AlJazira Takaful’s profit grows 15% to SAR 44.3M in 2023; Q4 at SAR 2.9

21/03/2024 Argaam Exclusive

AlJazira Takaful Taawuni Co. (AlJazira Takaful) reported a net profit of SAR 44.3 million for 2023, an increase of 15% from SAR 38.5 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Gross Written Premium (GWP) 415.62 437.42 5.2 %
Insurance Revenues 220.58 301.95 36.9 %
Net Profit Before Zakat & Tax 40.45 67.91 67.9 %
Net Income 38.52 44.25 14.9 %
Average Shares 66.00 66.00 -
EPS (Riyals) 0.58 0.67 14.9 %

This was backed by 36.89% higher insurance revenue, driven by business growth. The insurer also cited higher insurance service results, increase in net investment result after deducting the finance expenses/income, and a rise in total comprehensive income for the current year.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Gross Written Premium (GWP) 145.82 150.64 3.3 %
Insurance Revenues 70.16 73.28 4.4 %
Net Profit Before Zakat & Tax 11.20 23.73 111.9 %
Net Income 11.06 2.85 (74.2 %)
Average Shares 66.00 66.00 -
EPS (Riyals) 0.17 0.04 (74.2 %)

Insurance Operations

Item 2022 2023 Change‬
Gross Written Premium (GWP) 415.62 437.42 5.2 %
Insurance Revenues 220.58 301.95 36.9 %
Insurance Services Income 20.03 57.16 185.4 %
Investment Income (179.07) 348.52 294.6 %
Net Profit of Insurance Services and Investment 38.60 87.53 126.8 %

Q4 2023 net profit stood at SAR 2.9 million, a slump of 74% year-on-year (YoY) from SAR 11.06 million.

 

On a quarterly basis, net profit plummeted 83.1% from SAR 16.91 million.

 

Total shareholders’ equity, after minority interest, stood at SAR 940.36 million by Dec. 31, 2023, compared to SAR 892.33 million a year earlier.

 

View more financial results

 

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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 2014 (0.93) - (0.02) 2.07 -
Q2 2014 4.46 - 0.09 4.48 -
Q3 2014 5.24 - 0.11 5.27 -
Q4 2014 0.55 - 0.01 (2.05) -
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 %
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 2014 1.06 - - - - -
Q2 2014 3.86 - - - - -
Q3 2014 20.42 - - - - -
Q4 2014 4.86 - - - - -
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 %
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 2014 49.08 - - 7.08
Q2 2014 49.08 - - 7.11
Q3 2014 49.08 - - 7.22
Q4 2014 49.08 0.19 0.19 7.23
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2014 - -
Q2 2014 - -
Q3 2014 - -
Q4 2014 More than 100 More than 100
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

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 2014 - - - - 1.00 0.06
Q2 2014 - - - - 3.86 -
Q3 2014 - - - - 4.78 15.64
Q4 2014 - - - - 4.40 0.47
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

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