AlJazira Takaful profit climbs 79% to SAR 12.8M in Q1 2024

13/05/2024 Argaam Exclusive

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.



Current Quarter Comparison (M)

Compared With The
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 %

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.

Insurance Operations

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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Share Price

Aljazira Takaful Taawuni Co.
16.12
0.00 0.00 %

Aljazira Takaful Taawuni Co. (JAZIRA TAKAFUL)

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Financial Ratios
Current
Market Cap (M) 1,063.92
Shares Outstanding (M) 66.00
EPS ( Riyal) (TTM) 0.55
Book Value (BV) ( Riyal) 14.45
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 29.57
P/E (TTM) 29.57
Price/Book 1.12
Return on Average Assets (%) (TTM) 1.3
Return on Average Equity (%) (TTM) 3.8
Return on Market Cap (%) 3.2
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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 2.83 405.1 % 0.06 2.97 43.3 %
Q2 2015 4.96 11.3 % 0.10 5.06 12.9 %
Q3 2015 4.02 (23.3 %) 0.08 4.34 (17.5 %)
Q4 2015 5.05 813.0 % 0.10 5.29 358.4 %
Q1 2016 5.44 92.6 % 0.11 5.72 92.3 %
Q2 2016 5.74 15.7 % 0.12 6.28 24.1 %
Q3 2016 5.97 48.4 % 0.12 6.39 47.1 %
Q4 2016 7.50 48.5 % 0.15 7.53 42.6 %
Q1 2017 7.05 29.6 % 0.14 7.28 27.3 %
Q2 2017 8.13 41.7 % 0.17 8.87 41.3 %
Q3 2017 6.52 9.2 % 0.13 6.83 6.9 %
Q4 2017 8.48 13.1 % 0.17 8.09 7.3 %
Q1 2018 7.12 0.9 % 0.14 7.34 0.9 %
Q2 2018 6.31 (22.4 %) 0.13 6.51 (26.6 %)
Q3 2018 7.45 14.2 % 0.15 7.86 15.0 %
Q4 2018 9.98 17.6 % 0.20 10.13 25.3 %
Q1 2019 7.20 1.2 % 0.15 7.45 1.5 %
Q2 2019 9.82 55.7 % 0.20 10.08 54.9 %
Q3 2019 8.90 19.5 % 0.18 9.16 16.6 %
Q4 2019 10.79 8.2 % 0.22 11.07 9.2 %
Q1 2020 12.99 80.4 % 0.26 13.41 80.0 %
Q2 2020 13.71 39.7 % 0.28 14.14 40.3 %
Q3 2020 7.67 (13.9 %) 0.16 7.89 (13.8 %)
Q4 2020 4.40 (59.2 %) 0.09 4.55 (58.9 %)
Q1 2021 13.49 3.9 % 0.20 13.99 4.3 %
Q2 2021 1.81 (86.8 %) 0.03 1.77 (87.5 %)
Q3 2021 4.64 (39.5 %) 0.07 5.36 (32.1 %)
Q4 2021 1.49 (66.2 %) 0.02 0.84 (81.5 %)
Q1 2022 16.60 23.1 % 0.25 16.98 21.4 %
Q2 2022 1.05 (41.8 %) 0.02 2.05 15.6 %
Q3 2022 9.81 111.5 % 0.15 10.22 90.6 %
Q4 2022 11.06 643.7 % 0.17 11.20 1234.8 %
Q1 2023 7.12 (57.1 %) 0.11 19.53 15.0 %
Q2 2023 17.37 1552.4 % 0.26 19.02 827.7 %
Q3 2023 16.91 72.4 % 0.26 17.26 68.9 %
Q4 2023 2.85 (74.2 %) 0.04 23.73 111.9 %
Q1 2024 12.78 79.4 % 0.19 13.79 (29.4 %)

Insurance Operations Performance (M)

