| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) before Zakat |
8,258
|
6,054
|
36.41
|
9,886
|
-
|
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) |
4,382
|
2,881
|
52.1
|
6,980
|
-
|
| Gross written premiums (GWP) |
214,399
|
184,324
|
16.32
|
402,866
|
-
|
| Net written premiums (NWP) |
185,396
|
155,806
|
18.99
|
376,778
|
-
|
| Net incurred claims |
221,971
|
159,741
|
38.96
|
189,121
|
17.37
|
| Net profit (loss) of policy holders investment |
2,223
|
1,943
|
14.41
|
1,951
|
13.94
|
| Net profit (loss) of shareholders capital investment |
2,820
|
2,433
|
15.91
|
2,222
|
26.91
|
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) before Zakat |
18,144
|
11,776
|
54.08 |
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) |
11,362
|
5,088
|
123.31 |
| Gross written premiums (GWP) |
617,265
|
497,826
|
23.99 |
| Net written premiums (NWP) |
562,174
|
442,112
|
27.16 |
| Net incurred claims |
411,092
|
309,812
|
32.69 |
| Net profit (loss) of policy holders investment |
4,174
|
3,518
|
18.65 |
| Net profit (loss) of shareholders capital investment |
5,042
|
4,815
|
4.71 |
| Earning or loss per share, Riyals |
0.43
|
0.35
|
- |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for the quarter compared with same quarter last year | The Increase in net profit before zakat can be attributed to the increase in net earned premium in Motor & Medical Lines |
| Reasons of increase (decrease) for the period compared with same period last year | The Increase in net profit before zakat can be attributed to the increase in net earned premium mainly from Motor & Medical lines. |
| Reasons of increase (decrease) for the quarter compared with the previous quarter | The current quarter decrease in net profit before zakat can be attributed to the increase in claims incurred largely in Motor & Engineering lines of business. |
| External auditor's report containing reservation | Attention is drawn to note 2 of the financial statements: The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and not in accordance with standards issued by the Saudi Organization for Certified Accountants and the Company stresses that there is no material financial impact on the financial statements as a result of preparation, in accordance with IFRS. |
| Other notes | Earnings Per Share (EPS) is calculated before zakat and reflects the increase in share capital of the Company which was agreed on the Extraordinary General Assembly dated 21-04-1436H corresponding on 10-02-2015. The share capital was increased from SR 200 million to SR 450 million that leads to an increase in number of shares from 20 million to 45 million. Calculations of EPS is based on weighted average number of shares which are 42,402 thousand shares for six month period ended June 30, 2015. Accordingly shares for six month period ended June 30, 2014 has also been reclassified and is calculated by dividing net earnings with weighted average number of shares which are 33,432 thousand shares. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.