Al Rajhi Takaful posts SAR 328.1M profits in 2023, SAR 109M in Q4

29/02/2024 Argaam Exclusive

View other reports

Al-Rajhi Company for Cooperative Insurance’s (Al Rajhi Takaful) profits grew to SAR 328.1 million in the end of 2023, compared to profits of SAR 72.4 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	3,470.07	6,022.86	73.6 %
Insurance Revenues	2,934.50	4,236.47	44.4 %
Net Profit Before Zakat & Tax	82.64	337.50	308.4 %
Net Income	72.39	328.06	353.2 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.72	3.28	353.2 %

The rise in profits was attributed to higher revenues due to the growth of operations in all insurance activities.

Insurance services rose 57.2% in 2023 to SAR 696.5 million, while net insurance services leapt 442% to SAR 318.7 million, mainly due to the growth of operations.

The company logged a 246.5% hike in total investment income to SAR 268.8 million, including a SAR 114 million of fair value changes in the investments of the unitholders fund.

Net insurance financing expenses of SAR 146.2 million included return on the unitholders’ investment fund in addition to along with fair value changes payable to the unitholders.

Meanwhile, other operating expenses rose 5.6% in 2023 to SAR 103.97 million, as a result of higher expenses to support operations growth.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	895.72	1,729.52	93.1 %
Insurance Revenues	744.39	1,273.51	71.1 %
Net Profit Before Zakat & Tax	13.91	114.89	726.0 %
Net Income	11.50	109.03	848.0 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.12	1.09	848.0 %

Item	Q3 2023	Q4 2023	Change‬
Gross Written Premium (GWP)	1,831.33	1,729.52	(5.6 %)
Insurance Revenues	1,157.41	1,273.51	10.0 %
Net Profit Before Zakat & Tax	84.12	114.89	36.6 %
Net Income	81.93	109.03	33.1 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.82	1.09	33.1 %

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	3,470.07	6,022.86	73.6 %
Insurance Revenues	2,934.50	4,236.47	44.4 %
Insurance Services Income	58.82	318.75	441.9 %
Investment Income	77.59	268.86	246.5 %
Net Profit of Insurance Services and Investment	168.42	441.39	162.1 %

The fourth-quarter earnings surged to SAR 109 million from SAR 11.50 million.

Quarter-on-quarter, Q4 profit rose 33.1% from SAR 81.93 million.

Total shareholders’ equity increased to SAR 1.72 billion by the end of the 12-month period from SAR 1.32 billion a year earlier.

View more financial results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×