AlJazira Takaful Taawuni Co. recorded a 20% fall in its net income for the first nine months of 2024 to SAR 33.1 million, from SAR 41.4 million in the corresponding period of 2023.
Item | 9m 2023 | 9m 2024 | Change |
---|---|---|---|
Insurance Revenues | 228.68 | 250.94 | 9.7 % |
Net Profit Before Zakat & Tax | 44.18 | 38.09 | (13.8 %) |
Net Income | 41.40 | 33.13 | (20.0 %) |
Average Shares | 66.00 | 66.00 | - |
EPS (Riyals) | 0.63 | 0.50 | (20.0 %) |
The nine-month net profit was impacted by net insurance service results, which dropped by 36.30% year-on-year (YoY) to SAR 33.20 million.
Meanwhile, net financing results rose 10.53% YoY to SAR 23.66 million, with insurance revenues growing by 9.74% on an annual basis to SAR 250.94 million.
Item | Q3 2023 | Q3 2024 | Change |
---|---|---|---|
Insurance Revenues | 86.73 | 76.70 | (11.6 %) |
Net Profit Before Zakat & Tax | 17.26 | 11.82 | (31.6 %) |
Net Income | 16.91 | 9.26 | (45.3 %) |
Average Shares | 66.00 | 66.00 | - |
EPS (Riyals) | 0.26 | 0.14 | (45.3 %) |
Item | Q2 2024 | Q3 2024 | Change |
---|---|---|---|
Gross Written Premium (GWP) | 81.45 | 84.56 | 3.8 % |
Insurance Revenues | 82.27 | 76.70 | (6.8 %) |
Net Profit Before Zakat & Tax | 12.48 | 11.82 | (5.4 %) |
Net Income | 11.09 | 9.26 | (16.5 %) |
Average Shares | 66.00 | 66.00 | - |
EPS (Riyals) | 0.17 | 0.14 | (16.5 %) |
The third-quarter net income after Zakat and income tax fell 45% to SAR 9.3 million, from SAR 16.9 million in Q3 2023 as insurance revenues dropped 12% on a YoY basis to SAR 76.70 million.
Net financing results declined 6% YoY to SAR 8.75 million, while insurance services results dived 65% YoY to SAR 6.94 million.
Net income also dropped by 16.5% from SAR 11 million in the previous quarter on the back of a 7% drop quarter-on-quarter in insurance revenues to SAR 76.70 million.
Item | 9m 2023 | 9m 2024 | Change |
---|---|---|---|
Insurance Revenues | 228.68 | 250.94 | 9.7 % |
Insurance Services Income | 52.12 | 33.30 | (36.1 %) |
Investment Income | 198.53 | 214.95 | 8.3 % |
Net Profit of Insurance Services and Investment | 73.53 | 56.97 | (22.5 %) |
Total shareholders’ equity, no minority interest, decreased to SAR 953.69 million as of Sept. 30, 2024, from SAR 933.68 million a year earlier.
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