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

21/03/2024 Argaam Exclusive

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Aljazira Takaful Taawuni Company (JAZIRA TAKAFUL)

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 %)

Item	Q3 2023	Q4 2023	Change‬
Gross Written Premium (GWP)	126.02	150.64	19.5 %
Insurance Revenues	86.73	73.28	(15.5 %)
Net Profit Before Zakat & Tax	17.26	23.73	37.5 %
Net Income	16.91	2.85	(83.1 %)
Average Shares	66.00	66.00	-
EPS (Riyals)	0.26	0.04	(83.1 %)

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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Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2014	(0.93)	-	(0.02)	2.07	-
Q2 2014	4.46	-	0.09	4.48	-
Q3 2014	5.24	-	0.11	5.27	-
Q4 2014	0.55	-	0.01	(2.05)	-
2014	9.33	227.0 %	0.19	9.78	242.8 %
Q1 2015	2.83	405.1 %	0.06	2.97	43.3 %
Q2 2015	4.96	11.3 %	0.10	5.06	12.9 %
Q3 2015	4.02	(23.3 %)	0.08	4.34	(17.5 %)
Q4 2015	5.05	813.0 %	0.10	5.29	358.4 %
2015	16.86	80.7 %	0.34	17.66	80.6 %
Q1 2016	5.44	92.6 %	0.11	5.72	92.3 %
Q2 2016	5.74	15.7 %	0.12	6.28	24.1 %
Q3 2016	5.97	48.4 %	0.12	6.39	47.1 %
Q4 2016	7.50	48.5 %	0.15	7.53	42.6 %
2016	24.65	46.2 %	0.50	25.92	46.8 %
Q1 2017	7.05	29.6 %	0.14	7.28	27.3 %
Q2 2017	8.13	41.7 %	0.17	8.87	41.3 %
Q3 2017	6.52	9.2 %	0.13	6.83	6.9 %
Q4 2017	8.48	13.1 %	0.17	8.09	7.3 %
2017	30.18	22.4 %	0.61	31.07	19.9 %
Q1 2018	7.12	0.9 %	0.14	7.34	0.9 %
Q2 2018	6.31	(22.4 %)	0.13	6.51	(26.6 %)
Q3 2018	7.45	14.2 %	0.15	7.86	15.0 %
Q4 2018	9.98	17.6 %	0.20	10.13	25.3 %
2018	30.84	2.2 %	0.63	31.84	2.5 %
Q1 2019	7.20	1.2 %	0.15	7.45	1.5 %
Q2 2019	9.82	55.7 %	0.20	10.08	54.9 %
Q3 2019	8.90	19.5 %	0.18	9.16	16.6 %
Q4 2019	10.79	8.2 %	0.22	11.07	9.2 %
2019	36.71	19.0 %	0.75	37.76	18.6 %
Q1 2020	12.99	80.4 %	0.26	13.41	80.0 %
Q2 2020	13.71	39.7 %	0.28	14.14	40.3 %
Q3 2020	7.67	(13.9 %)	0.16	7.89	(13.8 %)
Q4 2020	4.40	(59.2 %)	0.09	4.55	(58.9 %)
2020	38.76	5.6 %	0.79	39.99	5.9 %
Q1 2021	13.49	3.9 %	0.20	13.99	4.3 %
Q2 2021	1.81	(86.8 %)	0.03	1.77	(87.5 %)
Q3 2021	4.64	(39.5 %)	0.07	5.36	(32.1 %)
Q4 2021	1.49	(66.2 %)	0.02	0.84	(81.5 %)
2021	21.42	(44.7 %)	0.32	21.96	(45.1 %)
Q1 2022	16.60	23.1 %	0.25	16.98	21.4 %
Q2 2022	1.05	(41.8 %)	0.02	2.05	15.6 %
Q3 2022	9.81	111.5 %	0.15	10.22	90.6 %
Q4 2022	11.06	643.7 %	0.17	11.20	1234.8 %
2022	38.52	79.8 %	0.58	40.45	84.2 %
Q1 2023	7.12	(57.1 %)	0.11	7.90	(53.5 %)
Q2 2023	17.37	1552.4 %	0.26	19.02	827.7 %
Q3 2023	16.91	72.4 %	0.26	17.26	68.9 %
Q4 2023	2.85	(74.2 %)	0.04	23.73	111.9 %
2023	44.25	14.9 %	0.67	67.91	67.9 %

