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

SALAMA 8050 -0.19% 26.25 -0.05
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Gross Written Premiums (GWP) 157,522 95,155 65.542 96,619 63.034
Net Written Premiums (NWP) 129,763 82,343 57.588 84,431 53.691
Net Incurred Claims 65,759 88,658 -25.828 34,994 87.915
Net Profit (Loss) of Policy Holders Investment 5,615 1,209 364.433 3,622 55.024
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) -6,470 -14,266 -54.647 28,439 -
Net Profit (loss) of Shareholders Capital Investment 4,355 -905 - 1,844 136.171
Net Profit (Loss) before Zakat 3,182 -14,313 - 29,491 -89.21
Total Comprehensive Income 1,682 -15,813 - 27,991 -93.99
All figures are in (Thousands) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Gross Written Premiums (GWP) 339,939 383,562 -11.373
Net Written Premiums (NWP) 287,476 338,521 -15.078
Net Incurred Claims 193,449 347,265 -44.293
Net Profit (Loss) of Policy Holders Investment 8,730 1,448 502.9
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 7,891 -71,935 -
Net Profit (loss) of Shareholders Capital Investment 4,159 7,077 -41.232
Net Profit (Loss) before Zakat 9,603 -64,271 -
Total Comprehensive Income 5,103 -68,771 -
Total Share Holders Equity (after Deducting Minority Equity) 207,699 193,940 7.094
Profit (Loss) per Share 0.2 -2.75
All figures are in (Thousands) Saudi Arabia, Riyals
Accumulated Losses Capital Percentage %
-47,304 250,000 -18.92
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 losses same quarter previous year is mainly due to decrease in net incurred claims by 28%, and increase in profit in policy holders investment by 364% , partly offset by decrease in earned premium (NEP) by 18%.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The reason for decrease in net profit in current quarter compared to previous quarter is mainly due to increase in net incurred claims by 88%, increase in unearned premiums ( UEP) by 689% , partly offset by increase in Other underwriting income by 849%.
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 44%, and decrease in general and administration expenses by 17%, partly offset by net earned premium (NEP) by 30%.
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 0.07 per share versus losses SR (0.63) per share for the same quarter last year by dividing the net profit attributed to shareholders after zakat and income tax amount of SR 1,682 thousand over the weighted average number of ordinary outstanding shares of 25,000 thousand for the current quarter and SR (15,813) 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 207,699 thousand compared to SR 193,940 thousand (after deducting minority interest) during the same period of the previous year, an increase of 7%.

The accumulated losses has reached SR (47,304) thousand for the period ended 30 September 2020, which consist of 18.9% of the paid capital amounting to SR 250,000 thousand.

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