Al Sagr Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 30-06-2021 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 84,493 | 96,993 | -12.887 | 68,754 | 22.891 |
| Net Written Premiums (NWP) | 73,008 | 82,963 | -11.999 | 61,860 | 18.021 |
| Net Incurred Claims | 62,036 | 67,785 | -8.481 | 98,110 | -36.768 |
| Net Profit (Loss) of Policy Holders Investment | -3,159 | 1,252 | - | 2,681 | - |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | -15,144 | 2,344 | - | -45,769 | -66.912 |
| Net Profit (loss) of Shareholders Capital Investment | 9,259 | 9,199 | 0.652 | 3,732 | 148.097 |
| Net Profit (Loss) before Zakat | -9,517 | 12,272 | - | -39,878 | -76.134 |
| Total Comprehensive Income | -6,418 | 13,672 | - | -38,737 | -83.431 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 153,247 | 194,501 | -21.21 |
| Net Written Premiums (NWP) | 134,867 | 171,224 | -21.233 |
| Net Incurred Claims | 160,146 | 200,217 | -20.013 |
| Net Profit (Loss) of Policy Holders Investment | -478 | 2,864 | - |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | -60,913 | -55,074 | 10.602 |
| Net Profit (loss) of Shareholders Capital Investment | 12,992 | 7,003 | 85.52 |
| Net Profit (Loss) before Zakat | -49,395 | -46,152 | 7.026 |
| Total Comprehensive Income | -45,155 | -52,571 | -14.106 |
| Total Share Holders Equity (after Deducting Minority Equity) | 242,627 | 342,877 | -29.237 |
| Profit (Loss) per Share | -1.3 | -1.25 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| 174,467 | 400,000 | 43.6 | |
| 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 Net Loss before Zakat & Tax for the current quarter compared with Net Profit before Zakat & Tax of same quarter last year is due to decline in net premiums earned by SAR22.4 million representing a drop of 24% , the decrease in investment income from insurance operations portfolio and shareholders’ portfolio by SAR4.3 million representing a decline of 42% in addition to drop of SAR3.7 million in Other Income and an increase of SAR1.0 million in General and Administrative Expenses( 6% rise). This reduction in revenues and increase in some expenses was partially offset with a reduction in Total Underwriting Cost and Expenses by SAR 11.0 million ( a drop of 14% only). |
| 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 decrease in Net Loss before Zakat & Tax for the current quarter compared with Net Loss before Zakat & Tax of previous quarter is the reduction in Total Underwriting Cost and Expenses by SAR 37.8 million representing a drop of 35.5% |
| 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 increase in Net Loss before Zakat & Tax for the current period compared with Net Loss before Zakat & Tax of the same period of previous year is due to the net impact of decrease in total insurance operations revenues by SR 50.3 million a drop of 25% and decrease in net claims and other benefits incurred by SR 47 million a drop of 21%. |
| 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 period amounts have been reclassified for consistency with the current period 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 1.3 versus Loss Per Share of SAR 1.25 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 242.6 million compared with SAR 342.9 million as at the end of the same period last year, which reflects a decline of 29%. The Accumulated Losses as at the end of the current period is SAR 174.5 million which is 43.6% of the Paid-Up Capital. the company is subjected to Capital Market Authority’s (CMA) regulations regarding listed companies with accumulated losses exceeded 35% and less than 50% of its capital. The Total Comprehensive loss for the current quarter is SAR 6.4 million compared with Comprehensive income of SAR 13.7 million for the same quarter last year and compared with Comprehensive Loss of SAR 38.7 million for the previous quarter. The total Comprehensive Loss for the current period is SAR 45.2 million compared with Total Comprehensive Loss of SAR 52.6 million for the same period last year. |
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