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Saudi Enaya Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2020-12-31

Element ListCurrent YearPrevious Year%Change
Gross Written Premiums (GWP) 165,874154,0287.69
Net Written Premiums (NWP) 165,874154,0287.69
Net Incurred Claims 152,122119,16627.655
Net Profit (Loss) of Policy Holders Investment ---
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) -33,258-105,142-68.368
Net Profit (loss) of Shareholders Capital Investment 4,9697,468-33.462
Net Profit (Loss) before Zakat -31,911-101,352-68.514
Total Comprehensive Income -27,629-106,702-74.106
Total Share Holders Equity (after Deducting Minority Equity) 120,727149,140-19.051
Perpetrating Expenses (First Operation Year) ---
Profit (Loss) per Share -1.89-7.37
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is 'Net loss before Zakat for the year ended 31 December 2020 is SR 31,911K, compared to a net loss of SR 101,352K for the year ended 31 December 2019, which amounts to a decrease in loss as compared to previous year by SR 69,441K. This improvement of 68.5% is mainly due to the following reasons:

- An improvement in net underwriting result by SR 61,837K, representing an increase of 137.5% (2020: SR 16,861K gain, 2019: SR 44,976K loss)

- Decrease in allowance of doubtful debts by SR 9,781K, representing a decrease of 98.2% (2020: SR 181K, 2019: SR 9,962K)

- Share of surplus from compulsory umrah product during current year amounting to SR 2,253K (2019: Nil).

These favorable movements were partially offset with the following:

- Increase in general administrative expenses by SR 1,935K, representing an increase of 3.6% (2020:SR 55,817K, 2019:SR 53,882K)

- Decrease in investment income by SR 2,499K, representing a decrease of 33.5% (2020: 4,969K, 2019: SR 7,468K).

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 joint independent auditors report on the annual financial statements states that the financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2020, and its financial performance and its cash flows for the year ended in accordance with International Financial Reporting Standards (“IFRSs”) that are endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organization for Certified Public Accountants (“SOCPA”).
Reclassification of Comparison Items Certain comparative figures have been reclassified to conform to the presentation of the current year. These changes have been made to better reflect the balances and transactions in the financial statements of the Company. The Company asserts that there is no financial impact of these re-classifications on Net Results From Insurance Operations, Net Income, Retained Earnings, and Equity.
Additional Information '1- Total comprehensive loss for the year ended 31 December 2020 is SR 27,629K compared to a total comprehensive loss of SR 106,702K for the year ended 31 December 2019, representing a decrease of 74%.

2- Total shareholders' equity (there is no minority interest) as at 31 December 2020 amounted to SR 120,727K compared to SR 149,140K as at 31 December 2019, representing a decrease of 19%.

3- Total accumulated losses as at 31 December 2020 is SR 29,273K, representing 19.51% of share capital, as compared to SR 150,860K accumulated loss as at 31 December 2019, representing 50.29% of share capital.

4- Earning Per Share is calculated on net loss after Zakat and Income Tax. Earnings per share for the year ended 31 December 2020 is SR (1.89) per share based on 15,000K weighted average number of outstanding shares, as compared to SR (7.37) per share for the year ended 31 December 2019 based on 14,411K weighted average number of outstanding shares.

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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