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Alahli Takaful Co. announces its Interim Financial Results for the Period Ending on 2020-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Gross Written Premiums (GWP) 58,44763,740-8.30465,553-10.84
Net Written Premiums (NWP) 14,37413,06510.01911,94320.355
Net Incurred Claims 1,2724,214-69.8145,045-74.786
Net Profit (Loss) of Policy Holders Investment 305382-20.157380-19.736
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 6,1801,686266.5482,829118.451
Net Profit (loss) of Shareholders Capital Investment -1,4563,568-3,580-
Net Profit (Loss) before Zakat 2,8603,892-26.5152,912-1.785
Total Comprehensive Income 1,2632,138-40.9261,368-7.675
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 243,294236,9622.672
Profit (Loss) per Share 0.070.13
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The reason of decrease the net profit before Zakat for the current quarter compared to same quarter of the previous year was due to the recording losses on shareholders investments amounted SAR (1,456) thousand comparing with profits amounted SAR 3,568 thousand in the same quarter of the previous year in addition the general and administration expenses for the current quarter were increased by 14% compared to the same quarter of the previous year which is mainly due to the company extension in direct sales plan that included opening a company branch in Riyadh city during current quarter. Although the Profit from Insurance Operations for the current quarter is increased by 267% was due to the increase in other income amounted SAR 3,116 thousand and the increase in Net Written Premiums by 10% compared to the same quarter of the previous year.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to Reason for decrease the net profit before Zakat for the current quarter compared to the previous quarter was due to the recording losses on shareholders investments amounted SAR (1,456) thousand comparing with profits amounted SAR 3,580 thousand in the previous quarter. Although the Profit from Insurance Operations for the current quarter is increased by 118% was due to the increase in other income amounted SAR 3,116 thousand and the increase in Net Written Premiums by 20% compared to the previous quarter.
Basis of the External Auditor's Opinion Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion The external auditors interim review report on the financial statements mentions that the financial statements have been prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting” endorsed in the Kingdom of Saudi Arabia.
Reclassification of Comparison Items The basis of preparation has been changed for the period three month ended 31 March 2020 as a result of the issuance of latest instructions from SAMA dated 23 July 2019. Previously, zakat and income tax were recognized in the statement of changes in equity as per the SAMA circular no 381000074519 dated 11 April 2017. And with the latest instructions issued by SAMA dated 23 July 2019, the zakat and income tax shall be recognized in the statement of income. The Company has accounted for this change in the accounting for zakat and income tax retrospectively. This change has resulted in a decrease of reported income of the Company for the period three month ended 31 March 2019 by SAR 1,643 thousand. The change has no impact on the statement of changes in equity and the statement of cash flows for the period three month then ended. Also, certain prior period amounts have been reclassified to conform with current period presentation.
Additional Information Total comprehensive income for insurance operations for the current quarter amounted to SAR 668 thousand, compared to SAR 96 thousand for the same quarter of the previous year with an increase of 596%, and compared to SAR 346 thousand for the previous quarter with an increase of 260%.

Total comprehensive income for shareholders for the current quarter amounted to SAR 595 thousand, compared to SAR 2,042 thousand for the same quarter of the previous year with a decrease of 71%, and compared to SAR 1,022 thousand for the previous quarter with a decrease of 42%.

Total comprehensive income for the current quarter amounted to SAR 1,263 thousand, compared to SAR 2,138 thousand for the same quarter of the previous year with a decrease of 41%, and compared to SAR 1,368 thousand for the previous quarter with a decrease of 8%.

Total comprehensive income for the same quarter of the previous year was restated after deducting the amount of zakat and income tax charged during the period, this change led to a decrease in comprehensive income that company disclosed for the period three month ended March 31, 2019 in an amount of SAR 1,643 thousand.

Basic Earnings Per Share (EPS) is calculated by dividing the net income attributable to shareholders after zakat and income tax for the quarter amounted SAR 1,243 thousand (SAR 2,249 thousand for the same quarter of the previous year) by the weighted average number of ordinary, issued and existing shares which is 16,667 thousand shares as of March 31, and EPS for the current quarter is SAR 0.07 / share, compared to SAR 0.13 / share for the same quarter of the previous year after restating.

Total shareholders' equity (there are no minority interest) at the end of the current quarter amounted to SAR 243,294 thousand, compared to SAR 236,962 thousand for the same quarter of the previous year, which shows an increase of 2.67%, and compared to SAR 242,051 thousand for the previous quarter, which shows an increase of 0.51%.

Income after zakat and income tax increased for the current quarter reached to SAR 1,243 thousand, compared to SAR 2,249 thousand for same quarter of the previous year which shows a decrease of 44.73%, and compared to SAR 1,343 thousand for previous quarter which shows a decrease of 7.45%

The external auditors have audited the financial statements and issued the unmodified opinion report.

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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