Rasan profit jumps 53% to SAR 54.9M in 9M 2024; Q3 at SAR 36.7M

Rasan Information Technology Co.’s net profit jumped to SAR 54.9 million in the first nine months of 2024, from SAR 36 million a year earlier.

Revenues increased by 29% year-on-year (YoY) as number of insurance policies sold grew by 30% YoY. Policy renewal rate (customer retention) also edged up, in addition to the launch of new products in Q3 2024.

Meanwhile, Rasan witnessed a 47.5% YoY rise in operating profits.

Gross profit grew 32.5% YoY, with a profit margin of 60.2% compared to 58.7% during the same period of the previous year, as a result of increasing the efficiency of operations and reducing some sales costs.

Rasan posted a 40.6% increase in earnings before interest, taxes, depreciation, and amortization (EBITDA), achieving a record margin of 28.2% compared to 25.9% during the first nine months of 2023.

In contrast, the average prices of insurance policies by insurance companies decreased by about 28%.

Rasan registered SAR 36.65 million profit in Q3 2024, compared to SAR 28.40 million in the year earlier period.

Quarter-on-quarter, Q3 net profit leapt 315.5% from SAR 8.82 million.

At the end of the period, shareholders' equity, no minority interests, stood at SAR 371.09 million, up from SAR 110.98 million a year earlier.

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