Al Rajhi Takaful posts 82% profit rise to SAR 111.4M in Q1 2024

06/05/2024 Argaam Exclusive

View other reports

Al Rajhi Company for Cooperative Insurance reported an 82% surge in Q1 2024 net profit to SAR 111.4 million, from SAR 61.3 million in the prior-year period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	1,207.65	2,032.22	68.3 %
Insurance Revenues	865.30	1,302.71	50.6 %
Net Profit Before Zakat & Tax	61.80	115.27	86.5 %
Net Income	61.28	111.38	81.7 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.61	1.11	81.7 %

Item	Q4 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	1,729.52	2,032.22	17.5 %
Insurance Revenues	1,273.51	1,302.71	2.3 %
Net Profit Before Zakat & Tax	114.89	115.27	0.3 %
Net Income	109.03	111.38	2.2 %
Average Shares	100.00	100.00	-
EPS (Riyals)	1.09	1.11	2.2 %

The profit rise was fueled by insurance revenues, which increased by 50.6% to SAR 1.30 billion from SAR 865 million in Q1 2023. Net insurance services jumped 16% year-on-year (YoY) to SAR 113.22 million, mainly due to the growth in operations.

The company recorded a rise in total investment income to SAR 159.45 million from SAR 45.08 million in Q1 2023, including a SAR 101.33 million of fair value changes in the investments of the unitholders fund.

Insurance Operations

Item	3m 2023	3m 2024	Change‬
Gross Written Premium (GWP)	1,207.65	2,032.22	68.3 %
Insurance Revenues	865.30	1,302.71	50.6 %
Insurance Services Income	97.62	113.23	16.0 %
Investment Income	45.09	159.45	253.6 %
Net Profit of Insurance Services and Investment	92.82	147.48	58.9 %

The insurance service provider also reported a 2.2% rise in net income from SAR 109 million in Q4 2023. Insurance services revenues grew by 2.3% to SAR 1.30 million from SAR 1.27 million in Q4 2023. Net insurance services soared 249.4% quarter-on-quarter (QoQ) to SAR 113.22 million, mainly. Gross written premiums (GWPs) leapt by 17.8% QoQ to SAR 2.03 million.

Total shareholders’ equity, no minority interest, increased to SAR 1.83 billion by the end of the three-month period from SAR 1.46 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.

×