Al Sagr Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 30-09-2021 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 161,840 | 107,792 | 50.141 | 84,493 | 91.542 |
| Net Written Premiums (NWP) | 132,249 | 77,910 | 69.745 | 73,008 | 81.143 |
| Net Incurred Claims | 70,809 | 110,786 | -36.084 | 62,036 | 14.141 |
| Net Profit (Loss) of Policy Holders Investment | 1,454 | 1,685 | -13.709 | -3,159 | - |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | -25,849 | -33,509 | -22.859 | -15,144 | 70.688 |
| Net Profit (loss) of Shareholders Capital Investment | 5,989 | 3,073 | 94.89 | 9,259 | -35.316 |
| Net Profit (Loss) before Zakat | -18,922 | -29,535 | -35.933 | -9,517 | 98.823 |
| Total Comprehensive Income | -15,719 | -26,655 | -41.027 | -6,418 | 144.92 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 315,088 | 302,293 | 4.232 |
| Net Written Premiums (NWP) | 267,116 | 249,134 | 7.217 |
| Net Incurred Claims | 230,954 | 311,003 | -25.738 |
| Net Profit (Loss) of Policy Holders Investment | 975 | 4,549 | -78.566 |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | -86,762 | -88,584 | -2.056 |
| Net Profit (loss) of Shareholders Capital Investment | 18,980 | 10,076 | 88.368 |
| Net Profit (Loss) before Zakat | -68,317 | -75,685 | -9.735 |
| Total Comprehensive Income | -60,874 | -80,885 | -24.74 |
| Total Share Holders Equity (after Deducting Minority Equity) | 226,908 | 316,222 | -28.244 |
| Profit (Loss) per Share | -1.73 | -2.02 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| 191,659 | 400,000 | 47.9 | |
| 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 | The reason of reduction in Net Loss before Zakat & Tax for the current quarter compared with Net Loss before Zakat & Tax of same quarter last year is due to decline in Total Underwriting Cost and Expenses by SAR 36.0 million (a drop of 31%). |
| 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 of the increase in Net Loss before Zakat & Tax for the current quarter compared with Net Loss before Zakat & Tax of previous quarter is the increase in Total Underwriting Cost and Expenses by SAR 12.3 million representing an upsurge of 18.0% |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The reason of decrease in Net Loss before Zakat & Tax for the current period compared with Net Loss before Zakat & Tax of previous period is due to reduction in Total Underwriting Cost and Expense by SAR 83.0 million representing a drop of 24%. |
| Statement of the type of external auditor's report | Unmodified Conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | The independent auditors' report on the interim condensed financial information states that the accompanying financial information present fairly, in all material respects, in accordance with the International Financial Reporting Standards (IFRS) adopted in the Kingdom of Saudi Arabia and other standards and statements Issued by the Saudi Organization for Certified Public Accountants (“SOCPA”) (collectively referred to as “the International Financial Reporting Standards as approved in the Kingdom of Saudi Arabia”). |
| Reclassification of Comparison Items | Certain prior year amounts have been reclassified for consistency with the current year presentation only. These changes were made for better presentation of the balances and transactions in annual financial statements of the Company. |
| Additional Information | The Earning/Loss Per Share is calculated on Profit/Loss after Zakat and Income Tax. The Loss Per Share for the current period is SAR 1.73 versus Loss Per Share of SAR 2.02 for the same period of the previous year, which is calculated based on the weighted average number of ordinary shares outstanding during the period.
The total of shareholder's equity (there are no minority rights) as at the end of the current period amounted to SAR 226.9 million compared with SAR 316.2 million as at the end of the same period last year, which reflects a decline of 28%. The Accumulated Losses Retained s as at the end of the current period is SAR 191.7 million which is 47.9% of the Paid-Up Capital. Hence, the company is subjected to Capital Market Authority’s (CMA) regulations regarding listed companies with accumulated losses exceeded 35% and less than 50% of capital.
The Total Comprehensive Loss for the current quarter is SAR 15.7 million compared with Comprehensive Loss of SAR 26.7 million for the same quarter last year and compared with Comprehensive Loss of SAR 6.4 million for the previous quarter.
The total Comprehensive Loss for the current period is SAR 60.9 million compared with Total Comprehensive Loss of SAR 79.2 million for the same period last year. |
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