Compared With The
Period Gross Written Premium (GWP) Change Insurance Services Income Change Net Profit of Insurance Services and Investment Change
Q1 2015 8.77 727.4 % - - - -
Q2 2015 11.52 198.4 % - - - -
Q3 2015 39.17 91.8 % - - - -
Q4 2015 11.69 140.4 % - - - -
Q1 2016 12.30 40.2 % - - - -
Q2 2016 29.29 154.3 % - - - -
Q3 2016 29.38 (25.0 %) - - - -
Q4 2016 11.69 0.0 % - - - -
Q1 2017 13.15 6.9 % - - - -
Q2 2017 31.88 8.8 % - - - -
Q3 2017 27.65 (5.9 %) - - - -
Q4 2017 12.94 10.7 % - - - -
Q1 2018 14.44 9.9 % - - - -
Q2 2018 16.17 (49.3 %) - - - -
Q3 2018 50.05 81.0 % - - - -
Q4 2018 20.49 58.3 % - - - -
Q1 2019 17.38 20.3 % - - - -
Q2 2019 21.61 33.7 % - - - -
Q3 2019 30.42 (39.2 %) - - - -
Q4 2019 60.87 197.1 % - - - -
Q1 2020 43.56 150.6 % - - - -
Q2 2020 42.55 96.9 % - - - -
Q3 2020 60.70 99.5 % - - - -
Q4 2020 87.13 43.1 % - - - -
Q1 2021 49.38 13.4 % - - - -
Q2 2021 69.47 63.3 % - - - -
Q3 2021 74.09 22.0 % - - - -
Q4 2021 106.10 21.8 % - - - -
Q1 2022 64.09 29.8 % 17.06 - 18.01 -
Q2 2022 75.03 8.0 % 4.81 - 12.26 -
Q3 2022 130.71 76.4 % (3.47) - 0.97 -
Q4 2022 145.82 37.4 % 1.64 - 7.35 -
Q1 2023 75.24 17.4 % 11.46 (32.8 %) 18.80 4.4 %
Q2 2023 85.52 14.0 % 16.71 247.7 % 21.46 75.0 %
Q3 2023 - - 19.59 663.8 % 28.91 2880.0 %
Q4 2023 150.64 3.3 % 31.25 1810.3 % 40.21 446.9 %
Q1 2024 92.97 23.6 % 15.67 36.8 % 24.26 29.1 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 49.08 0.27 0.27 7.29
Q2 2015 49.08 0.28 0.28 7.39
Q3 2015 49.08 0.25 0.25 7.47
Q4 2015 49.08 0.34 0.34 7.57
Q1 2016 49.08 0.40 0.40 7.68
Q2 2016 49.08 0.41 0.41 7.44
Q3 2016 49.08 0.45 0.45 7.57
Q4 2016 49.08 0.50 0.50 7.72
Q1 2017 49.08 0.53 0.53 7.86
Q2 2017 49.08 0.58 0.58 7.67
Q3 2017 49.08 0.59 0.59 7.80
Q4 2017 49.08 0.61 0.61 7.98
Q1 2018 49.08 0.62 0.62 8.12
Q2 2018 49.08 0.58 0.58 7.75
Q3 2018 49.08 0.60 0.60 7.90
Q4 2018 49.08 0.63 0.63 8.11
Q1 2019 49.08 0.63 0.63 8.25
Q2 2019 49.08 0.70 0.70 8.45
Q3 2019 49.08 0.73 0.73 8.64
Q4 2019 49.08 0.75 0.75 8.85
Q1 2020 49.08 0.87 0.87 9.12
Q2 2020 49.08 0.95 0.95 9.40
Q3 2020 49.08 0.92 0.92 9.56
Q4 2020 49.08 0.79 0.79 9.64
Q1 2021 66.00 0.59 0.59 12.19
Q2 2021 66.00 0.41 0.41 12.22
Q3 2021 66.00 0.37 0.37 12.29
Q4 2021 66.00 0.32 0.32 12.31
Q1 2022 66.00 0.37 0.37 13.15
Q2 2022 66.00 0.36 0.36 13.16
Q3 2022 66.00 0.44 0.44 13.31
Q4 2022 66.00 0.58 0.58 13.52
Q1 2023 66.00 0.44 0.44 13.63
Q2 2023 66.00 0.69 0.69 13.89
Q3 2023 66.00 0.79 0.79 14.15
Q4 2023 66.00 0.67 0.67 14.25
Q1 2024 66.00 0.76 0.76 14.44