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	9.33	227.0 %	0.19	9.78	242.8 %
2015	16.86	80.7 %	0.34	17.66	80.6 %
2016	24.65	46.2 %	0.50	25.92	46.8 %
2017	30.18	22.4 %	0.61	31.07	19.9 %
2018	30.84	2.2 %	0.63	31.84	2.5 %
2019	36.71	19.0 %	0.75	37.76	18.6 %
2020	38.76	5.6 %	0.79	39.99	5.9 %
2021	21.42	(44.7 %)	0.32	21.96	(45.1 %)
2022	38.52	79.8 %	0.58	40.45	84.2 %
2023	44.25	14.9 %	0.67	67.91	67.9 %

Insurance Operations Performance (M)

Compared With The

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
Q1 2014	1.06	-	-	-	-	-
Q2 2014	3.86	-	-	-	-	-
Q3 2014	20.42	-	-	-	-	-
Q4 2014	4.86	-	-	-	-	-
2014	30.21	-	-	-	-	-
Q1 2015	8.77	727.4 %	-	-	-	-
Q2 2015	11.52	198.4 %	-	-	-	-
Q3 2015	39.17	91.8 %	-	-	-	-
Q4 2015	11.69	140.4 %	-	-	-	-
2015	71.15	135.5 %	-	-	-	-
Q1 2016	12.30	40.2 %	-	-	-	-
Q2 2016	29.29	154.3 %	-	-	-	-
Q3 2016	29.38	(25.0 %)	-	-	-	-
Q4 2016	11.69	0.0 %	-	-	-	-
2016	82.66	16.2 %	-	-	-	-
Q1 2017	13.15	6.9 %	-	-	-	-
Q2 2017	31.88	8.8 %	-	-	-	-
Q3 2017	27.65	(5.9 %)	-	-	-	-
Q4 2017	12.94	10.7 %	-	-	-	-
2017	85.62	3.6 %	-	-	-	-
Q1 2018	14.44	9.9 %	-	-	-	-
Q2 2018	16.17	(49.3 %)	-	-	-	-
Q3 2018	50.05	81.0 %	-	-	-	-
Q4 2018	20.49	58.3 %	-	-	-	-
2018	101.15	18.1 %	-	-	-	-
Q1 2019	17.38	20.3 %	-	-	-	-
Q2 2019	21.61	33.7 %	-	-	-	-
Q3 2019	30.42	(39.2 %)	-	-	-	-
Q4 2019	60.87	197.1 %	-	-	-	-
2019	130.28	28.8 %	-	-	-	-
Q1 2020	43.56	150.6 %	-	-	-	-
Q2 2020	42.55	96.9 %	-	-	-	-
Q3 2020	60.70	99.5 %	-	-	-	-
Q4 2020	87.13	43.1 %	-	-	-	-
2020	233.93	79.6 %	-	-	-	-
Q1 2021	49.38	13.4 %	-	-	-	-
Q2 2021	69.47	63.3 %	-	-	-	-
Q3 2021	74.09	22.0 %	-	-	-	-
Q4 2021	106.10	21.8 %	-	-	-	-
2021	299.03	27.8 %	-	-	-	-
Q1 2022	64.09	29.8 %	17.06	-	18.01	-
Q2 2022	75.03	8.0 %	4.81	-	12.26	-
Q3 2022	130.71	76.4 %	(3.47)	-	0.97	-
Q4 2022	145.82	37.4 %	1.64	-	7.35	-
2022	415.62	39.0 %	20.03	-	38.60	-
Q1 2023	75.24	17.4 %	16.33	(4.3 %)	23.67	31.4 %
Q2 2023	85.52	14.0 %	9.39	95.4 %	14.14	15.3 %
Q3 2023	126.02	(3.6 %)	9.06	360.9 %	18.38	1795.1 %
Q4 2023	150.64	3.3 %	31.25	1810.3 %	40.21	446.9 %
2023	437.42	5.2 %	57.16	185.4 %	87.53	126.8 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	30.21	-	-	-	-	-
2015	71.15	135.5 %	-	-	-	-
2016	82.66	16.2 %	-	-	-	-
2017	85.62	3.6 %	-	-	-	-
2018	101.15	18.1 %	-	-	-	-
2019	130.28	28.8 %	-	-	-	-
2020	233.93	79.6 %	-	-	-	-
2021	299.03	27.8 %	-	-	-	-
2022	415.62	39.0 %	20.03	-	38.60	-
2023	437.42	5.2 %	57.16	185.4 %	87.53	126.8 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	49.08	-	-	7.08
Q2 2014	49.08	-	-	7.11
Q3 2014	49.08	-	-	7.22
Q4 2014	49.08	0.19	0.19	7.23
Q1 2015	49.08	0.27	0.27	7.29
Q2 2015	49.08	0.28	0.28	7.39
Q3 2015	49.08	0.25	0.25	7.47
Q4 2015	49.08	0.34	0.34	7.57
Q1 2016	49.08	0.40	0.40	7.68
Q2 2016	49.08	0.41	0.41	7.44
Q3 2016	49.08	0.45	0.45	7.57
Q4 2016	49.08	0.50	0.50	7.72
Q1 2017	49.08	0.53	0.53	7.86
Q2 2017	49.08	0.58	0.58	7.67
Q3 2017	49.08	0.59	0.59	7.80
Q4 2017	49.08	0.61	0.61	7.98
Q1 2018	49.08	0.62	0.62	8.12
Q2 2018	49.08	0.58	0.58	7.75
Q3 2018	49.08	0.60	0.60	7.90
Q4 2018	49.08	0.63	0.63	8.11
Q1 2019	49.08	0.63	0.63	8.25
Q2 2019	49.08	0.70	0.70	8.45
Q3 2019	49.08	0.73	0.73	8.64
Q4 2019	49.08	0.75	0.75	8.85
Q1 2020	49.08	0.87	0.87	9.12
Q2 2020	49.08	0.95	0.95	9.40
Q3 2020	49.08	0.92	0.92	9.56
Q4 2020	49.08	0.79	0.79	9.64
Q1 2021	66.00	0.59	0.59	12.19
Q2 2021	66.00	0.41	0.41	12.22
Q3 2021	66.00	0.37	0.37	12.29
Q4 2021	66.00	0.32	0.32	12.31
Q1 2022	66.00	0.37	0.37	13.15
Q2 2022	66.00	0.36	0.36	13.16
Q3 2022	66.00	0.44	0.44	13.31
Q4 2022	66.00	0.58	0.58	13.52
Q1 2023	66.00	0.44	0.44	13.63
Q2 2023	66.00	0.69	0.69	13.89
Q3 2023	66.00	0.79	0.79	14.15
Q4 2023	66.00	0.67	0.67	14.25

