Enaya announces its interim financial results for 3 month period

18/04/2013 10:16 AST

Saudi Enaya Cooperative Insurance Company - Enaya announces its interim financial results for the three month period ended 31/03/2013, as detailed below:

1. Net loss, before Zakat and income taxes, for the first quarter in 2013 was SR 8,131K. There are no comparative figures as the company did not announce its financial results for the year 2012.

2. The deficit from insurance operations, before policyholders investment income, for the first quarter in 2013 was SR 8,648K, There are no comparatives for the same period of the previous year as insurance operations had commenced in January 2013.

3. Gross written premiums for the first quarter in 2013 were SR 1,745K. Net written premiums for the first quarter in 2013 were SR 993K. There are no comparatives for the same period of the previous year as insurance operations had commenced in January 2013.

4. The costs for net claims incurred for the first quarter in 2013 were SR 142K. There are no comparatives for the same period of the previous year as insurance operations had commenced in January 2013.

5. There was no net investment income from insurance operations for the first quarter in 2013 as all investments were made in shareholders operations. Net investment income of shareholders for the first quarter in 2013 was SR 1,203K, compared to a net investment income.

6. The net loss per share for the first quarter in 2013 was SR 0.20. There are no comparative figures as the company did not announce its financial results for the year 2012.

7. The reason for the loss in the first quarter of 2013 is that the company had not commenced its insurance operation until beginning of the first quarter of 2013.

8. The joint auditors interim review report on the financial statements mentions that the financial statements have been prepared in accordance with International Accounting Standard 34 and not in accordance with the Standard of interim financial reporting issued by SOCPA.

However the company assures that there are no significant differences in the results contained within the financial statements due to using International Accounting Standards rather than the SOCPA accounting standards.

Tadawul