Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)
-6,604
-3,115
112.006
-8,447
-21.818
Net Profit (loss) of Shareholders Capital Investment
-121
1,943
-
1,372
-
Net Profit (Loss) before Zakat
-3,831
1,250
-
-2,487
54.041
Total Comprehensive Income
-4,675
515
-
-3,197
46.23
All figures are in (Thousands) Saudi Arabia, Riyals
Element List
Current Period
Similar period for previous year
%Change
Gross Written Premiums (GWP)
245,974
265,780
-7.452
Net Written Premiums (NWP)
119,651
105,545
13.364
Net Incurred Claims
-52,358
-47,023
11.345
Net Profit (Loss) of Policy Holders Investment
15,495
2,470
527.327
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)
-22,599
292
-
Net Profit (loss) of Shareholders Capital Investment
3,013
3,638
-17.179
Net Profit (Loss) before Zakat
-7,103
3,667
-
Total Comprehensive Income
-9,662
1,118
-
Total Share Holders Equity (after Deducting Minority Equity)
192,101
208,312
-7.782
Profit (Loss) per Share
-0.31
0.03
All figures are in (Thousands) Saudi Arabia, Riyals
Accumulated Losses
Capital
Percentage %
107,807
300,000
35.9
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
Having net loss for the current quarter compared to net profit same quarter of the previous year is mainly due to Increase in net incurred claims by 48.13%, decrease in Reinsurance commission earned by 20.57%, increase in Policy acquisition costs by 15.26% and the increase in General and administrative expenses by 12.48%, the above negative contributors to have the net loss before zakat have been partially offset with the increase in NWP by 51.44% and increase in NEP by 15.47%, and the decrease in the provision for doubtful receivables (SR 33 thousand release in Q3 2021 : SR 2,345 thousand expense in Q3 2020).
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 increase in net loss for the current quarter compared to the previous quarter is mainly due to the decrease in net profit of Policy holders investment by 29.7% and Having a net losses for shareholders capital investment (SR 1.4 million profit in Q3 2020: SR 0.12 million losses in Q3 2021)
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is
Having net loss for the current period compared to net profit same period of the previous year is mainly due to decrease in Reinsurance commission earned by 18.13%, Increase in net incurred claims by 11.35%, Total underwriting costs and expenses by 21.43% and the increase in General and administrative expenses by 12.27%, the above negative contributors to have the net loss before zakat have been partially offset with the increase net profit of policy holders investment by 527.33%.
Statement of the type of external auditor's report
Unmodified opinion
Reclassification of Comparison Items
Certain prior period figures have been reclassified to conform with the presentation in the current period
Additional Information
The loss per share is calculated on income after Zakat and Income Tax. The loss per share for the current period is SAR 0.31 versus profit per share of SAR 0.03 for the same period last year. The total of shareholder's equity (there are no minority rights) for the current period amounted to SAR 192,101 thousand compared with SAR 208,312 thousand for the same period last year which reflects a decrease of 7.78%. The accumulated losses as at Q3 2021 is SAR 107,807 thousand which is 35.9% of the Paid-Up Capital. The Total comprehensive loss for the current period is SAR 9,662 thousand compared with total comprehensive income of SAR 1,118 thousand for the same period last year.
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