AlJazira Takaful’s profit grows 15% to SAR 44.3M in 2023; Q4 at SAR 2.9

21/03/2024 Argaam Exclusive

AlJazira Takaful Taawuni Co. (AlJazira Takaful) reported a net profit of SAR 44.3 million for 2023, an increase of 15% from SAR 38.5 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Gross Written Premium (GWP) 415.62 437.42 5.2 %
Insurance Revenues 220.58 301.95 36.9 %
Net Profit Before Zakat & Tax 40.45 67.91 67.9 %
Net Income 38.52 44.25 14.9 %
Average Shares 66.00 66.00 -
EPS (Riyals) 0.58 0.67 14.9 %

This was backed by 36.89% higher insurance revenue, driven by business growth. The insurer also cited higher insurance service results, increase in net investment result after deducting the finance expenses/income, and a rise in total comprehensive income for the current year.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Gross Written Premium (GWP) 145.82 150.64 3.3 %
Insurance Revenues 70.16 73.28 4.4 %
Net Profit Before Zakat & Tax 11.20 23.73 111.9 %
Net Income 11.06 2.85 (74.2 %)
Average Shares 66.00 66.00 -
EPS (Riyals) 0.17 0.04 (74.2 %)

Insurance Operations

Item 2022 2023 Change‬
Gross Written Premium (GWP) 415.62 437.42 5.2 %
Insurance Revenues 220.58 301.95 36.9 %
Insurance Services Income 20.03 57.16 185.4 %
Investment Income (179.07) 348.52 294.6 %
Net Profit of Insurance Services and Investment 38.60 87.53 126.8 %

Q4 2023 net profit stood at SAR 2.9 million, a slump of 74% year-on-year (YoY) from SAR 11.06 million.

 

On a quarterly basis, net profit plummeted 83.1% from SAR 16.91 million.

 

Total shareholders’ equity, after minority interest, stood at SAR 940.36 million by Dec. 31, 2023, compared to SAR 892.33 million a year earlier.

 

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Share Price

Aljazira Takaful Taawuni Co.
16.02
(0.16) (0.99 %)

Aljazira Takaful Taawuni Co. (JAZIRA TAKAFUL)

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Financial Ratios
Current
Market Cap (M) 1,057.32
Shares Outstanding (M) 66.00
EPS ( Riyal) (TTM) 0.55
Book Value (BV) ( Riyal) 14.45
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 29.39
P/E (TTM) 29.39
Price/Book 1.11
Return on Average Assets (%) (TTM) 1.3
Return on Average Equity (%) (TTM) 3.8
Return on Market Cap (%) 3.2
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