A8070 ARABIAN SHIELD-0.18 (-0.74 %)
1443/03/27 Tue Nov 2, 2021 08:00:32
Arabian Shield Cooperative Insurance 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) 95,624 96,425 -0.83 70,483 35.669
Net Written Premiums (NWP) 77,842 54,256 43.471 49,264 58.009
Net Incurred Claims 70,413 63,253 11.319 65,165 8.053
Net Profit (Loss) of Policy Holders Investment 693 708 -2.118 913 -24.096
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) 15,020 12,081 24.327 1,065 1,310.328
Net Profit (loss) of Shareholders Capital Investment 4,244 5,751 -26.204 8,182 -48.13
Net Profit (Loss) before Zakat 11,546 16,572 -30.328 7,983 44.632
Total Comprehensive Income 7,844 17,386 -54.883 3,260 140.613
All figures are in (Thousands) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Gross Written Premiums (GWP) 424,968 427,141 -0.508
Net Written Premiums (NWP) 278,809 244,077 14.229
Net Incurred Claims 207,975 182,571 13.914
Net Profit (Loss) of Policy Holders Investment 2,638 2,814 -6.254
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) 28,798 24,087 19.558
Net Profit (loss) of Shareholders Capital Investment 15,973 11,199 42.628
Net Profit (Loss) before Zakat 34,864 33,364 4.495
Total Comprehensive Income 30,021 18,865 59.135
Total Share Holders Equity (after Deducting Minority Equity) 492,925 461,904 6.715
Profit (Loss) per Share 0.62 0.6
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 DECREASE in Net Profit for the quarter compared with the same quarter last year is due to increase in Net Incurred Claims by 11%, increase in Operating & Administrative Expenses by 15% and decrease in Investment Income by 24% which was offset by increase in Net Earned Premium by 4%, increase in Earned Commission Income by 10% and decrease in Other Underwriting Costs by 17%.
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 INCREASE in Net Profit for the quarter compared with the previous quarter is due to increase in Net Earned Premium by 13% and decrease in Operating & Administrative Expenses by 19% which was offset by decrease in Earned Commission Income by 12%, increase in Net Incurred Claims by 8%, increase in Other Underwriting Costs by 21% and decrease in Investment Income by 46%
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 INCREASE in Net Profit for the period compared with the same period last year is due to increase in Earned Commission Income by 18%, decrease in Other Underwriting Costs by 79%, and increase in Investment Income by 33% which was offset by decrease in Net Earned Premium by 2%, increase in Net Incurred Claims by 14% and increase in Operating & Administrative Expenses by 2%
Statement of the type of external auditor's report Unmodified opinion
Reclassification of Comparison Items The Financial Statements have been prepared in accordance with International Accounting Standard 34 endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organization for Certified Public Accountants ("SOCPA"), consistent with the Company's accounting policies. Comparatives have been restated.
Additional Information Total Comprehensive Income for the quarter was SR 7,844 thousand compared to SR 17,386 thousand for the equivalent quarter from the previous year, decreased by 55% and compared to SR 3,260 thousand for the previous quarter, increased by 141%.

Total Comprehensive Income for the period was SR 30,021 thousand compared to SR 18,865 thousand for the equivalent period from the previous year, increased by 59%.

Total Shareholders' Equity by end of the current period is SR 492,925 thousand compared to SR 461,904 thousand for the equivalent period from the previous year, increased by 7% (No minority interest).

The profits after Zakat and Income Tax for the current quarter reached SR 8,516 thousand compared to SR 13,473 thousand for the same quarter of last year, a decrease of 37%.

The earnings per share (EPS) for the current quarter are SR 0.21 per share versus SR 0.34 per share for the same quarter last year.

The profits after Zakat and Income Tax for the current period reached SR 24,993 thousand compared to SR 24,063 thousand for the same period of last year, an increase of 4%.

The earnings per share (EPS) for the current period are SR 0.62 per share versus SR 0.6 per share for the same period last year.

The authorized, issued and fully paid share capital of the Company is SAR 400,000,000 consisting of 40,000,000 shares each with a nominal value of 10 Saudi Riyals.

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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Arabian Shield Cooperative Insurance Company SJSC published this content on 02 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2021 11:09:13 UTC.