Al Rajhi Takaful H1 2024 profit jumps 47% to SAR 201.1M; Q2 at SAR 89.8M

05/08/2024 Argaam Exclusive

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Al Rajhi Company for Cooperative Insurance reported a 47% surge in H1 2024 net profit to SAR 201.1 million from SAR 137.1 million in the prior-year period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	2,462.01	4,529.66	84.0 %
Insurance Revenues	1,805.55	2,645.89	46.5 %
Net Profit Before Zakat & Tax	138.50	189.49	36.8 %
Net Income	137.10	201.13	46.7 %
Average Shares	100.00	100.00	-
EPS (Riyals)	1.37	2.01	46.7 %

Insurance revenues jumped in H1 2024 by 46.54% year-on-year (YoY) to SAR 2.6 billion from SAR 1.80 billion in H1 2023, due to the growth of insurance operations.

Similarly, the results of insurance services leapt 343.2% to SAR 611.1 million from SAR 137.86 million a year earlier.

Total investment income was SAR 264.2 million in H1 2024, compared to SAR 101.2 million in H1 2023.

Al Rajhi Takaful posted a total comprehensive income of SAR 195.6 million in H1 2024, 6.39% down from SAR 209 million in the same period last year.

Gross written premiums (GWPs) jumped in H1 2024 by 84% to SAR 4.52 million, compared to SAR 2.4 million in H1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Gross Written Premium (GWP)	1,254.36	2,497.44	99.1 %
Insurance Revenues	940.25	1,343.17	42.9 %
Net Profit Before Zakat & Tax	76.70	74.23	(3.2 %)
Net Income	75.82	89.76	18.4 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.76	0.90	18.4 %

Item	Q1 2024	Q2 2024	Change‬
Gross Written Premium (GWP)	2,032.22	2,497.44	22.9 %
Insurance Revenues	1,302.71	1,343.17	3.1 %
Net Profit Before Zakat & Tax	115.27	74.23	(35.6 %)
Net Income	111.38	89.76	(19.4 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	1.11	0.90	(19.4 %)

In the second quarter, the insurance services provider reported a net profit of SAR 89.8 million, 18% up from SAR 75.8 million in Q2 2023.

Sequentially, the insurer's profit declined by 19.4% from SAR 111.3 million in Q1 2024.

Insurance Operations

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	2,462.01	4,529.66	84.0 %
Insurance Revenues	1,805.55	2,645.89	46.5 %
Insurance Services Income	234.51	163.10	(30.5 %)
Investment Income	101.28	264.26	160.9 %
Net Profit of Insurance Services and Investment	197.29	255.55	29.5 %

Total shareholders’ equity, no minority interest, increased to SAR 1.92 billion by the end of the three-month period, from SAR 1.55 billion a year earlier.

