AlJazira Takaful H1 2024 profit down 3% to SAR 23.9M; Q2 at SAR 11.1M

05/08/2024 Argaam Exclusive
AlJazira Takaful Taawuni Co. reported a 3% profit decline to SAR 23.9 million in H1 2024, from SAR 24.5 million in the year-earlier period.


Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 160.76 174.41 8.5 %
Insurance Revenues 141.95 174.24 22.8 %
Net Profit Before Zakat & Tax 26.92 26.27 (2.4 %)
Net Income 24.49 23.87 (2.5 %)
Average Shares 66.00 66.00 -
EPS (Riyals) 0.37 0.36 (2.5 %)

The first-half net profit was hurt by net insurance service results, which decreased by 9.93% year-on-year (YoY).

 

This decline was offset by net investment results that jumped 23.3% YoY.

 

Gross written premiums (GWPs) and insurance revenue also grew 8.5% and 22.7% YoY, respectively.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 85.52 81.45 (4.8 %)
Insurance Revenues 63.01 82.27 30.6 %
Net Profit Before Zakat & Tax 19.02 12.48 (34.4 %)
Net Income 17.37 11.09 (36.1 %)
Average Shares 66.00 66.00 -
EPS (Riyals) 0.26 0.17 (36.1 %)

In Q2 2024, profit fell 36% to SAR 11.1 million, from SAR 17.3 million in Q2 2023, as net insurance service results fell by 30.9% YoY.

 

The insurance service provider’s net income also dropped 13.2% from SAR 12.7 million in Q1 2024. Insurance revenue declined 10.5% sequentially.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 160.76 174.41 8.5 %
Insurance Revenues 141.95 174.24 22.7 %
Insurance Services Income 29.04 26.36 (9.2 %)
Investment Income 225.08 132.50 (41.1 %)
Net Profit of Insurance Services and Investment 41.13 41.26 0.3 %

Shareholders’ equity, excluding minority interest, rose to SAR 964.23 million by June 30, 2024, compared to SAR 916.77 million in the prior-year period.

 

View more financial results

 

View other reports

Share Price

Aljazira Takaful Taawuni Co.
15.56
0.02 0.13 %

Aljazira Takaful Taawuni Co. (JAZIRA TAKAFUL)

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Financial Ratios
Current
Market Cap (M) 1,026.96
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) 28.54
P/E (TTM) 28.54
Price/Book 1.08
Return on Average Assets (%) (TTM) 1.2
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 %)
Q2 2024 11.09 (36.1 %) 0.17 12.48 (34.4 %)

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 %
Q2 2024 81.45 (4.8 %) 10.68 (36.1 %) 17.00 (20.8 %)


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
Q2 2024 66.00 0.66 0.66 14.61

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
Q2 2024 27.50 27.50

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)
Q3 2023 - 65.17 8.93 6.84 43.05 2.02
Q1 2024 - 35.88 9.41 10.26 36.66 0.76
Q2 2024 - 25.25 9.12 10.00 33.69 3.39

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