Al Sagr Cooperative Insurance Co. announces the interim financial results for the period ending on 30-06-2017 (Six Months)

Al Sagr Cooperative Insurance Co. announces the interim financial results for the period ending on 30-06-2017 (Six Months)

ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CHANGE CURRENT PREVIOUS QUARTER % CHANGE PREVIOUS
Net profit (loss) before Zakat 6,924 58,013 -88.06 5,086 36.14
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 1,687 58,584 -97.12 1,465 15.15
Gross written premiums (GWP) 93,183 49,638 87.73 92,825 0.39
Net written premiums (NWP) 67,790 24,351 178.39 81,839 -17.17
Net incurred claims 27,568 68,612 -59.82 17,655 56.15
Net profit (loss) of policy holders investment 4,095 4,903 -16.48 2,896 41.4
Net profit (loss) of shareholders capital investment 2,522 1,819 38.65 1,835 37.44
All figures are in (Thousands) Saudi Arabia, Riyals
ELEMENT CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR % CHANGE
Net profit (loss) before Zakat 12,098 130,563 -90.73
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 2,198 139,155 -98.42
Gross written premiums (GWP) 186,008 119,132 56.14
Net written premiums (NWP) 149,629 83,346 79.53
Net incurred claims 45,223 154,406 -70.71
Net profit (loss) of policy holders investment 7,946 6,929 14.68
Net profit (loss) of shareholders capital investment 4,357 3,478 25.27
Earning or loss per share, Riyals 0.48 5.22
All figures are in (Thousands) Saudi Arabia, Riyals
ELEMENT EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year The reason for the decrease in profit for the three month period ended June 30, 2017 compared to the same period of previous year is due to the decrease in Net Premiums Earned by 73%.
Reasons of increase (decrease) for the period compared with same period last year The reason for the decrease in profit for the six month period ended June 30, 2017 compared to the same period of previous year is due to the decrease in Net Premiums Earned by 80%.
Reasons of increase (decrease) for the quarter compared with the previous quarter The reason for the increase in profit for the three months period ended June 30, 2017 compared to the previous quarter is due to the increase in Net Preimums Earned by 53%
Reclassifications in quarterly financial results Some numbers within the financial results have been re-classified for comparative reasons. The re-classification does not have material financial impact on the net underwriting results or net income before zakat
Other notes Earnings per share has been calculated based on net income before zakat. The total of shareholder’s equity (there are no minority rights) for the current period amounted to SAR 463,868 thousands compared with SAR 527,167 thousands for the same period last year, which is a decrease of 12%
The retained earnings as at the end of the period is SAR 137,058 thousands which is 55% of the paid up capital.
The total comprehensive income for policyholders for the current quarter is SAR 536 thousands, compared to SAR 6,545 thousands for the same quarter last year which represents a decline of 92%, compared to SAR388 thousands for the previous quarter.
The total comprehensive income for shareholders for the current quarter is SAR 7,111 thousands, compared to SAR 58,855 thousands for the same quarter last year which represents a decline of 88%, compared to SAR4,987 thousands for the previous quarter which represents an increase of 43%.
The total comprehensive income for shareholders for the current period is SAR 12,098 thousands, compared to SAR 130,063 thousands for the same period last year which represents a decline of 91%.