Salama 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) | 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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