Salama Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2021-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 118,236 | 85,798 | 37.807 | 87,684 | 34.843 |
| Net Written Premiums (NWP) | 107,887 | 73,283 | 47.219 | 72,488 | 48.834 |
| Net Incurred Claims | 65,782 | 92,695 | -29.033 | 86,952 | -24.346 |
| Net Profit (Loss) of Policy Holders Investment | 1,162 | -508 | - | 1,155 | 0.606 |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | -1,767 | -22,807 | -92.252 | -1,755 | 0.683 |
| Net Profit (loss) of Shareholders Capital Investment | 3,618 | -2,040 | - | 1,838 | 96.844 |
| Net Profit (Loss) before Zakat | 2,672 | -25,400 | - | -75 | - |
| Total Comprehensive Income | 1,172 | -26,900 | - | -1,575 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 207,470 | 206,298 | 0.568 |
| Profit (Loss) per Share | 0.15 | 1.08 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| 47,533 | 250,000 | 19.01 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The reason for increase in net Profit in current Quater compared to losses Samilar Quater previous year is mainly due to the Increase in Net written Premium (NWP) by 47% , increase in Share Holders investment Income by 277% and decrease in net incurred claims by 29% |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | The reason for increase in net Profit in current Quarter compared to losses Similar Quarter previous year is mainly due to the Increase in Net written Premium (NWP) by 49%, increase in Share Holders investment Income by 97% and decrease in net incurred claims by 24%. |
| Statement of the type of external auditor's report | Qualified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | The Company has other payables balance of SR18.4 million as of 31 March 2021, which represents accounting system processing differences related to the insurance operations due to the difficulties in the implementation of the new IT system, which has been escalated to the upper management of the IT system developer. Note 8-10 in FS
The management believes that the financial statements were prepared on the assumption of continuity and resolving technical and programmatic matters during the second quarter of 2021 |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform to the presentation of the current period. These changes have been made to better reflect the balances and transactions in the financial statements of the Company. This adjustments did not have any significant impact on the comparative statement of income and statement of changes in equity |
| Additional Information | The profit per share (PPS) for the current Quarter is SR 0.15 per share versus losses SR (1.08) per share for the same Quarter last year by dividing the net profit attributed to shareholders after zakat and income tax amount of SR 1,172 thousand over the weighted average number of ordinary outstanding shares of 25,000 thousand for the current Quarter and SR (26,900) thousand over 25,000 thousand for the same Quarter of last year.
The total shareholders` equity (no minority interest) at current period is SR 207,470 thousand compared to SR 206,298 thousand (after deducting minority interest) during the previous Quarter, an increase of 0.57%.
The accumulated losses has reached SR (47,533) thousand for the period ended 31 March 2021, which consist of 19.01% of the paid capital amounting to SR 250,000 thousand. |
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