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

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 -
Earnings Per Share before unusual items (Riyals) 2.19 2.60 18.9 %
EPS (Riyal) 2.19 2.83 29.4 %

Insurance revenues jumped in the current period by 36.87% year-on-year (YoY) to SAR 4.05 million from SAR 2.96 million, 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 -
Earnings Per Share before unusual items (Riyal) 0.82 0.82 0.4 %
EPS (Riyal) 0.82 0.82 0.4 %

Total investment income was SAR 557.63 million, compared to SAR 138.41 million in the same period last year.

 

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.

 

Gross written premiums (GWPs) jumped in the nine-month period of 2024 by 84.81% to SAR 7.93 million, compared to SAR 4.29 million a year earlier.

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% YoY to SAR 82.25 million. Sequentially, the insurer's profit declined 8.4% from SAR 89.76 million in Q2 2024.

 

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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