (NWP) 42,548 35,088 21.26
Net Incurred Claims 12,466 13,677 -8.854
Net Profit (Loss) of Policy Holders Investment 636 1,225 -48.081
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 13,998 7,303 91.674
Net Profit (loss) of Shareholders Capital Investment -1,132 7,824 -
Net Profit (Loss) before Zakat 6,962 10,834 -35.739
Total Comprehensive Income 2,320 5,658 -58.996
Total Share Holders Equity (after Deducting Minority Equity) 244,542 240,708 1.592
Profit (Loss) per Share 0.15 0.36
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 decrease in net profit before zakat for the current quarter compared to the same quarter of the previous year is mainly attributed to increase in the net incurred claims by 50% which led to a decrease in the operation results by 10%.

In addition to losses occurred in the shareholders investments for the current quarter amounts to SAR 584 thousand compared to the profits achieved amounts to SAR 2 million for the the same quarter of the previous Year. Also there was a decrease in the net profits of policyholders investments by 67%.

This comes despite increase in the gross written premiums by 13% and increase in the net written premiums by 23%.

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The reason for decrease in net profit before zakat for the current quarter compared to the previous quarter is mainly attributed to increase in the net incurred claims by 208% which led to a decrease in the operation results by 43%.

In addition to losses occurred in the shareholders investments for the current quarter amounts to SAR 584 thousand compared to the profits achieved amounts to SAR 908 for the previous quarter. Also there was a decrease in the net profits of policyholders investments by 31%.

This comes despite increase in the net written premiums by 8%.

Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to The reason for the decrease in net profit before Zakat for the current period compared to the previous year similar period is mainly attributed to losses occurred in the shareholders investments for the current period amounts to SAR 1.1 million compared to the profits achieved amounts to SAR 7.8 million for the previous year similar period.

Also there was a decrease in the net profits of policyholders investments for the current period by 48% , in addition to the increase in general and administrative expenses for the current period by 8% which is attributed to the company's expansion of direct sales channel and donation of SAR 0.5 Million to the Health Endowment Fund to support the effects of Corona Virus Spread (Covid-19) compared to the previous year similar period.

This comes despite to increase in gross written premiums by 8% and increase in net written premiums by 21% and increase in other income for the current period by 81% compared to the previous year similar period, also there was a decrease in the net incurred claims by 9% for the current period, all these factors led to increase in the operations results by 92% for the current period compared to the previous year similar period.

Basis of the External Auditor's Opinion Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion The external auditors interim review report on the financial statements mentions that the financial statements have been prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting” endorsed in the Kingdom of Saudi Arabia.
Reclassification of Comparison Items Certain prior period amounts have been reclassified to conform with current period presentation.
Additional Information Total comprehensive income for insurance operations for the current quarter amounted to SAR 288 thousand, compared to comprehensive income of SAR 244 thousand for the same quarter of the previous year with an increase of 18%, and compared to comprehensive income of SAR 337 thousand for the previous quarter with a decrease of 15%.

Total comprehensive loss for shareholders for the current quarter amounted to SAR (1,378) thousand, compared to comprehensive income of SAR 1,782 thousand for the same quarter of the previous year, and compared to comprehensive income of SAR 1,810 thousand for the previous quarter.

Total comprehensive loss for the current quarter amounted to SAR (1,090) thousand, compared to comprehensive income of SAR 2,026 thousand for the same quarter of the previous year, and compared to comprehensive income of SAR 2,147 thousand for the previous quarter.

Total comprehensive income for insurance operations for the current period amounted to SAR 1,293 thousand, compared to comprehensive income of SAR 516 thousand for the previous year similar period with an increase of 151%.

Total comprehensive income for shareholders for the current period amounted to SAR 1,027 thousand, compared to comprehensive income of SAR 5,142 thousand for the previous year similar period with a decrease of 80%.

Total comprehensive income for the current period amounted to SAR 2,320 thousand, compared to comprehensive income of SAR 5,658 thousand for the previous year similar period with a decrease of 59%.

Basic Earnings (Loss) Per Share EPS/(LPS) is calculated by dividing the net loss attributable to shareholders after zakat and income tax for the current quarter amounted SAR (1,079) thousand (net income attributable to shareholders after zakat and income tax of SAR 2,141 thousand for the same quarter of the previous year) by the weighted average number of ordinary, issued and existing shares which is 16,667 thousand shares as of September 30, and LPS for the current quarter is SAR (0.06) / share, compared to EPS of SAR 0.13 / share for the same quarter of the previous year.

Basic Earnings Per Share (EPS) is calculated by dividing the net income attributable to shareholders after zakat and income tax for the current period amounted SAR 2,491 thousand (SAR 5,995 thousand for the previous year similar period) by the weighted average number of ordinary, issued and existing shares which is 16,667 thousand shares as of September 30, and EPS for the current period is SAR 0.15 / share, compared to SAR 0.36 / share for the previous year similar period.

Total shareholders' equity (there are no minority interest) at the end of the current period amounted to SAR 244,542 thousand, compared to SAR 240,708 thousand for the previous year similar period, which shows an increase of 1.59%, and compared to SAR 245,621 thousand for the previous quarter, which shows a decrease of 0.44%.

Loss after zakat and income tax for the current quarter reached to SAR (1,079) thousand, compared to income after zakat and income tax of SAR 2,141 thousand for same quarter of the previous year, and compared to income after zakat and income tax SAR 2,327 thousand for previous quarter.

Income after zakat and income tax is decreased for the current period reached to SAR 2,491 thousand, compared to SAR 5,995 thousand for the previous year similar period which shows a decrease of 58%.

The external auditors have reviewed the financial statements and issued the unmodified opinion report.

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