AlJazira Takaful’s profit down 20% to SAR 33.1M in 9M 2024; Q3 at SAR 9.3M

AlJazira Takaful Taawuni Co. recorded a 20% fall in its net income for the first nine months of 2024 to SAR 33.1 million, from SAR 41.4 million in the corresponding period of 2023.

The nine-month net profit was impacted by net insurance service results, which dropped by 36.30% year-on-year (YoY) to SAR 33.20 million.

Meanwhile, net financing results rose 10.53% YoY to SAR 23.66 million, with insurance revenues growing by 9.74% on an annual basis to SAR 250.94 million.

The third-quarter net income after Zakat and income tax fell 45% to SAR 9.3 million, from SAR 16.9 million in Q3 2023 as insurance revenues dropped 12% on a YoY basis to SAR 76.70 million.

Net financing results declined 6% YoY to SAR 8.75 million, while insurance services results dived 65% YoY to SAR 6.94 million.

Net income also dropped by 16.5% from SAR 11 million in the previous quarter on the back of a 7% drop quarter-on-quarter in insurance revenues to SAR 76.70 million.

Total shareholders’ equity, no minority interest, decreased to SAR 953.69 million as of Sept. 30, 2024, from SAR 933.68 million a year earlier.

View More Financial Results