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 %

Item	Q4 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	150.64	92.97	(38.3 %)
Insurance Revenues	73.28	91.97	25.5 %
Net Profit Before Zakat & Tax	23.73	13.79	(41.9 %)
Net Income	2.85	12.78	348.3 %
Average Shares	66.00	66.00	-
EPS (Riyals)	0.04	0.19	348.3 %

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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