ATC announces its interim financial statements for the 3 month period

21/04/2013 08:34 AST

ATC announces its interim financial statements for the three month period ended 31 March 2013 as follows:

1. The net profit before Tax and zakat for Q1 2013 was SAR 3,749 thousand, compared to a net profit of SAR 405 thousand for the same quarter of the previous year, an increase of 826% and compared to a net profit of SAR 792 thousand in Q4 2012, an increase of 373%. The net profit after Tax and zakat for Q1 2013 was SAR 2,926 thousand, compared to a net profit after Tax and zakat of SAR 127 thousand in Q1 2012, an increase of 2204% and compared to a net profit after tax and zakat of SAR 87 thousand for Q4 2012, an increase of 3263%.

2. The Surplus for Insurance operations, net of return of policyholders investments (Operations results) for Q1 2013 was SAR 1,996 thousand, compared to a surplus of SAR 543 thousand for the same quarter of the previous year, an increase of 268%.

3. The Gross Written Premium (GWP) for Q1 2013 was SAR 40.8 million, compared to SAR 44.9 million for the same quarter of the previous year, a decrease of 9%. Net Written Premium (NWP) for Q1 2013 was SAR 8.8 million, compared to SAR 8.1 million for the same quarter of the previous year, an increase of 10 %.

4. The net claims incurred during Q1 2013 was SAR 71 thousand, compared with SAR 271 thousand for the same quarter of the previous year, a decrease of 74 %.

5. There was no loss/gain recorded on the policyholders investments in Q1 2013 as compared to the same quarter of the previous year. The net profit of shareholders investments during Q1 2013 was SAR 2,688 thousand, compared to a net profit of SAR 654 thousand for the same quarter of the previous year, an increase of 311 %. 6. The net income per share for Q1 2013 is SAR 0.22 compared to net income per share SAR 0.04 for the same period of the previous year. This ratio was based on the weighted average of outstanding ordinary shares.

7. The increase in profits in Q1 2013 as compared to Q1 2012 is mainly due to the increase in income on shareholders investments and improvements in the underwriting results attributable to a founding shareholder and distribution partner, The National Commercial Bank, mutually agreeing to waive its acquisition, entrance, and administration fees for the period from 1 January 2013 to 30 June 2013.

8. The increase in profits in Q1 2013 as compared to Q4 2012 is mainly due to the increase in income on shareholders investments and improvements in the underwriting results attributable to a founding shareholder and distribution partner, The National Commercial Bank, mutually agreeing to waive its acquisition, entrance, and administration fees for the period from 1 January 2013 to 30 June 2013

9. It was mentioned in the external auditors review report that the company prepared the interim financial statements in accordance with the International Accounting Standard on interim financial reporting (IAS 34) and not in accordance with the Standard on Interim Financial Reporting issued by SOCPA. The company affirms that there are no material differences or financial impact as a result of preparing the financial statements in accordance with the International Accounting Standard rather than the Standard on Interim Financial Reporting issued by SOCPA.

10.Comparative figures of the previous year were reclassified in order to be consistent with the presentation for the current period.

Tadawul