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Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2015	5.71	41.7 %	0.06	6.41	47.2 %
Q2 2015	14.45	25.5 %	0.14	15.75	31.7 %
Q3 2015	13.47	329.0 %	0.13	14.60	250.2 %
Q4 2015	4.60	247.8 %	0.05	5.78	361.2 %
2015	38.24	145.5 %	0.38	42.54	132.7 %
Q1 2016	7.56	32.3 %	0.08	8.76	36.5 %
Q2 2016	22.33	54.5 %	0.22	24.43	55.1 %
Q3 2016	26.47	96.5 %	0.26	29.57	102.6 %
Q4 2016	32.27	601.6 %	0.32	36.27	528.0 %
2016	88.63	131.8 %	0.89	99.03	132.8 %
Q1 2017	31.36	315.1 %	0.31	34.11	289.6 %
Q2 2017	36.44	63.2 %	0.36	41.09	68.2 %
Q3 2017	55.61	110.1 %	0.56	58.71	98.5 %
Q4 2017	43.95	36.2 %	0.44	48.95	35.0 %
2017	167.37	88.8 %	1.67	182.87	84.7 %
Q1 2018	37.56	19.8 %	0.38	41.36	21.2 %
Q2 2018	49.08	34.7 %	0.49	52.88	28.7 %
Q3 2018	71.11	27.9 %	0.71	77.41	31.9 %
Q4 2018	8.37	(81.0 %)	0.08	13.37	(72.7 %)
2018	165.53	(1.1 %)	1.66	185.03	1.2 %
Q1 2019	(0.43)	(101.1 %)	0.00	4.38	(89.4 %)
Q2 2019	45.39	(7.5 %)	0.45	51.08	(3.4 %)
Q3 2019	53.98	(24.1 %)	0.54	60.58	(21.7 %)
Q4 2019	(12.76)	(252.4 %)	(0.13)	(7.16)	(153.5 %)
2019	86.19	(47.9 %)	0.86	108.89	(41.2 %)
Q1 2020	30.53	7182.4 %	0.31	36.33	728.6 %
Q2 2020	88.86	95.8 %	0.89	95.71	87.4 %
Q3 2020	57.80	7.1 %	0.58	65.05	7.4 %
Q4 2020	49.86	490.9 %	0.50	54.76	865.4 %
2020	227.05	163.4 %	2.27	251.85	131.3 %
Q1 2021	61.71	102.1 %	0.62	68.51	88.6 %
Q2 2021	38.48	(56.7 %)	0.38	45.68	(52.3 %)
Q3 2021	29.93	(48.2 %)	0.30	42.93	(34.0 %)
Q4 2021	(31.64)	(163.5 %)	(0.32)	(41.73)	(176.2 %)
2021	98.47	(56.6 %)	0.98	115.38	(54.2 %)
Q1 2022	3.76	(93.9 %)	0.04	6.86	(90.0 %)
Q2 2022	4.03	(89.5 %)	0.04	6.05	(86.8 %)
Q3 2022	53.10	77.4 %	0.53	55.82	30.0 %
Q4 2022	11.50	136.4 %	0.12	13.91	133.3 %
2022	72.39	(26.5 %)	0.72	82.64	(28.4 %)
Q1 2023	61.28	1528.5 %	0.61	61.80	800.5 %
Q2 2023	75.82	1780.5 %	0.76	76.70	1168.0 %
Q3 2023	81.93	54.3 %	0.82	84.12	50.7 %
Q4 2023	109.03	848.0 %	1.09	114.89	726.0 %
2023	328.06	353.2 %	3.28	337.50	308.4 %
Q1 2024	111.38	81.7 %	1.11	115.27	86.5 %
Q2 2024	89.76	18.4 %	0.90	74.23	(3.2 %)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	15.58	169.7 %	0.16	18.28	185.6 %
2015	38.24	145.5 %	0.38	42.54	132.7 %
2016	88.63	131.8 %	0.89	99.03	132.8 %
2017	167.37	88.8 %	1.67	182.87	84.7 %
2018	165.53	(1.1 %)	1.66	185.03	1.2 %
2019	86.19	(47.9 %)	0.86	108.89	(41.2 %)
2020	227.05	163.4 %	2.27	251.85	131.3 %
2021	98.47	(56.6 %)	0.98	115.38	(54.2 %)
2022	72.39	(26.5 %)	0.72	82.64	(28.4 %)
2023	328.06	353.2 %	3.28	337.50	308.4 %

