Riyadh – Mubasher: The net profits after Zakat attributable to the owners of Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) hiked by 81.74% to SAR 111.37 million in the first quarter (Q1) of 2024.

The net profits were compared with SAR 61.28 million in Q1-23, according to the interim consolidated financial results.

Revenues climbed by 50.55% year-on-year (YoY) to SAR 1.30 billion in Q1-24 from SAR 865.29 million, while the earnings per share (EPS) increased to SAR 1.11 from SAR 0.61.

Quarter-on-quarter (QoQ), the net profits in Q1-24 rose by 2.15% from SAR 109.02 million in October-December 2023, while the revenues grew by 2.29% from SAR 1.27 billion.

Last year, Al Rajhi Takaful recorded net profits after Zakat attributable to the shareholders valued at SAR 328.06 million, up 353.18% from SAR 72.39 million in 2022.