Financial Results : Al Rajhi Takaful H1 2024 profit jumps 47% to SAR 201.1M; Q2 at SAR 89.8M

Al Rajhi Takaful H1 2024 profit jumps 47% to SAR 201.1M; Q2 at SAR 89.8M

05/08/2024 Argaam Exclusive

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Al Rajhi Company for Cooperative Insurance reported a 47% surge in H1 2024 net profit to SAR 201.1 million from SAR 137.1 million in the prior-year period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 2,462.01 4,529.66 84.0 %
Insurance Revenues 1,805.55 2,645.89 46.5 %
Net Profit Before Zakat & Tax 138.50 189.49 36.8 %
Net Income 137.10 201.13 46.7 %
Average Shares 100.00 100.00 -
EPS (Riyals) 1.37 2.01 46.7 %

Insurance revenues jumped in H1 2024 by 46.54% year-on-year (YoY) to SAR 2.6 billion from SAR 1.80 billion in H1 2023, due to the growth of insurance operations.

 

Similarly, the results of insurance services leapt 343.2% to SAR 611.1 million from SAR 137.86 million a year earlier.

 

Total investment income was SAR 264.2 million in H1 2024, compared to SAR 101.2 million in H1 2023.

 

Al Rajhi Takaful posted a total comprehensive income of SAR 195.6 million in H1 2024, 6.39% down from SAR 209 million in the same period last year.

 

Gross written premiums (GWPs) jumped in H1 2024 by 84% to SAR 4.52 million, compared to SAR 2.4 million in H1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 1,254.36 2,497.44 99.1 %
Insurance Revenues 940.25 1,343.17 42.9 %
Net Profit Before Zakat & Tax 76.70 74.23 (3.2 %)
Net Income 75.82 89.76 18.4 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.76 0.90 18.4 %

In the second quarter, the insurance services provider reported a net profit of SAR 89.8 million, 18% up from SAR 75.8 million in Q2 2023.

 

Sequentially, the insurer's profit declined by 19.4% from SAR 111.3 million in Q1 2024.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 2,462.01 4,529.66 84.0 %
Insurance Revenues 1,805.55 2,645.89 46.5 %
Insurance Services Income 234.51 163.10 (30.5 %)
Investment Income 101.28 264.26 160.9 %
Net Profit of Insurance Services and Investment 197.29 255.55 29.5 %

Total shareholders’ equity, no minority interest, increased to SAR 1.92 billion by the end of the three-month period, from SAR 1.55 billion a year earlier.

 

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