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	372.63	32.7 %	-	-	-	-
Q2 2015	322.09	35.0 %	-	-	-	-
Q3 2015	298.98	43.8 %	-	-	-	-
Q4 2015	368.18	69.2 %	-	-	-	-
2015	1,361.89	44.1 %	-	-	-	-
Q1 2016	533.18	43.1 %	-	-	-	-
Q2 2016	506.10	57.1 %	-	-	-	-
Q3 2016	433.66	45.0 %	-	-	-	-
Q4 2016	475.71	29.2 %	-	-	-	-
2016	1,948.65	43.1 %	-	-	-	-
Q1 2017	1,107.21	107.7 %	-	-	-	-
Q2 2017	680.08	34.4 %	-	-	-	-
Q3 2017	742.33	71.2 %	-	-	-	-
Q4 2017	663.85	39.5 %	-	-	-	-
2017	3,193.47	63.9 %	-	-	-	-
Q1 2018	1,015.69	(8.3 %)	-	-	-	-
Q2 2018	638.16	(6.2 %)	-	-	-	-
Q3 2018	703.39	(5.2 %)	-	-	-	-
Q4 2018	616.36	(7.2 %)	-	-	-	-
2018	2,973.59	(6.9 %)	-	-	-	-
Q1 2019	843.57	(16.9 %)	-	-	-	-
Q2 2019	544.66	(14.7 %)	-	-	-	-
Q3 2019	583.39	(17.1 %)	-	-	-	-
Q4 2019	598.19	(2.9 %)	-	-	-	-
2019	2,569.80	(13.6 %)	-	-	-	-
Q1 2020	787.54	(6.6 %)	-	-	-	-
Q2 2020	669.02	22.8 %	-	-	-	-
Q3 2020	703.76	20.6 %	-	-	-	-
Q4 2020	572.55	(4.3 %)	-	-	-	-
2020	2,732.87	6.3 %	-	-	-	-
Q1 2021	739.64	(6.1 %)	-	-	-	-
Q2 2021	758.10	13.3 %	-	-	-	-
Q3 2021	618.33	(12.1 %)	-	-	-	-
Q4 2021	643.51	12.4 %	-	-	-	-
2021	2,759.59	1.0 %	-	-	-	-
Q1 2022	789.66	6.8 %	15.90	-	38.35	-
Q2 2022	966.49	27.5 %	(32.56)	-	4.64	-
Q3 2022	818.21	32.3 %	62.07	-	86.50	-
Q4 2022	895.72	39.2 %	13.42	-	38.92	-
2022	3,470.07	25.7 %	58.82	-	168.42	-
Q1 2023	1,207.65	52.9 %	97.62	514.1 %	92.82	142.0 %
Q2 2023	1,254.36	29.8 %	136.89	520.4 %	104.47	2149.6 %
Q3 2023	1,831.33	123.8 %	51.83	(16.5 %)	114.43	32.3 %
Q4 2023	1,729.52	93.1 %	32.41	141.6 %	129.68	233.2 %
2023	6,022.86	73.6 %	318.75	442.0 %	441.39	162.1 %
Q1 2024	2,032.22	68.3 %	113.23	16.0 %	147.48	58.9 %
Q2 2024	2,497.44	99.1 %	49.87	(63.6 %)	108.07	3.4 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	944.86	37.0 %	-	-	-	-
2015	1,361.89	44.1 %	-	-	-	-
2016	1,948.65	43.1 %	-	-	-	-
2017	3,193.47	63.9 %	-	-	-	-
2018	2,973.59	(6.9 %)	-	-	-	-
2019	2,569.80	(13.6 %)	-	-	-	-
2020	2,732.87	6.3 %	-	-	-	-
2021	2,759.59	1.0 %	-	-	-	-
2022	3,470.07	25.7 %	58.82	-	168.42	-
2023	6,022.86	73.6 %	318.75	442.0 %	441.39	162.1 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2015	100.00	0.17	0.17	1.08
Q2 2015	100.00	0.20	0.20	3.22
Q3 2015	100.00	0.31	0.31	3.36
Q4 2015	100.00	0.38	0.38	3.40
Q1 2016	100.00	0.40	0.40	3.48
Q2 2016	100.00	0.48	0.48	3.70
Q3 2016	100.00	0.61	0.61	3.97
Q4 2016	100.00	0.89	0.89	4.29
Q1 2017	100.00	1.12	1.12	4.59
Q2 2017	100.00	1.27	1.27	4.97
Q3 2017	100.00	1.56	1.56	5.55
Q4 2017	100.00	1.67	1.67	5.98
Q1 2018	100.00	1.74	1.74	6.42
Q2 2018	100.00	1.86	1.86	6.98
Q3 2018	100.00	2.02	2.02	7.68
Q4 2018	100.00	1.66	1.66	7.68
Q1 2019	100.00	1.28	1.28	7.87
Q2 2019	100.00	1.24	1.24	8.31
Q3 2019	100.00	1.07	1.07	8.76
Q4 2019	100.00	0.86	0.86	8.76
Q1 2020	100.00	1.17	1.17	8.66
Q2 2020	100.00	1.61	1.61	9.76
Q3 2020	100.00	1.64	1.64	10.62
Q4 2020	100.00	2.27	2.27	11.13
Q1 2021	100.00	2.58	2.58	12.08
Q2 2021	100.00	2.08	2.08	12.63
Q3 2021	100.00	1.80	1.80	13.04
Q4 2021	100.00	0.98	0.98	12.68
Q1 2022	100.00	0.41	0.41	13.74
Q2 2022	100.00	0.06	0.06	13.18
Q3 2022	100.00	0.29	0.29	13.56
Q4 2022	100.00	0.72	0.72	13.27
Q1 2023	100.00	1.30	1.30	14.58
Q2 2023	100.00	2.02	2.02	15.50
Q3 2023	100.00	2.31	2.31	16.00
Q4 2023	100.00	3.28	3.28	17.23
Q1 2024	100.00	3.78	3.78	18.26
Q2 2024	100.00	3.92	3.69	19.18

