Al Rajhi Takaful posts SAR 283.4M profit in 9M 2024; Q3 at SAR 82.3M

31/10/2024 Argaam Exclusive

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Al Rajhi Company for Cooperative Insurance’s (Al Rajhi Takaful) net profit rose to SAR 283.4 million from SAR 219 million in the prior-year period

Financials (M)

Item	9m 2023	9m 2024	Change‬
Gross Written Premium (GWP)	4,293.34	7,934.45	84.8 %
Insurance Revenues	2,962.96	4,055.40	36.9 %
Net Profit Before Zakat & Tax	222.61	276.00	24.0 %
Net Income	219.04	283.39	29.4 %
Average Shares	100.00	100.00	-
EPS (Riyals)	2.19	2.83	29.4 %

Insurance revenues jumped in the current period by 36.87% year-on-year (YoY) to SAR 4.05 billion from SAR 2.96 billion a year ago, due to the growth of insurance operations.

Meanwhile, the results of insurance services declined 19.11% to SAR 231.63 million from SAR 286.34 million a year earlier

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Gross Written Premium (GWP)	1,831.33	3,404.79	85.9 %
Insurance Revenues	1,157.41	1,409.51	21.8 %
Net Profit Before Zakat & Tax	84.12	86.50	2.8 %
Net Income	81.93	82.25	0.4 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.82	0.82	0.4 %

Item	Q2 2024	Q3 2024	Change‬
Gross Written Premium (GWP)	2,497.44	3,404.79	36.3 %
Insurance Revenues	1,343.17	1,409.51	4.9 %
Net Profit Before Zakat & Tax	74.23	86.50	16.5 %
Net Income	89.76	82.25	(8.4 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.90	0.82	(8.4 %)

Total investment income was SAR 557.63 million in Q3 2024, compared to SAR 138.41 million in Q3 2023.

Al Rajhi Takaful posted a total comprehensive income of SAR 273.41 million in the current period, 0.32% up from SAR 272.54 million in the same period last year.

In Q3 2024, the company’s net profit rose 0.4% to SAR 82.25 million. Sequentially, the insurer's profit declined 8.4% from SAR 89.76 million in Q3 2023.

In the third quarter, the insurance services provider reported insurance revenues of SAR 1.40 billion million, 21.78% up from SAR 1.15 million in Q3 2023.

In Q3 2024, the company’s net profit rose 0.4% to SAR 82.25 million.

Insurance Operations

Item	9m 2023	9m 2024	Change‬
Gross Written Premium (GWP)	4,293.34	7,934.45	84.8 %
Insurance Revenues	2,962.96	4,055.40	36.9 %
Insurance Services Income	286.34	231.63	(19.1 %)
Investment Income	138.41	557.63	302.9 %
Net Profit of Insurance Services and Investment	311.71	376.31	20.7 %

In Q3 2024, the company’s net profit rose 0.4% to SAR 82.25 million. Sequentially, the insurer's profit declined 8.4% from SAR 89.76 million in Q3 2023.

Total shareholders’ equity, no minority interest, increased to SAR 1.99 billion by the end of the nine-month period, from SAR 1.59 billion a year earlier.

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