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INITIAL SUMMARIZED UNAUDITED RESULTS FOR THE YEAR ENDED 31.12.2017
Jan 15, 2018 - 06:20PM Company : DHOFAR INSURANCE
In compliance with the rules and guidelines on disclosures issued by the Capital Market Authority vide Articles 280 and 284 of the Executive Regulation of the Capital Market Law, Dhofar Insurance Company SAOG is pleased to disclose the initial summarized unaudited financial results for the year ended December 31, 2017, which is presented below:
Particulars      
 31st December 2017 (unaudited)   31st December 2016 (Audited)   Change % 
   (R.O)   (R.O)   
Gross Written Premium             44,767,344     55,200,746               (19)
Net Underwriting Results              2,743,860     (3,781,248)               173
Investment Income (net)              2,055,677      2,516,902               (18)
Other Income                 858,771      1,602,054               (46)
General and administration expenses             (6,600,895)     (7,198,658)                  8
Depreciation                (527,028)        (578,890)                  9
Finance costs                (273,763)        (278,359)                  2
Net (Loss)/Profit for the period (after income tax)             (1,283,838)     (6,849,707)                81
Other comprehensive Income:      
Revaluation surplus on reclassification
of Land and building to Investment property
          963,864              (100)
Changes in fair value of available-for sale investments                 275,108        (224,271)               223
Share of other comprehensive (Loss) income  from investments in equity accounted investees using equity method                  (85,405)          (60,392)               (41)
Deferred tax liability on revaluation surplus on reclassification of land and building to, investment property                  (28,916)        (115,664)                75
Other comprehensive income for the period                 160,787         563,537               (71)
Total comprehensive (loss)/ income for the period             (1,123,051)     (6,286,170)                82
Basic Earnings   per Share (EPS)                    (0.006)            (0.034)                81
Net Asset Value per share                     0.082             0.088                 (6)
       
Notes:      
1. The above results are initial estimates and are subject to various factors such as review of insurance funds from external actuary.
2. The above results are unaudited and subject to review by Audit Committee and approval by Board of Directors