AlJazira Takaful’s profit down 20% to SAR 33.1M in 9M 2024; Q3 at SAR 9.3M

AlJazira Takaful Taawuni Co. recorded a 20% fall in its net income for the first nine months of 2024 to SAR 33.1 million, from SAR 41.4 million in the corresponding period of 2023.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Insurance Revenues	228.68	250.94	9.7 %
Net Profit Before Zakat & Tax	44.18	38.09	(13.8 %)
Net Income	41.40	33.13	(20.0 %)
Average Shares	66.00	66.00	-
EPS (Riyals)	0.63	0.50	(20.0 %)

The nine-month net profit was impacted by net insurance service results, which dropped by 36.30% year-on-year (YoY) to SAR 33.20 million.

Meanwhile, net financing results rose 10.53% YoY to SAR 23.66 million, with insurance revenues growing by 9.74% on an annual basis to SAR 250.94 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Insurance Revenues	86.73	76.70	(11.6 %)
Net Profit Before Zakat & Tax	17.26	11.82	(31.6 %)
Net Income	16.91	9.26	(45.3 %)
Average Shares	66.00	66.00	-
EPS (Riyals)	0.26	0.14	(45.3 %)

Item	Q2 2024	Q3 2024	Change‬
Gross Written Premium (GWP)	81.45	84.56	3.8 %
Insurance Revenues	82.27	76.70	(6.8 %)
Net Profit Before Zakat & Tax	12.48	11.82	(5.4 %)
Net Income	11.09	9.26	(16.5 %)
Average Shares	66.00	66.00	-
EPS (Riyals)	0.17	0.14	(16.5 %)

The third-quarter net income after Zakat and income tax fell 45% to SAR 9.3 million, from SAR 16.9 million in Q3 2023 as insurance revenues dropped 12% on a YoY basis to SAR 76.70 million.

Net financing results declined 6% YoY to SAR 8.75 million, while insurance services results dived 65% YoY to SAR 6.94 million.

Net income also dropped by 16.5% from SAR 11 million in the previous quarter on the back of a 7% drop quarter-on-quarter in insurance revenues to SAR 76.70 million.

Insurance Operations

Item	9m 2023	9m 2024	Change‬
Insurance Revenues	228.68	250.94	9.7 %
Insurance Services Income	52.12	33.30	(36.1 %)
Investment Income	198.53	214.95	8.3 %
Net Profit of Insurance Services and Investment	73.53	56.97	(22.5 %)

Total shareholders’ equity, no minority interest, decreased to SAR 953.69 million as of Sept. 30, 2024, from SAR 933.68 million a year earlier.

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Share Price

Aljazira Takaful Taawuni Co. (JAZIRA TAKAFUL)

	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

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 %
2015	16.86	80.7 %	0.34	17.66	80.6 %
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 %
2016	24.65	46.2 %	0.50	25.92	46.8 %
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 %
2017	30.18	22.4 %	0.61	31.07	19.9 %
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 %
2018	30.84	2.2 %	0.63	31.84	2.5 %
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 %
2019	36.71	19.0 %	0.75	37.76	18.6 %
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 %)
2020	38.76	5.6 %	0.79	39.99	5.9 %
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 %)
2021	21.42	(44.7 %)	0.32	21.96	(45.1 %)
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 %
2022	38.52	79.8 %	0.58	40.45	84.2 %
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 %
2023	44.25	14.9 %	0.67	67.91	67.9 %
Q1 2024	12.78	79.4 %	0.19	13.79	(29.4 %)
Q2 2024	11.09	(36.1 %)	0.17	12.48	(34.4 %)
Q3 2024	9.26	(45.3 %)	0.14	11.82	(31.6 %)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	9.33	227.0 %	0.19	9.78	242.8 %
2015	16.86	80.7 %	0.34	17.66	80.6 %
2016	24.65	46.2 %	0.50	25.92	46.8 %
2017	30.18	22.4 %	0.61	31.07	19.9 %
2018	30.84	2.2 %	0.63	31.84	2.5 %
2019	36.71	19.0 %	0.75	37.76	18.6 %
2020	38.76	5.6 %	0.79	39.99	5.9 %
2021	21.42	(44.7 %)	0.32	21.96	(45.1 %)
2022	38.52	79.8 %	0.58	40.45	84.2 %
2023	44.25	14.9 %	0.67	67.91	67.9 %

