Albuhaira National Insurance Company

DEPARTMENTAL PROFITS

2008
DH ‘ 000

2007
DH ‘ 000

.

Accident & Liability

71,334

44,222

Fire & General

(12,568)

611

Marine & Aviation

17,494

14,826

Other Kind of Insurance

24,926

17,237

101,186

76,896

.

Other Income

(23,166)

95,827

.

Other Expenses

(27,807)

(11,998)

.

NET PROFIT FOR THE PERIOD

50,213

160,725

.

Earnings Per Share

0.20

0.64

.

US $ 1.00 = DH. 3.675

CONSOLIDATED BALANCE SHEET

CURRENT ASSETS

31^st December. 2008
DH ‘ 000

31^st Dec 2007
DH ‘ 000

Cash and Bank Deposits

294,232

256,623

Insurance and other receivables

444,391

307,378

Reinsurance Contract Assets

563,823

265,263

Total Current Assets

1,302,446

829,264

Non - CURRENT ASSETS

Investment Property

354,888

354,888

Properties under construction

256,490

145,686

Tangible Assets

8,052

4,962

Investment in Securities

116,132

193,212

Investment in Associate

32,155

-

Total Non - Current Assets

767,717

698,748

TOTAL ASSETS

2,070,163

1,528,012

.

CURRENT LIABILITIES

Total Creditors

526,669

272,234

Insurance Contract Liabilities

737,972

405,762

Total Current Liabilities

1,264,641

677,996

.

NON-CURRENT LIABILITIES

Long Term Loan

144,971

93,849

Provision Employee's EOS indemnity & provident fund

22,020

19,258

Total Non-Current Liabilities

166,991

113,107

.

TOTAL LIABILITIES

1,431,632

791,103

.

SHARE HOLDERS’ EQUITY

Share Capital

250,000

250,000

Statutory Reserve

75,021

65,574

General Reserve

235,000

200,000

Change in Fair Value of Securities

(11,676)

35,116

Proposed Dividend

-

-

Retained Earnings

90,186

186,219

.

Shareholders’ Fund

638,531

736,909

.

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

2,070,163

1,528,012