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	100.00	0.16	0.16	1.02
2015	100.00	0.38	0.38	3.40
2016	100.00	0.89	0.89	4.29
2017	100.00	1.67	1.67	5.98
2018	100.00	1.66	1.66	7.68
2019	100.00	0.86	0.86	8.76
2020	100.00	2.27	2.27	11.13
2021	100.00	0.98	0.98	12.68
2022	100.00	0.72	0.72	13.27
2023	100.00	3.28	3.28	17.23

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	30.72	30.72
Q4 2015	23.27	23.27
Q1 2016	20.40	20.40
Q2 2016	18.72	18.72
Q3 2016	12.57	12.57
Q4 2016	17.41	17.41
Q1 2017	16.83	16.83
Q2 2017	16.11	16.11
Q3 2017	14.39	14.39
Q4 2017	14.12	14.12
Q1 2018	16.14	16.14
Q2 2018	13.71	13.71
Q3 2018	10.81	10.81
Q4 2018	16.11	16.11
Q1 2019	20.04	20.04
Q2 2019	16.62	16.62
Q3 2019	25.12	25.12
Q4 2019	29.47	29.47
Q1 2020	16.48	16.48
Q2 2020	14.99	14.99
Q3 2020	19.58	19.58
Q4 2020	14.25	14.25
Q1 2021	13.66	13.66
Q2 2021	17.76	17.76
Q3 2021	20.87	20.87
Q4 2021	31.56	31.56
Q1 2022	More than 100	More than 100
Q2 2022	More than 100	More than 100
Q3 2022	More than 100	More than 100
Q4 2022	49.45	49.45
Q1 2023	31.84	31.84
Q2 2023	27.17	27.17
Q3 2023	26.34	26.34
Q4 2023	21.64	21.64
Q1 2024	28.56	28.56
Q2 2024	47.18	More than 100

Period	P/E	Adjusted P/E
2014	More than 100	More than 100
2015	23.27	23.27
2016	17.41	17.41
2017	14.12	14.12
2018	16.17	16.17
2019	29.47	29.47
2020	14.25	14.25
2021	31.56	31.56
2022	49.45	49.45
2023	21.64	21.64

