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Solidarity Saudi 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) 118,87377,98152.438109,9798.086
Net Written Premiums (NWP) 115,22171,29661.609100,93814.15
Net Incurred Claims 77,91234,527125.65570,78510.068
Net Profit (Loss) of Policy Holders Investment -----
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 9,4692,485281.046-8,336-
Net Profit (loss) of Shareholders Capital Investment 2,1693,468-37.4566,639-67.329
Net Profit (Loss) before Zakat 9,9155,68274.498-1,778-
Total Comprehensive Income 5,6398,834-36.167-272-
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 215,031259,366-17.093
Profit (Loss) per Share 0.350.34
All figures are in (Thousands) Saudi Arabia, Riyals
Accumulated LossesCapitalPercentage %
-40,222250,000-16.09
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 the increase in Net profit for the current quarter as compared to the same quarter previous year is due to increase in GWP by 52%, without increase in the policy acquisition cost as the company's e-sales has been increased substantially.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The reason of the increase in Net profit for the current quarter as compared previous quarter is due to increase in GWP by 8% and subsequently increased in the net earned premium by 12%.
Basis of the External Auditor's Opinion Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion "Unaudited interim condensed Financial Statements for prior periods were 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, which have been accrued on a quarterly basis through shareholders’ equity under retained earnings in accordance with SAMA Circular No. 381000074519 dated 11 April 2017 and subsequent amendments through certain clarifications relating to the accounting for zakat and income tax (“SAMA Circular”). The above basis has been amended and zakat and income tax are now charged to the statement of income.

The Financial Statements have therefore been prepared in accordance with International Accounting Standard 34 endorsed in the Kingdom of Saudi Arabia, consistent with the Company’s accounting policies. Comparatives have been restated.

Reclassification of Comparison Items The compared figures of previous period had been reclassified to match with current presentation.
Additional Information 1. Income / Earning per share for the period was calculated after Zakat and Income Tax (following the amendment in presentation of Zakat and Income Tax from Statement of Changes in Equity to Statement of Income). Earning per Share (EPS) for the current period is calculated on weighted average number of shares (25Million).

2. Total Shareholders’ Equity by end of the current period is SAR 215,031 thousand compared to SAR 259,366 thousand for the same period of previous year, decreased by 17.09% (No minority interest).The accumulated losses for the end of current period is SAR (40,222) thousands which is (16.09%) of the paid up capital.

3.Total Comprehensive Income for the current quarter is SR 5,639 thousand compared to SR 8,834 thousand for the same quarter previous year, decreased by 36% and a loss of SR (272) thousand as compared to previous quarter.

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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