AlJazira Takaful H1 2024 profit down 3% to SAR 23.9M; Q2 at SAR 11.1M

05/08/2024 Argaam Exclusive
AlJazira Takaful Taawuni Co. reported a 3% profit decline to SAR 23.9 million in H1 2024, from SAR 24.5 million in the year-earlier period.


Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 160.76 174.41 8.5 %
Insurance Revenues 141.95 174.24 22.8 %
Net Profit Before Zakat & Tax 26.92 26.27 (2.4 %)
Net Income 24.49 23.87 (2.5 %)
Average Shares 66.00 66.00 -
EPS (Riyals) 0.37 0.36 (2.5 %)

The first-half net profit was hurt by net insurance service results, which decreased by 9.93% year-on-year (YoY).

 

This decline was offset by net investment results that jumped 23.3% YoY.

 

Gross written premiums (GWPs) and insurance revenue also grew 8.5% and 22.7% YoY, respectively.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 85.52 81.45 (4.8 %)
Insurance Revenues 63.01 82.27 30.6 %
Net Profit Before Zakat & Tax 19.02 12.48 (34.4 %)
Net Income 17.37 11.09 (36.1 %)
Average Shares 66.00 66.00 -
EPS (Riyals) 0.26 0.17 (36.1 %)

In Q2 2024, profit fell 36% to SAR 11.1 million, from SAR 17.3 million in Q2 2023, as net insurance service results fell by 30.9% YoY.

 

The insurance service provider’s net income also dropped 13.2% from SAR 12.7 million in Q1 2024. Insurance revenue declined 10.5% sequentially.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 160.76 174.41 8.5 %
Insurance Revenues 141.95 174.24 22.7 %
Insurance Services Income 29.04 26.36 (9.2 %)
Investment Income 225.08 132.50 (41.1 %)
Net Profit of Insurance Services and Investment 41.13 41.26 0.3 %

Shareholders’ equity, excluding minority interest, rose to SAR 964.23 million by June 30, 2024, compared to SAR 916.77 million in the prior-year period.

 

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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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