Aljazira Takaful 9M 2021 net profit falls 42% to SAR 20 mln

08/11/2021 Argaam Exclusive

Aljazira Takaful Taawuni Co. (AlJazira Takaful) reported a net income of SAR 20 million for the first nine months of 2021, down 42% from SAR 34.4 million in the year-earlier period.  

 

The insurer attributed the decline to higher net underwriting income. In addition, policyholders’ investment income and other income also edged higher year-on-year (YoY), along with an increase in shareholders’ investment.

Financials (M)

Item 9m 2020 9m 2021 Change‬
Gross Written Premium (GWP) 146.81 192.93 31.4 %
Net Profit Before Zakat & Tax 35.44 21.12 (40.4 %)
Net Income 34.37 19.93 (42.0 %)
Average Shares 55.00 55.00 -
EPS (Riyals) 0.62 0.36 (42.0 %)

The net income slumped 40% YoY to SAR 4.6 million in Q3 2021.

 

On a sequential basis, Q3 net income jumped from SAR 1.81 million.

Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Gross Written Premium (GWP) 60.70 74.09 22.0 %
Net Profit Before Zakat & Tax 7.89 5.36 (32.1 %)
Net Income 7.67 4.64 (39.5 %)
Average Shares 55.00 55.00 -
EPS (Riyals) 0.14 0.08 (39.5 %)

Shareholders’ equity, after minority interest, increased to SAR 811.24 million as of Sept. 30, 2021, from SAR 468.96 million a year earlier.

Insurance Operations (M)

Item 9m 2020 9m 2021 Change‬
Gross Written Premium (GWP) 146.81 192.93 31.4 %
Net Written Premiums (NWP) 136.38 147.98 8.5 %
Net Incurred Claims (2.31) (101.21) (4,281.4 %)

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Share Price

Aljazira Takaful Taawuni Company
19.22
(0.18) (0.93 %)

Aljazira Takaful Taawuni Company (Jazira Takaful)

Financial Ratios
Current
Market Cap (M) 1,057.10
Shares Outstanding ((M)) 55.00
EPS ( Riyal) (TTM) 0.52
Book Value (BV) ( Riyal) 15.29
Par Value 10.00
Adjusted P/E (Last12) 37.28
P/E (TTM) 37.28
Price/Book 1.26
Return on Average Assets (%) (TTM) 1.0
Return on Average Equity (%) (TTM) 3.4
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