Alahli Takaful Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

A8130 ATC0.05 (0.12 %)
1443/03/27 Tue Nov 2, 2021 08:01:12

Alahli Takaful Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

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Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Gross Written Premiums (GWP)	85,294	62,394	36.702	83,970	1.576
Net Written Premiums (NWP)	49,100	48,099	2.081	49,494	-0.796
Net Incurred Claims	10,248	8,450	21.278	7,784	31.654
Net Profit (Loss) of Policy Holders Investment	51	135	-62.222	21	142.857
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	1,797	2,851	-36.969	2,676	-32.847
Net Profit (loss) of Shareholders Capital Investment	-3,556	-584	508.904	250	-
Net Profit (Loss) before Zakat	-3,212	202	-	1,362	-
Total Comprehensive Income	-4,847	-1,090	344.678	-200	2,323.5
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Gross Written Premiums (GWP)	252,527	187,525	34.663
Net Written Premiums (NWP)	148,845	145,951	1.982
Net Incurred Claims	21,523	12,466	72.653
Net Profit (Loss) of Policy Holders Investment	92	636	-85.534
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	8,581	13,998	-38.698
Net Profit (loss) of Shareholders Capital Investment	10	-1,132	-
Net Profit (Loss) before Zakat	3,881	6,962	-44.254
Total Comprehensive Income	-981	2,320	-
Total Share Holders Equity (after Deducting Minority Equity)	249,212	244,542	1.909
Profit (Loss) per Share	-0.05	0.15
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The reason for the net loss before zakat for the current quarter amounted SAR (3,212) thousand compared to the net profit before zakat for the same quarter of the previous year amounted SAR 202 thousand is mainly due to the increase in the net loss of shareholders capital investment for the current quarter was increased by 509% compared to net loss for the same quarter of the previous year, as a result of booking losses in Jadwa Al Azizia Real Estate Investment Fund in Makkah for the current quarter which amounted to SAR 3.1 million compared to the losses booked for the same fund amounted to SAR 1.68 million for the same quarter of the previous year. Moreover, during the current quarter the company has recorded a provision for value added tax on insurance policies amounts to SAR 962 thousand. Also, the surplus of insurance operations minus the revenues of policy holders' investments (operational procedures results) was decreased for the current quarter by 37% compared to the same quarter of the previous year. This comes despite the increase in gross written premiums for the current quarter by 37% compared to the same quarter of the previous year.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	The reason for the net loss before zakat for the current quarter amounted SAR (3,212) thousand compared to the net profit before zakat for the previous quarter amounted SAR 1,362 thousand is mainly due to the increase in the net loss of shareholders capital investment for the current quarter reached to SAR (3,556) thousand compared to the net profit of shareholders capital investment for the previous quarter amounting to SAR 250 thousand, as a result of realizing losses in Jadwa Al Azizia Real Estate Investment Fund in Makkah for the current quarter which amounted to SAR 3.1 million compared to the losses booked for the same fund amounted to SAR 2.02 million for the previous quarter. Moreover, during the current quarter the company has recorded a provision for value added tax on insurance policies amounts to SAR 962 thousand. Also, the surplus of insurance operations minus the revenues of policy holders' investments (operational procedures results) was decreased for the current quarter by 33% compared to the previous quarter. This comes despite the increase in gross written premiums for the current quarter by 1.6% compared to the previous quarter.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	The reason for the decrease in the net profit before zakat for the current period compared to the same period of the last year is mainly due to the company has recorded a provision for value added tax on insurance policies amounts to SAR 962 thousand, in addition to the decrease in the surplus of insurance operations minus the revenues of policy holders' investments (operational procedures results) for the current period by 39% compared to the same period of the last year. Also, there was an increase in general and administration expenses for the current period by 13% compared to the same period of the previous year, this comes despite the increase in gross written premiums for the current period by 35% compared to the same period of the last year, and realizing net profits in shareholders capital investment for the current period amounted to SAR 10 thousand compared to the losses booked amounted SAR (1,1) million for the same period of the last year.
Statement of the type of external auditor's report	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	Certain prior period amounts have been reclassified to conform with current period presentation and there is no impact on Interim Statement of Changes in Equity or Interim Statement of Income as a result of this reclassification, where the net written premiums was reclassified in the interim statement of income for the same quarter of the previous year by classifying the net investable contributions amounting to SAR 33,440 thousand under underwriting costs and expenses. Also, the net written premiums was reclassified in the interim statement of income for the same period of the last year by classifying the net investable contributions amounting to SAR 103,403 thousand under underwriting costs and expenses.
Additional Information	"Total comprehensive income for insurance operations for the current quarter amounted to SAR 38 thousand, compared to comprehensive income of SAR 288 thousand for the same quarter of the previous year with a decrease of 87%, and compared to comprehensive income of SAR 265 thousand for the previous quarter with a decrease of 86%. Total comprehensive loss for shareholders for the current quarter amounted to SAR (4,885) thousand, compared to comprehensive loss of SAR (1,378) thousand for the same quarter of the previous year with an increase in the loss of 254%, and compared to comprehensive loss of SAR (465) thousand for the previous quarter with an increase in the loss of 951%. Total comprehensive loss for the current quarter amounted to SAR (4,847) thousand, compared to comprehensive loss of SAR (1,090) thousand for the same quarter of the previous year with an increase in the loss of 345%, and compared to comprehensive loss of SAR (200) thousand for the previous quarter with an increase in the loss of 2,324%. Total comprehensive income for insurance operations for the current period amounted to SAR 745 thousand, compared to comprehensive income of SAR 1,293 thousand for the previous year similar period with a decrease of 42%. Total comprehensive loss for shareholders for the current period amounted to SAR (1,726) thousand, compared to comprehensive income of SAR 1,027 thousand for the previous year similar period. Total comprehensive loss for the current period amounted to SAR (981) thousand, compared to comprehensive income of SAR 2,320 thousand for the previous year similar period. Basic Loss Per Share (LPS) is calculated by dividing the net loss attributable to shareholders after zakat and income tax for the current quarter amounted SAR (4,700) thousand (net loss attributable to shareholders after zakat and income tax of SAR (1,079) 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 September 30, and LPS for the current quarter is SAR (0.28) / share, compared to LPS of SAR (0.06) / share for the same quarter of the previous year. Basic (Loss) / Earnings Per Share (LPS)/EPS is calculated by dividing the net loss attributable to shareholders after zakat and income tax for the current period amounted SAR (858) thousand (net income attributable to shareholders after zakat and income tax amounted SAR 2,491 thousand for the previous year similar period) by the weighted average number of ordinary, issued and existing shares which is 16,667 thousand shares as of September 30, and LPS for the current period is SAR (0.05) / share, compared to EPS SAR 0.15 / share for the previous year similar period. Total shareholders' equity (there are no minority interest) at the end of the current period amounted to SAR 249,212 thousand, compared to SAR 244,542 thousand for the previous year similar period, which shows an increase of 2%, and compared to SAR 253,912 thousand for the previous period, which shows a decrease of 2%%. Net loss after zakat and income tax for the current quarter reached to SAR (4,700) thousand, compared to net loss after zakat and income tax of SAR (1,079) thousand for same quarter of the previous year with an increase in the loss of 336%, and compared to net loss after zakat and income tax SAR (195) thousand for previous quarter with an increase in the loss of 2,310%. Net loss after zakat and income tax for the current period reached to SAR (858) thousand, compared to net income after zakat and income tax SAR 2,491 thousand for the previous year similar period. The external auditors have reviewed the financial statements and issued the unmodified opinion report."

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