Financial Results : AlJazira Takaful 2024 profit falls 16% to SAR 37.2M; Q4 at SAR 4.1M

AlJazira Takaful 2024 profit falls 16% to SAR 37.2M; Q4 at SAR 4.1M

19/03/2025 Argaam Exclusive

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AlJazira Takaful Taawuni Co. (AlJazira Takaful) reported a net profit of SAR 37.2 million, a decline of 16% from SAR 44.3 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Gross Written Premium (GWP) 437.42 425.37 (2.8 %)
Insurance Revenues 301.95 339.67 12.5 %
Net Profit Before Zakat & Tax 67.91 43.34 (36.2 %)
Net Income 44.25 37.20 (15.9 %)
Average Shares 66.00 66.00 -
Earnings Per Share before unusual items (Riyals) 0.67 0.56 (15.9 %)
EPS (Riyals) 0.67 0.56 (15.9 %)

Net insurance services dropped 36.96% year-on-year (YoY) to SAR 36.03 million. Total comprehensive income for 2024 reached SAR 55.200 million, rising 16.07% YoY.

 

Net investment results, after deducting net finance expenses, increased 16.02% YoY to SAR 35.23 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Gross Written Premium (GWP) 150.64 166.40 10.5 %
Insurance Revenues 73.28 88.73 21.1 %
Net Profit Before Zakat & Tax 23.73 5.26 (77.8 %)
Net Income 2.85 4.07 42.9 %
Average Shares 66.00 66.00 -
Earnings Per Share before unusual items 0.04 0.06 42.9 %
EPS (Riyals) 0.04 0.06 42.9 %

Q4 2024 net profit jumped 43% to SAR 4.1 million, from SAR 2.85 million in the prior-year period.

 

On a quarterly basis, net earnings dropped 56% from SAR 9.26 million in Q3 2024.

Insurance Operations

Item 2023 2024 Change‬
Gross Written Premium (GWP) 437.42 425.37 (2.8 %)
Insurance Revenues 301.95 339.67 12.5 %
Insurance Services Income 57.16 36.03 (37.0 %)
Investment Income 348.52 201.05 (42.3 %)
Net Profit of Insurance Services and Investment 87.53 71.27 (18.6 %)

Total shareholders’ equity, excluding employee benefit obligations, stood at SAR 975.43 million by Dec. 31, 2024, compared to SAR 940.36 billion a year earlier.

 

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