AlJazira Takaful Taawuni Co. (AlJazira Takaful) reported a net profit of SAR 12.8 million for Q1 2024, an increase of 79% from SAR 7.1 million a year earlier.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 75.24 | 92.97 | 23.6 % |
| Insurance Revenues | 78.94 | 91.97 | 16.5 % |
| Net Profit Before Zakat & Tax | 19.53 | 13.79 | (29.4 %) |
| Net Income | 7.12 | 12.78 | 79.4 % |
| Average Shares | 66.00 | 66.00 | - |
| EPS (Riyals) | 0.11 | 0.19 | 79.4 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 150.64 | 92.97 | (38.3 %) |
| Insurance Revenues | 73.28 | 91.97 | 25.5 % |
| Net Profit Before Zakat & Tax | 23.73 | 13.79 | (41.9 %) |
| Net Income | 2.85 | 12.78 | 348.3 % |
| Average Shares | 66.00 | 66.00 | - |
| EPS (Riyals) | 0.04 | 0.19 | 348.3 % |
Insurance revenue for the current quarter rose 16.50% year-on-year (YoY) to SAR 13.08 million. The segment’s profits more than doubled YoY to SAR 17.61 million, thanks to growth in operations.
Net investment results after deducting net finance costs for the current quarter climbed by 16.95% YoY during the first three months of the year.
Gross written premiums (GWPs) jumped 23.55% YoY to SAR 92.96 million for the same quarter.
| Item | 3m 2023 | 3m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 75.24 | 92.97 | 23.6 % |
| Insurance Revenues | 78.94 | 91.97 | 16.5 % |
| Insurance Services Income | 11.46 | 15.67 | 36.7 % |
| Investment Income | 104.27 | 106.45 | 2.1 % |
| Net Profit of Insurance Services and Investment | 18.80 | 24.26 | 29.0 % |
Compared to Q4 2023, the company’s net profit skyrocketed by more than four-fold from SAR 2.85 million, as insurance revenue increased by 25.50% quarter-on-quarter (QoQ).
Total shareholders’ equity, no minority interest, stood at SAR 953.14 million by March 31, 2024, up from SAR 899.44 million a year earlier.
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