Rasan profit rises to SAR 18.3M in H1 2024; Q2 at SAR 8.8M

Rasan Information Technology Co.’s net profit jumped to SAR 18.3 million in the first half of 2024, from SAR 7.6 million a year earlier.

The company cited the profit growth to increased revenues on rising number of insurance policies sold by 51% year-on-year (YoY).

It reported an increase in the policy renewal rate (customer retention) to 55% compared to 35% for the same period last year, in addition to launching new products during the first and second quarters.

Meanwhile, Rasan witnessed a 129% YoY leap in operating profits.

Gross profit grew 24.1% YoY, with a profit margin of 59.4% compared to 57.8% during the same period of the previous year, as a result of increasing the efficiency of operations and reducing some sales costs.

Rasan posted an 84.9% increase in EBITDA, achieving a record margin of 22.2% compared to 14.5% during the first half of 2023.

Rasan registered SAR 8.8 million profit in Q2 2024, compared to SAR 5.4 million in the year earlier period.

Quarter-on-quarter, Q2 net profit fell 6.9% from SAR 9.4 million.

At the end of the period, shareholders' equity, no minority interests, stood at SAR 334 million, up from SAR 82.57 million a year earlier.

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