Saudi Enaya Cooperative Insurance Co. announces the interim financial results for the period ending on 31-12-2017 (Twelve Months)

 

 

 

ELEMENT

CURRENT QUARTER

SIMILAR QUARTER FOR PREVIOUS YEAR

% CHANGE CURRENT

PREVIOUS QUARTER

% CHANGE PREVIOUS

Net profit (loss) before Zakat

-4,729

-4,481

-5.53

728

-

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

-4,837

-5,550

12.85

433

-

Gross written premiums (GWP)

100,154

39,525

153.39

59,427

68.53

Net written premiums (NWP)

95,364

43,595

118.75

59,671

59.82

Net incurred claims

48,067

9,431

409.67

31,013

54.99

Net profit (loss) of shareholders capital investment

507

1,856

-72.68

700

-27.57

All figures are in (Thousands) Saudi Arabia, Riyals

 

 

 

ELEMENT

CURRENT PERIOD

SIMILAR PERIOD FOR PREVIOUS YEAR

% CHANGE

Net profit (loss) before Zakat

-14,032

-25,823

45.66

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

-15,964

-28,627

44.23

Gross written premiums (GWP)

274,822

128,825

113.33

Net written premiums (NWP)

268,143

97,026

176.36

Net incurred claims

119,152

33,888

251.61

Net profit (loss) of shareholders capital investment

3,195

4,962

-35.61

Earning or loss per share, Riyals

-0.7

-1.29

-

All figures are in (Thousands) Saudi Arabia, Riyals

 

 

 

ELEMENT

EXPLAINATION

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

The net loss for Q4 2017 amounting to SR 4,729K, compared to a net loss of SR 4,481K in Q4 2016, increased by SR 248K representing an increase of 6%. The gross written premiums in Q4 2017 increased by SR60,629K representing percentage of 153%, compared to same quarter last year but the result were negatively effected by an increase of SR 38,636K in net claims incurred representing an increase of 409.7% in Q4 2017 on comparison to Q4 2016. Furthermore, the investment income decreased by SR 1,349K representing a decrease of 73%.

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

The net loss for twelve months ended 31 Dec 2017 amounting to SR 14,032K, compared to a net loss of SR 25,824K for same period of 2016, improved by SR 11,792K representing an improvement of 46%. The improvement in results is primarily due to growth in gross written premiums in 2017 amounting to SR145,997K representing percentage of 113%, compared to same period last year. Furthermore, the net earned premiums improved by SR 112,685K representing an increase of 181% on comparison with last year.

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

The net loss for Q4 2017 amounting to SR 4,729K, compared to a net profit of SR 728K in Q3 2017, increased by SR 5,457K representing an increase of 750%. The gross written premiums in Q4 2017 increased by SR40,727K representing percentage of 68%, compared to previous quarter but the results were negatively effected by an increase of SR17,054 in net claims incurred representing an increase of 55% in Q4 2017 on comparison to Q3 2017. Furthermore, the investment income decreased by SR193K representing a decrease of 28%.

External auditor's report containing reservation

The joint auditors interim review report on the interim condensed financial statements mentions that the interim condensed financial statements have been prepared in accordance with International Accounting Standard 34 (Interim Financial Reporting) (IAS 34)as modified by SAMA for the accounting of Zakat and Income Tax.

Other notes

1. Total comprehensive loss for the current quarter is SR 4,729 K compared to net loss of SR 4,481 K for the same quarter last year, an increase of 6% and compared to net profit of SR 728 K in previous quarter, an increase of 750%. 2. Total comprehensive loss for the current 12 month period is SR 14,032 K compared to net loss of SR 25,824 K for the same period last year, an improvement of 46%. 3. Total shareholders' equity (there is no minority interest) for the current period reached SAR 155,415 K compared to SAR 171,747 K for the same period last year, a decrease of 9.5%. 4. Total accumulated losses amounting to SR 44,585 K, representing 22.29% of capital. The reason to the losses is mainly due to the losses generated from operations. The Company announces that it will implement the procedures and instructions issued by the Capital Market Authority related to listed companies, the accumulated losses of which have amounted to 20% or more and less than 35% of its paid-up Capital, as per the Capital Market Authority Boards resolution no. 1-130-2016 dated 23/01/1438H corresponding to 24/10/2016.

 

 

 

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