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

05/11/2024 Argaam Exclusive

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.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Insurance Revenues 228.68 250.94 9.7 %
Net Profit Before Zakat & Tax 44.18 38.09 (13.8 %)
Net Income 41.40 33.13 (20.0 %)
Average Shares 66.00 66.00 -
EPS (Riyals) 0.63 0.50 (20.0 %)

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.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Insurance Revenues 86.73 76.70 (11.6 %)
Net Profit Before Zakat & Tax 17.26 11.82 (31.6 %)
Net Income 16.91 9.26 (45.3 %)
Average Shares 66.00 66.00 -
EPS (Riyals) 0.26 0.14 (45.3 %)

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.

Insurance Operations

Item 9m 2023 9m 2024 Change‬
Insurance Revenues 228.68 250.94 9.7 %
Insurance Services Income 52.12 33.30 (36.1 %)
Investment Income 198.53 214.95 8.3 %
Net Profit of Insurance Services and Investment 73.53 56.97 (22.5 %)

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.

 

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Share Price

Aljazira Takaful Taawuni Co.
15.50
0.02 0.13 %

Aljazira Takaful Taawuni Co. (JAZIRA TAKAFUL)

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Financial Ratios
Current
Market Cap (M) 1,024.32
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) 28.47
P/E (TTM) 28.47
Price/Book 1.07
Return on Average Assets (%) (TTM) 1.2
Return on Average Equity (%) (TTM) 3.8
Return on Market Cap (%) 3.2
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