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	49.08	0.19	0.19	7.23
2015	49.08	0.34	0.34	7.57
2016	49.08	0.50	0.50	7.72
2017	49.08	0.61	0.61	7.98
2018	49.08	0.63	0.63	8.11
2019	49.08	0.75	0.75	8.85
2020	49.08	0.79	0.79	9.64
2021	66.00	0.32	0.32	12.31
2022	66.00	0.58	0.58	13.52
2023	66.00	0.67	0.67	14.25

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E
Q1 2014	-	-
Q2 2014	-	-
Q3 2014	-	-
Q4 2014	More than 50	More than 50
Q1 2015	More than 50	More than 50
Q2 2015	More than 50	More than 50
Q3 2015	More than 50	More than 50
Q4 2015	More than 50	More than 50
Q1 2016	More than 50	More than 50
Q2 2016	More than 50	More than 50
Q3 2016	46.81	46.81
Q4 2016	More than 50	More than 50
Q1 2017	More than 50	More than 50
Q2 2017	45.78	45.78
Q3 2017	49.72	49.72
Q4 2017	42.72	42.72
Q1 2018	37.45	37.45
Q2 2018	37.87	37.87
Q3 2018	30.04	30.04
Q4 2018	26.73	26.73
Q1 2019	27.93	27.93
Q2 2019	22.79	22.79
Q3 2019	21.05	21.05
Q4 2019	22.74	22.74
Q1 2020	16.59	16.59
Q2 2020	17.24	17.24
Q3 2020	26.01	26.01
Q4 2020	30.71	30.71
Q1 2021	36.01	36.01
Q2 2021	More than 50	More than 50
Q3 2021	More than 50	More than 50
Q4 2021	More than 50	More than 50
Q1 2022	43.49	43.49
Q2 2022	37.47	37.47
Q3 2022	30.39	30.39
Q4 2022	20.99	20.99
Q1 2023	32.30	32.30
Q2 2023	22.77	22.77
Q3 2023	20.10	20.10
Q4 2023	25.35	25.35

