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May 22, 2022

The Mediterranean and Gulf Insurance and Reinsurance Co announces its Interim Financial Results for the Period Ending on 2022-03-31 Three Months
ELEMENT LIST Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Gross Written Premiums (GWP) 1,231,201 1,028,915 19.66 536,332 129.559
Net Written Premiums (NWP) 1,114,062 791,084 40.827 418,134 166.436
Net Incurred Claims 425,260 380,749 11.69 364,862 16.553
Net Profit (Loss) of Policy Holders Investment 113 192 -41.145 215 -47.441
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) -78,640 4,473 - -145,662 -46.012
Net Profit (loss) of Shareholders Capital Investment 24,101 5,948 305.195 16,223 48.56
Net Profit (Loss) before Zakat -55,395 9,054 - -130,585 -57.579
Total Comprehensive Income -58,332 7,664 - -143,614 -59.382
All figures are in (Thousands) Saudi Arabia, Riyals


ELEMENT LIST CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR %Change
Total Share Holders Equity (after Deducting Minority Equity) 964,888 772,293 24.938
Profit (Loss) per Share -0.54 0.06 -
All figures are in (Thousands) Saudi Arabia, Riyals


ACCUMULATED LOSSES CAPITAL PERCENTAGE %
-204,256 1,050,000 -19.45
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 Main reason behind the net loss before zakat and income tax during the current quarter compared to net profit before zakat of the same quarter of previous year is the decrease in net underwriting results by 80.5%.

 

 

The main reason behind the increase shareholder investment income during the current quarter compared to the same quarter of the previous year by 305% is the increase in realized gain on available for sale investments.

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 main reason behind the decrease in net loss before zakat during current quarter compared to the previous quarter was attributed to increase in net earned premium by 23.5%
Statement of the type of external auditor's report Emphasis of Matter
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion We draw attention to note 2 to the accompanying interim condensed financial information. The Company did not meet the solvency margin requirements as at 31 March 2022. The deficiency in solvency margin indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. However, the accompanying interim condensed financial information are prepared using the going-concern assumption based on management’s assessment on Company’s ability to continue as a going-concern. Our conclusion is not modified with respect to this matter.
Reclassification of Comparison Items Certain prior period figures have been reclassified to conform to current period presentation. There was no financial impact on net income due to the reclassification.
Additional Information The loss per share (EPS) for the current quarter is SR 0.54 per share versus earning of SR 0.06 per share for similar quarter for previous year, calculated by dividing the net loss attributed to shareholders after zakat and income tax of SR 56,645 thousand over the weighted average number of ordinary outstanding shares of 105,000 thousand for the quarter and dividing net income of SR 6,805 thousand over the weighted average number of ordinary outstanding shares of 105,000 for the similar quarter for previous year.

 

 

The total shareholders` equity (no minority interest) at current quarter is SR 964,888 thousand compared to SR 772,293 thousand during the similar quarter for previous year, an increase of 24.94%.

 

The accumulated losses has reached SR 204,256 thousand for the period ended 31March 2022, which consist of 19.4% of the paid capital amounting to SR 1,050,000 thousand.

 

The net loss after zakat and income tax during the current quarter is SR 56,645 thousand comparing to net income of SR 6,805 thousand during the similar quarter for previous year.

 

The total insurance operations comprehensive income during the current quarter is SR 197 comparing to total insurance operations comprehensive income of SR 537 during the same quarter of previous year. The total shareholders` comprehensive loss during the current quarter is SR 58,529 thousand comparing to total shareholders` comprehensive income of SR 7,593 thousand during the same quarter of previous year.



The Capital Market Authority and Saudi 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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