AlJazira Takaful H1 2024 profit down 3% to SAR 23.9M; Q2 at SAR 11.1M

05/08/2024 Argaam Exclusive

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AlJazira Takaful Taawuni Co. reported a 3% profit decline to SAR 23.9 million in H1 2024, from SAR 24.5 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	160.76	174.41	8.5 %
Insurance Revenues	141.95	174.24	22.8 %
Net Profit Before Zakat & Tax	26.92	26.27	(2.4 %)
Net Income	24.49	23.87	(2.5 %)
Average Shares	66.00	66.00	-
EPS (Riyals)	0.37	0.36	(2.5 %)

The first-half net profit was hurt by net insurance service results, which decreased by 9.93% year-on-year (YoY).

This decline was offset by net investment results that jumped 23.3% YoY.

Gross written premiums (GWPs) and insurance revenue also grew 8.5% and 22.7% YoY, respectively.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Gross Written Premium (GWP)	85.52	81.45	(4.8 %)
Insurance Revenues	63.01	82.27	30.6 %
Net Profit Before Zakat & Tax	19.02	12.48	(34.4 %)
Net Income	17.37	11.09	(36.1 %)
Average Shares	66.00	66.00	-
EPS (Riyals)	0.26	0.17	(36.1 %)

Item	Q1 2024	Q2 2024	Change‬
Gross Written Premium (GWP)	92.97	81.45	(12.4 %)
Insurance Revenues	91.97	82.27	(10.5 %)
Net Profit Before Zakat & Tax	13.79	12.48	(9.5 %)
Net Income	12.78	11.09	(13.2 %)
Average Shares	66.00	66.00	-
EPS (Riyals)	0.19	0.17	(13.2 %)

In Q2 2024, profit fell 36% to SAR 11.1 million, from SAR 17.3 million in Q2 2023, as net insurance service results fell by 30.9% YoY.

The insurance service provider’s net income also dropped 13.2% from SAR 12.7 million in Q1 2024. Insurance revenue declined 10.5% sequentially.

Insurance Operations

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	160.76	174.41	8.5 %
Insurance Revenues	141.95	174.24	22.7 %
Insurance Services Income	29.04	26.36	(9.2 %)
Investment Income	225.08	132.50	(41.1 %)
Net Profit of Insurance Services and Investment	41.13	41.26	0.3 %

Shareholders’ equity, excluding minority interest, rose to SAR 964.23 million by June 30, 2024, compared to SAR 916.77 million in the prior-year period.

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