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Gulf General Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2019-12-31

Element ListCurrent YearPrevious Year%Change
Gross Written Premiums (GWP) 279,690264,6755.672
Net Written Premiums (NWP) 184,691146,96425.67
Net Incurred Claims 121,88283,70745.605
Net Profit (Loss) of Policy Holders Investment 1,6201,5425.058
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) -10,434-33,661-69.002
Net Profit (loss) of Shareholders Capital Investment 8,2816,51327.145
Net Profit (Loss) before Zakat -3,789-28,927-86.901
Total Comprehensive Income -1,265-38,351-96.701
Total Share Holders Equity (after Deducting Minority Equity) 158,584159,751-0.73
Perpetrating Expenses (First Operation Year) ---
Profit (Loss) per Share -0.06-1.92
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 for the reduction in losses before zakat of 86.9% in comparison to the previous year is due to the growth in net earned premium by 25% and improvement in the performance of the insurance portfolio along with a reduction in general and administration expenses by 1% and the enhancement in the investments portfolio returns by 27.15%
Basis of the External Auditor's Opinion Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion N/A
Reclassification of Comparison Items Some comparative figures of the previous year were reclassified, where necessary, to be consistent with the current financial reporting
Additional Information The comprehensive loss for the current year was SR 1,265 thousand compared to a comprehensive loss of SR 38,351 thousand, with a decrease of 96.7%. The shareholders equity for the year ended 31 Dec 2019 was SR 158,584 thousand compared with SR 159,751 thousand for the year ended 31 Dec 2018. with a decrease of 0.11%. The accumulated losses reached as at 31 Dec 2019 SR 43,888 thousand representing 21.94% of the capital. The increase in the accumulated losses is due to the losses of year 2019 of SR 1,265 thousand. The company will comply with rules and regulations of the public companies registered in the Saudi Capital Market that its accumulated losses exceeded 20% of its capital.

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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