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Saudi Indian Company for Cooperative Insurance (Wafa Insurance) announces its Annual Financial Results for the Period Ending on 2018-12-31

Element ListCurrent YearPrevious Year%Change
Gross Written Premiums (GWP) 110,160499,995-77.967
Net Written Premiums (NWP) 60,857300,370-79.739
Net Incurred Claims 202,334315,346-35.837
Net Profit (Loss) of Policy Holders Investment 2,274424436.32
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) -157,736-33,096376.601
Net Profit (loss) of Shareholders Capital Investment 832,024-95.899
Net Profit (Loss) before Zakat -157,957-32,680383.344
Total Comprehensive Income -157,153-33,126374.409
Total Share Holders Equity (after Deducting Minority Equity) -73,41083,993-
Perpetrating Expenses (First Operation Year) ---
Profit (Loss) per Share -15.79-3.27
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Year Compared to Last Year is Attributed to The reason of the increase in net losses in the current period compared to the same period of 2017 is due to the decrease in Gross Premiums Written by 78%, decrease in Net Premiums Written by 79.7%. This is due to suspension of business in May 2018
Basis of the External Auditor's Opinion Emphasis of Matter paragraph
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion We draw attention to note 2.2.1 to the accompanying financial statements which describe reasons for preparation of the financial statements considering the Company as a non-going concern. Accordingly, these financial statements have been prepared on liquidation basis i.e. assets and liabilities have been stated on expected realizable and settlement values respectively except for property and equipment and intangibles whose carrying values have been considered by management as approximating their fair values; and

• note 29 to the accompanying financial statements, which describes that the Company has filed a case for recovery of SR 2.8 million on account of rent paid and expenditure incurred on renovation of a property and has recorded this amount in prepayments and other assets. Pending decision from the court, ultimate outcome of the said case cannot be determined at this stage.

Our opinion is not qualified in respect of these matters.

Reclassification of Comparison Items The comparative figures of previous period have been rearranged / reclassified to match with the current presentation.
Additional Information The difference between the Annual financial results for the period ending on 31-12-2018 (twelve months) and the annual financial results 2017 is due to the decrease in capital amounting from SAR 122 million to SAR 100 million. Basic and diluted earnings per share have been computed by dividing the net income before Zakat and income tax for the relevant years by the weighed average number of issued outstanding shares. The relevant averages are 10,000,000 for the year ended Dec 31, 2018 and 10,000,000 for the year ended Dec 31, 2017. The total comprehensive loss for the year is SAR 157.15 million, compared to comprehensive loss for the year is SAR 33.12 million for the last year with an incrasee of 374.4%. The total shareholder's equity (there are no minority rights) for the year amounted to SAR -73.41 million compared with SAR 83.99 million for the last year. Total accumulated losses amounting to SAR 174.57 million, representing 174.57% of capital. The reason to the losses is mainly due to suspension of business. The Company announces that it will implement the procedures and instructions issued by the Capital Market Authority related to listed companies.

The Capital Market Authority and the Saudi Stock 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.

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