Period	P/E	Adjusted P/E
2014	More than 50	More than 50
2015	More than 50	More than 50
2016	More than 50	More than 50
2017	42.72	42.72
2018	26.73	26.73
2019	22.74	22.74
2020	30.71	30.71
2021	More than 50	More than 50
2022	20.99	20.99
2023	25.35	25.35

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Life Insurance	Medical Insurance	Comprehensive Motor Insurance	General Insurance	Insurance- Individual segment	Insurance - Group segment
Q1 2014	-	-	-	-	1.00	0.06
Q2 2014	-	-	-	-	3.86	-
Q3 2014	-	-	-	-	4.78	15.64
Q4 2014	-	-	-	-	4.40	0.47
Q1 2015	-	-	-	-	7.05	1.73
Q2 2015	-	-	-	-	8.75	2.77
Q3 2015	-	-	-	-	8.74	30.43
Q4 2015	-	-	-	-	10.88	0.81
Q1 2016	-	-	-	-	11.02	1.27
Q2 2016	-	-	-	-	12.10	17.19
Q3 2016	-	-	-	-	11.08	18.30
Q4 2016	-	-	-	-	11.29	0.40
Q1 2017	-	-	-	-	11.99	1.15
Q2 2017	-	-	-	-	10.94	20.94
Q3 2017	-	-	-	-	10.77	16.88
Q4 2017	-	-	-	-	12.60	0.34
Q1 2018	-	-	-	-	13.85	0.60
Q2 2018	-	-	-	-	12.98	3.19
Q3 2018	-	-	-	-	13.83	36.22
Q4 2018	-	-	-	-	17.47	3.01
Q1 2019	-	-	-	-	16.19	1.18
Q2 2019	-	-	-	-	16.97	4.64
Q3 2019	-	-	-	-	19.64	10.78
Q4 2019	-	-	-	-	20.87	40.00
Q1 2020	43.56	-	-	-	-	-
Q2 2020	-	-	-	-	39.31	3.24
Q3 2020	-	-	-	-	59.46	1.25
Q4 2020	-	-	-	-	43.88	43.25
Q1 2021	-	3.72	1.12	0.11	43.14	1.28
Q2 2021	-	11.11	5.65	6.55	41.44	4.73
Q3 2021	-	19.07	4.99	6.53	43.03	0.48
Q4 2021	-	10.13	3.84	1.72	39.97	50.45
Q1 2022	-	4.99	11.62	7.32	40.30	(0.15)
Q2 2022	-	7.19	17.10	9.45	39.80	1.45
Q3 2022	-	18.84	61.72	5.18	41.49	3.49
Q4 2022	-	18.04	21.85	6.04	42.63	57.26

Period	Life Insurance	Medical Insurance	Comprehensive Motor Insurance	General Insurance	Insurance- Individual segment	Insurance - Group segment
2014	-	-	-	-	14.04	16.17
2015	-	-	-	-	35.42	35.73
2016	-	-	-	-	45.49	37.16
2017	-	-	-	-	46.31	39.31
2018	-	-	-	-	58.13	43.02
2019	-	-	-	-	73.68	56.60
2020	-	-	-	-	184.79	49.15
2021	-	44.03	15.59	14.91	167.58	56.93
2022	-	49.06	112.29	27.99	164.23	62.06
2023	-	165.99	31.03	23.68	157.25	59.48

Financial Ratios

	Current
Market Cap (M)	1,182.72
EPS ( Riyal) (TTM)	0.76
Book Value (BV) ( Riyal)	14.44
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	23.70
P/E (TTM)	23.70
Price/Book	1.24
Return on Average Assets (%) (TTM)	1.8
Return on Average Equity (%) (TTM)	5.4
Shares Outstanding (M)	66.00
Return on Market Cap (%)	4.1

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

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Aljazira Takaful Taawuni Company (JAZIRA TAKAFUL)

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million)

Revenue by Business Segment (Latest) 2023 Q4

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

View other reports

Share Price

Aljazira Takaful Taawuni Company (JAZIRA TAKAFUL)

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million) 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

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Business Segments - Gross Premium Written (Million)