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 %	-	-	-	-
2015	71.15	135.5 %	-	-	-	-
Q1 2016	12.30	40.2 %	-	-	-	-
Q2 2016	29.29	154.3 %	-	-	-	-
Q3 2016	29.38	(25.0 %)	-	-	-	-
Q4 2016	11.69	0.0 %	-	-	-	-
2016	82.66	16.2 %	-	-	-	-
Q1 2017	13.15	6.9 %	-	-	-	-
Q2 2017	31.88	8.8 %	-	-	-	-
Q3 2017	27.65	(5.9 %)	-	-	-	-
Q4 2017	12.94	10.7 %	-	-	-	-
2017	85.62	3.6 %	-	-	-	-
Q1 2018	14.44	9.9 %	-	-	-	-
Q2 2018	16.17	(49.3 %)	-	-	-	-
Q3 2018	50.05	81.0 %	-	-	-	-
Q4 2018	20.49	58.3 %	-	-	-	-
2018	101.15	18.1 %	-	-	-	-
Q1 2019	17.38	20.3 %	-	-	-	-
Q2 2019	21.61	33.7 %	-	-	-	-
Q3 2019	30.42	(39.2 %)	-	-	-	-
Q4 2019	60.87	197.1 %	-	-	-	-
2019	130.28	28.8 %	-	-	-	-
Q1 2020	43.56	150.6 %	-	-	-	-
Q2 2020	42.55	96.9 %	-	-	-	-
Q3 2020	60.70	99.5 %	-	-	-	-
Q4 2020	87.13	43.1 %	-	-	-	-
2020	233.93	79.6 %	-	-	-	-
Q1 2021	49.38	13.4 %	-	-	-	-
Q2 2021	69.47	63.3 %	-	-	-	-
Q3 2021	74.09	22.0 %	-	-	-	-
Q4 2021	106.10	21.8 %	-	-	-	-
2021	299.03	27.8 %	-	-	-	-
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	-
2022	415.62	39.0 %	20.03	-	38.60	-
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 %
2023	437.42	5.2 %	57.16	185.4 %	87.53	126.8 %
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 %)
Q3 2024	84.56	-	6.95	(64.5 %)	15.71	(45.7 %)

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	30.21	-	-	-	-	-
2015	71.15	135.5 %	-	-	-	-
2016	82.66	16.2 %	-	-	-	-
2017	85.62	3.6 %	-	-	-	-
2018	101.15	18.1 %	-	-	-	-
2019	130.28	28.8 %	-	-	-	-
2020	233.93	79.6 %	-	-	-	-
2021	299.03	27.8 %	-	-	-	-
2022	415.62	39.0 %	20.03	-	38.60	-
2023	437.42	5.2 %	57.16	185.4 %	87.53	126.8 %

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
Q3 2024	66.00	0.55	0.55	14.45

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	49.08	0.19	0.19	7.23
2015	49.08	0.34	0.34	7.57
2016	49.08	0.50	0.50	7.72
2017	49.08	0.61	0.61	7.98
2018	49.08	0.63	0.63	8.11
2019	49.08	0.75	0.75	8.85
2020	49.08	0.79	0.79	9.64
2021	66.00	0.32	0.32	12.31
2022	66.00	0.58	0.58	13.52
2023	66.00	0.67	0.67	14.25

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
Q3 2024	31.15	31.15

Period	P/E	Adjusted P/E
2014	More than 100	More than 100
2015	More than 100	More than 100
2016	More than 100	More than 100
2017	42.72	42.72
2018	26.73	26.73
2019	22.74	22.74
2020	30.71	30.71
2021	More than 100	More than 100
2022	20.99	20.99
2023	25.35	25.35

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
Q3 2024	-	33.05	16.04	2.24	32.73	0.51

Period	Life Insurance	Medical Insurance	Comprehensive Motor Insurance	Property & casualty	Insurance- Individual segment	Insurance - Group segment
2014	-	-	-	-	14.04	16.17
2015	-	-	-	-	35.42	35.73
2016	-	-	-	-	45.49	37.16
2017	-	-	-	-	46.31	39.31
2018	-	-	-	-	58.13	43.02
2019	-	-	-	-	73.68	56.60
2020	-	-	-	-	184.79	49.15
2021	-	44.03	15.59	14.91	167.58	56.93
2022	-	49.06	112.29	27.99	164.23	62.06
2023	-	165.99	31.03	23.68	157.25	59.48

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AlJazira Takaful’s profit down 20% to SAR 33.1M in 9M 2024; Q3 at SAR 9.3M

Financials (M)

Current Quarter Comparison (M)

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Aljazira Takaful Taawuni Co. (JAZIRA TAKAFUL)

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Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

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AlJazira Takaful’s profit down 20% to SAR 33.1M in 9M 2024; Q3 at SAR 9.3M

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

View other reports

Share Price

Aljazira Takaful Taawuni Co. (JAZIRA TAKAFUL)

Financial Ratios

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million) Q3 2024

Revenue by Business Segment (Latest) 2024 Q3

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Business Segments - Gross Premium Written (Million)