Saudi Enaya Cooperative Insurance Co. announces the interim financial results for the period ending on 31-03-2017 (Three Months)

 

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Current quarter

Similar quarter for previous year

% Change current

Previous quarter

% Change previous

Net profit (loss) before Zakat

-6,556

-9,569

31.49

-4,481

-46.31

Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)

-7,204

-9,958

27.66

-5,550

-29.8

Gross written premiums (GWP)

48,995

30,978

58.16

39,525

23.96

Net written premiums (NWP)

47,807

18,636

156.53

43,959

8.75

Net incurred claims

19,620

10,076

94.72

9,431

108.04

Net profit (loss) of shareholders capital investment

822

642

28.04

1,856

-55.71

Earning or loss per share, Riyals

-0.33

-0.48

-

-

-

All figures are in (Thousands) Saudi Arabia, Riyals

  

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EXPLAINATION

Reasons of increase (decrease) for the quarter compared with same quarter last year

'The net loss for Q1 2017 amounting to SR 6,556K, compared to a net loss of SR 9,569K in Q1 2016, improved by SR 3,013K representing an improvement of 31%. This improvement in results is primarily due to growth in gross written premiums by SR 18,017K representing an increase of 58% and resulting increase in net earned premiums by SR 18,094K representing an increase of 155%. Other factor contributing to the improvement in results include improvement of shareholders' investment income by SR 180K representing improvement of 28%

Reasons of increase (decrease) for the quarter compared with the previous quarter

The Gross Written Premiums have increased by SR9,470K, an increase of 24% compared to the Q4 2016. Net earned premiums improved by SR 9,299K represented by an increase of 45%, versus Q4 2016. The increase in net loss by SR 2,075 in Q1 2017 compared to Q4 2016 is mainly due to increase in general and admin expenses by SR 1,829K. Other factor contributing to increase in net loss includes decrease in shareholders' investment income by SR 1,034K.

Other notes

1.Total shareholders' equity (there is no minority interest) for the current period reached SAR 164,491K compared to SAR 189,202 K for the same period last year, a decrease of 13%.
2.Total comprehensive losses after zakat for quarter 1 2017 is SAR 7,256K showing 4% of share capital, and total comprehensive losses for same period last year amounting to SAR 11,069K showing 6% of reduced share capital and for quarter 4 2016 amounting to SAR 4,881 showing 2% of share capital.
3.. Accumulated lossed as at 31 March, 2017 is SAR 35,509K showing 17.75% of share capital.
4.Earning per share is calculated by the weighted average number of shares of 20,000 K. Noting that earning/(loss) per share calculated before Zakat and income tax. The weighted average no. of shares are based on the reduced no. of shares

 

 

 

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