A8080 SABB TAKAFUL0.3 (0.98 %)
1443/03/28 Wed Nov 3, 2021 08:42:49
SABB 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) 44,359 45,558 -2.631 47,103 -5.825
Net Written Premiums (NWP) 34,093 33,443 1.943 32,665 4.371
Net Incurred Claims 23,988 21,880 9.634 24,710 -2.921
Net Profit (Loss) of Policy Holders Investment 548 427 28.337 500 9.6
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) 782 -6,176 - 2,142 -63.492
Net Profit (loss) of Shareholders Capital Investment 1,684 1,262 33.438 1,648 2.184
Net Profit (Loss) before Zakat 1,769 -5,583 - 3,249 -45.552
Total Comprehensive Income 801 -6,372 - 1,585 -49.463
All figures are in (Thousands) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Gross Written Premiums (GWP) 145,845 137,694 5.919
Net Written Premiums (NWP) 103,717 91,772 13.015
Net Incurred Claims 74,974 63,560 17.957
Net Profit (Loss) of Policy Holders Investment 1,505 1,440 4.513
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) 4,468 -20,749 -
Net Profit (loss) of Shareholders Capital Investment 4,975 4,872 2.114
Net Profit (Loss) before Zakat 7,098 -17,492 -
Total Comprehensive Income 2,763 -21,441 -
Total Share Holders Equity (after Deducting Minority Equity) 300,106 299,909 0.065
Profit (Loss) per Share 0.06 -0.63
All figures are in (Thousands) Saudi Arabia, Riyals
Accumulated Losses Capital Percentage %
54,770 340,000 16.11
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 net profit before Zakat/Tax for current quarter compared to the net loss for same quarter of the previous year is following:

1- An increase by 1 Million Saudi Riyals in Fee and commission income in the current quarter comparing to same quarter of previous year. The Fee and commission income is 2.5 Million Saudi Riyals in current quarter comparing to 1.5 Million Saudi Riyals in same quarter of previous year.

2- A decrease in the change in unexpired risk reserve and non-unit reserve by 1.3 Million Saudi Riyals in the current quarter compared to same quarter of previous year. The change of unexpired risk reserve and non-unit reserve is 3.8 (Reversal) Million Saudi Riyals compared to 2.5 (Reversal) Million Saudi Riyals in same quarter of previous year.

3- A decrease of 2.6 Million Saudi Riyals in General and Admin expenses in the current quarter comparing to same quarter of previous year. The General and Admin expenses for current quarter is 8.4 Million Saudi Riyals comparing to 11 Million Saudi Riyals in same quarter of 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 decrease in net profit before Zakat/Tax for current quarter compared to the net profit for previous quarter is following:

1- An increase by 4 Million Saudi Riyals in changes in reserve for Takaful activities in the current quarter comparing to previous quarter. The changes in reserve for Takaful activities is 5.4 Million Saudi Riyals in current quarter comparing to 1.4 Million Saudi Riyals in previous quarter.

2- A decrease in the change in unexpired risk reserve and non-unit reserve by 0.6 Million Saudi Riyals in the current quarter compared to previous quarter. The change of unexpired risk reserve and non-unit reserve is 3.8 (Reversal) Million Saudi Riyals compared to 4.4 (Reversal) Million Saudi Riyals in 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 net profit before Zakat/Tax for current period compared to the net loss for same period of the previous year is following:

1- An increase by 14.2 Million Saudi Riyals in Net contributions earned in the current period comparing to same period of previous year. The Net contributions earned is 106.9 Million Saudi Riyals in current period comparing to 92.7 Million Saudi Riyals in same period of previous year.

2- A decrease in the change in unexpired risk reserve and non-unit reserve by 12.1 Million Saudi Riyals in the current period compared to same period of previous year. The change of unexpired risk reserve and non-unit reserve is 13.1 (Reversal) Million Saudi Riyals compared to 1 (Reversal) Million Saudi Riyals in same period of previous year.

3- A decrease of 10.5 Million Saudi Riyals in General and Admin expenses in the current period comparing to same period of previous year. The General and Admin expenses for current period is 26.3 Million Saudi Riyals comparing to 36.8 Million Saudi Riyals in same period of previous year

Statement of the type of external auditor's report Unmodified opinion
Reclassification of Comparison Items Certain of the prior year amounts have been reclassified to conform with the presentation in the current period. These changes were made for better presentation of balances and transactions in the annual/Interim financial statements of the Company. Note16
Additional Information Earning / (loss) per share calculated based on net profit / (loss) after zakat and tax

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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SABB Takaful Company SJSC published this content on 03 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2021 08:01:05 UTC.