Solidarity Saudi Takaful Co. announces its Annual Financial Results for the Period Ending on 2020-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 337,334 | 391,021 | -13.729 | ||
| Net Written Premiums (NWP) | 313,954 | 363,684 | -13.673 | ||
| Net Incurred Claims | 311,458 | 241,992 | 28.705 | ||
| Net Profit (Loss) of Policy Holders Investment | - | - | - | ||
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | -67,315 | -56,944 | 18.212 | ||
| Net Profit (loss) of Shareholders Capital Investment | 7,258 | 14,842 | -51.098 | ||
| Net Profit (Loss) before Zakat | -69,844 | -43,921 | 59.021 | ||
| Total Comprehensive Income | -69,062 | -40,442 | 70.768 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 141,276 | 210,339 | -32.834 | ||
| Perpetrating Expenses (First Operation Year) | - | - | - | ||
| Profit (Loss) per Share | -2.8 | -1.72 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason for the increase in Net loss for the current year as compared with the last year is due to the following reasons:
1. Decrease in the GWP by 13.72%.
2. Increase in the net incurred claims by 28.71%.
3. Due to the increase in the policyholders G & A expenses by 43.61% and increase in shareholders G & A expenses by 438.04%. Hence, as compared to last year there is overall increase of 52.07% in the combine G & A expenses of PH and SH.
4. Due to the decrease in the shareholders investment income by 51.10% |
| Statement of the type of external auditor's report | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | The independent auditors report on the annual financial statements states that the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at 31 December 2020, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (“IFRSs”), as endorsed in the Kingdom of Saudi Arabia by Saudi Organization for Certified Public Accountants (SOCPA) and other standards and pronouncements issued by SOCPA. |
| Reclassification of Comparison Items | The compared figures of previous period had been reclassified to match with current presentation. |
| Additional Information | 1- Loss / Earning per share for the period was calculated after Zakat and Income Tax (following the amendment in presentation of Zakat and Income Tax from Statement of Changes in Equity to Statement of Income). Loss per Share for the current period is calculated on weighted average number of shares (25Million).
2- Total Shareholders’ Equity by end of the current year is SAR 141,276 thousand compared to SAR 210,339 thousand for the previous year, decreased by 32.83% (No minority interest).
3- The accumulated losses as at the end of the year is SAR (119,035) thousands which is (47.61%) of the paid up capital.
4- Total Comprehensive loss for the current year was SR (69,516) thousand compared to SR (40,468) thousand for the previous year, increased by 71.78%. |
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