Financial Results : AlJazira Takaful profit climbs 79% to SAR 12.8M in Q1 2024

AlJazira Takaful profit climbs 79% to SAR 12.8M in Q1 2024

13/05/2024 Argaam Exclusive

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AlJazira Takaful Taawuni Co. (AlJazira Takaful) reported a net profit of SAR 12.8 million for Q1 2024, an increase of 79% from SAR 7.1 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Gross Written Premium (GWP) 75.24 92.97 23.6 %
Insurance Revenues 78.94 91.97 16.5 %
Net Profit Before Zakat & Tax 19.53 13.79 (29.4 %)
Net Income 7.12 12.78 79.4 %
Average Shares 66.00 66.00 -
EPS (Riyals) 0.11 0.19 79.4 %

Insurance revenue for the current quarter rose 16.50% year-on-year (YoY) to SAR 13.08 million. The segment’s profits more than doubled YoY to SAR 17.61 million, thanks to growth in operations.

 

Net investment results after deducting net finance costs for the current quarter climbed by 16.95% YoY during the first three months of the year.

 

Gross written premiums (GWPs) jumped 23.55% YoY to SAR 92.96 million for the same quarter.

Insurance Operations

Item 3m 2023 3m 2024 Change‬
Gross Written Premium (GWP) 75.24 92.97 23.6 %
Insurance Revenues 78.94 91.97 16.5 %
Insurance Services Income 11.46 15.67 36.7 %
Investment Income 104.27 106.45 2.1 %
Net Profit of Insurance Services and Investment 18.80 24.26 29.0 %

Compared to Q4 2023, the company’s net profit skyrocketed by more than four-fold from SAR 2.85 million, as insurance revenue increased by 25.50% quarter-on-quarter (QoQ).

 

Total shareholders’ equity, no minority interest, stood at SAR 953.14 million by March 31, 2024, up from SAR 899.44 million a year earlier.

 

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