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Medical Insurance	Comprehensive Motor Insurance	Property & casualty	Protection & Saving
Q1 2015	96.47	235.20	39.77	1.19
Q2 2015	41.19	246.52	32.02	2.36
Q3 2015	43.48	212.59	40.30	2.61
Q4 2015	35.01	292.61	34.12	6.44
Q1 2016	94.01	392.81	41.16	5.21
Q2 2016	33.76	434.38	31.31	6.64
Q3 2016	34.49	361.50	30.54	7.14
Q4 2016	54.69	394.93	17.13	8.96
Q1 2017	98.16	961.97	37.27	9.81
Q2 2017	130.67	506.56	30.12	12.73
Q3 2017	91.33	604.48	32.23	14.29
Q4 2017	129.40	489.79	27.69	16.98
Q1 2018	146.91	814.64	35.08	19.06
Q2 2018	174.64	422.90	22.05	18.57
Q3 2018	142.12	513.73	29.81	17.73
Q4 2018	230.60	349.83	14.34	21.58
Q1 2019	192.88	610.46	17.75	22.50
Q2 2019	105.24	392.47	23.78	23.16
Q3 2019	92.36	418.31	48.76	23.96
Q4 2019	108.79	399.83	55.32	34.25
Q1 2020	91.66	603.05	57.20	35.63
Q2 2020	43.45	409.15	178.53	37.88
Q3 2020	71.56	504.47	85.65	42.08
Q4 2020	65.96	390.34	74.01	42.24
Q1 2021	65.65	536.01	88.28	49.71
Q2 2021	72.25	412.68	216.46	56.73
Q3 2021	78.63	381.12	76.52	82.07
Q4 2021	135.07	327.90	57.62	122.93
Q1 2022	108.75	375.74	160.24	144.94
Q2 2022	254.57	324.23	222.93	164.76
Q3 2022	136.81	466.06	94.11	121.22
Q4 2022	166.19	556.58	78.40	94.55
Q1 2023	324.82	703.99	91.45	87.39
Q2 2023	316.74	619.64	205.58	112.41
Q3 2023	274.42	848.45	475.94	232.52
Q4 2023	248.39	628.43	144.57	708.12
Q1 2024	397.17	685.59	184.43	765.03
Q2 2024	561.43	486.58	137.72	1,311.71

Period	Medical Insurance	Comprehensive Motor Insurance	Property & casualty	Protection & Saving
2014	188.02	658.38	94.82	3.64
2015	216.16	986.92	146.21	12.61
2016	216.94	1,583.63	120.14	27.95
2017	449.56	2,562.80	127.31	53.81
2018	694.27	2,101.10	101.28	76.95
2019	499.28	1,821.06	145.60	103.87
2020	272.63	1,907.01	395.39	157.84
2021	351.59	1,657.70	438.87	311.43
2022	666.32	1,722.60	555.67	525.48
2023	1,164.37	2,800.51	917.54	1,140.43

Financial Ratios

	Current
Market Cap (M)	17,920.00
Shares Outstanding (M)	100.00
EPS ( Riyal) (TTM)	3.92
Book Value (BV) ( Riyal)	19.96
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	48.51
P/E (TTM)	45.67
Price/Book	8.98
Return on Average Assets (%) (TTM)	4.8
Return on Average Equity (%) (TTM)	21.8
Return on Market Cap (%)	2.0

Al-Rajhi Company for Cooperative Insurance (ALRAJHI TAKAFUL)

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Al Rajhi Takaful H1 2024 profit jumps 47% to SAR 201.1M; Q2 at SAR 89.8M

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Financials (M)

Current Quarter Comparison (M)

Insurance Operations

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)

Revenue by Business Segment (Latest) 2024 Q2

Financial Ratios

Share Price

Al-Rajhi Company for Cooperative Insurance (ALRAJHI TAKAFUL)

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Al Rajhi Takaful H1 2024 profit jumps 47% to SAR 201.1M; Q2 at SAR 89.8M

View other reports

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

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) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

Financial Ratios

Share Price

Al-Rajhi Company for Cooperative Insurance (ALRAJHI TAKAFUL)

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Business Segments - Gross Premium Written (Million)