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2015 More than 100 More than 100
Q2 2015 More than 100 More than 100
Q3 2015 More than 100 More than 100
Q4 2015 More than 100 More than 100
Q1 2016 More than 100 More than 100
Q2 2016 More than 100 More than 100
Q3 2016 46.81 46.81
Q4 2016 More than 100 More than 100
Q1 2017 More than 100 More than 100
Q2 2017 45.78 45.78
Q3 2017 49.72 49.72
Q4 2017 42.72 42.72
Q1 2018 37.45 37.45
Q2 2018 37.87 37.87
Q3 2018 30.04 30.04
Q4 2018 26.73 26.73
Q1 2019 27.93 27.93
Q2 2019 22.79 22.79
Q3 2019 21.05 21.05
Q4 2019 22.74 22.74
Q1 2020 16.59 16.59
Q2 2020 17.24 17.24
Q3 2020 26.01 26.01
Q4 2020 30.71 30.71
Q1 2021 36.01 36.01
Q2 2021 More than 100 More than 100
Q3 2021 More than 100 More than 100
Q4 2021 More than 100 More than 100
Q1 2022 43.49 43.49
Q2 2022 37.47 37.47
Q3 2022 30.39 30.39
Q4 2022 20.99 20.99
Q1 2023 32.30 32.30
Q2 2023 22.77 22.77
Q3 2023 20.10 20.10
Q4 2023 25.35 25.35
Q1 2024 24.54 24.54

Business Segments - Gross Premium Written (Million)

Compared With The
Period Life Insurance Medical Insurance Comprehensive Motor Insurance Property & casualty Insurance- Individual segment Insurance - Group segment
Q1 2015 - - - - 7.05 1.73
Q2 2015 - - - - 8.75 2.77
Q3 2015 - - - - 8.74 30.43
Q4 2015 - - - - 10.88 0.81
Q1 2016 - - - - 11.02 1.27
Q2 2016 - - - - 12.10 17.19
Q3 2016 - - - - 11.08 18.30
Q4 2016 - - - - 11.29 0.40
Q1 2017 - - - - 11.99 1.15
Q2 2017 - - - - 10.94 20.94
Q3 2017 - - - - 10.77 16.88
Q4 2017 - - - - 12.60 0.34
Q1 2018 - - - - 13.85 0.60
Q2 2018 - - - - 12.98 3.19
Q3 2018 - - - - 13.83 36.22
Q4 2018 - - - - 17.47 3.01
Q1 2019 - - - - 16.19 1.18
Q2 2019 - - - - 16.97 4.64
Q3 2019 - - - - 19.64 10.78
Q4 2019 - - - - 20.87 40.00
Q1 2020 43.56 - - - - -
Q2 2020 - - - - 39.31 3.24
Q3 2020 - - - - 59.46 1.25
Q4 2020 - - - - 43.88 43.25
Q1 2021 - 3.72 1.12 0.11 43.14 1.28
Q2 2021 - 11.11 5.65 6.55 41.44 4.73
Q3 2021 - 19.07 4.99 6.53 43.03 0.48
Q4 2021 - 10.13 3.84 1.72 39.97 50.45
Q1 2022 - 4.99 11.62 7.32 40.30 (0.15)
Q2 2022 - 7.19 17.10 9.45 39.80 1.45
Q3 2022 - 18.84 61.72 5.18 41.49 3.49
Q4 2022 - 18.04 21.85 6.04 42.63 57.26
Q1 2023 - 24.51 5.77 4.88 41.44 (1.35)
Q2 2023 - 37.40 5.64 9.41 33.12 (0.05)
Q1 2024 - 35.88 9.41 10.26 36.66 0.76

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