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Aljazira Takaful Taawuni Co. announces its Interim Financial Results for the Period Ending on 2021-06-30 ( Six Months )

JAZIRA TAKAFUL 8012 0.28% 14.38 0.04
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Gross Written Premiums (GWP) 69,471 42,549 63.272 49,376 40.697
Net Written Premiums (NWP) 25,506 6,738 278.539 12,634 101.883
Net Incurred Claims 48,326 1,040 4,546.73 25,530 89.291
Net Profit (Loss) of Policy Holders Investment 295 233 26.609 290 1.724
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) -1,032 13,886 - 13,180 -
Net Profit (loss) of Shareholders Capital Investment 3,768 4,389 -14.149 3,273 15.123
Net Profit (Loss) before Zakat 1,774 14,142 -87.455 13,987 -87.316
Total Comprehensive Income 1,807 13,713 -86.822 13,489 -86.603
All figures are in (Thousands) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Gross Written Premiums (GWP) 118,847 86,104 38.027
Net Written Premiums (NWP) 38,140 12,447 206.419
Net Incurred Claims 73,856 2,182 3,284.784
Net Profit (Loss) of Policy Holders Investment 585 500 17
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) 12,148 26,142 -53.53
Net Profit (loss) of Shareholders Capital Investment 7,041 7,465 -5.679
Net Profit (Loss) before Zakat 15,761 27,552 -42.795
Total Comprehensive Income 15,296 26,699 -42.709
Total Share Holders Equity (after Deducting Minority Equity) 806,606 461,295 74.856
Profit (Loss) per Share 0.355 0.763
All figures are in (Thousands) Saudi Arabia, Riyals
Element List Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is Net profit after zakat and income tax for the current quarter is SR 1,807 thousand versus SR 13,713 thousand for the same quarter of the previous year, a decrease of 86.82%.

Which is mainly attributable to the decrease in net underwriting income by SR 5,979 thousand i.e. 28.62% and increase in general & administrative expenses by SR 8,127 thousand i.e. 71.14% which is due to the completion of the acquisition of Solidarity Saudi Takaful Company (SSTC).

The net earned premiums for the current quarter amounted to 63,145 thousand Saudi riyals, compared to 12,918 thousand Saudi riyals for the same quarter of the previous year, with an increase of 388.81%, due to an increase in the GWP by 63.27% and due to the completion of the acquisition of SSTC.

The policyholders’ investment & other income for the quarter is SR 3,061 thousand versus SR 2,188 thousand for the same quarter of the previous year, an increase of 39.90% ,

The shareholders’ investment & other income for the quarter is SR 3,799 thousand versus SR 4,389 thousand for the same quarter of the previous year, a decrease of 13.44%.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is Net profit after zakat and income tax for the current quarter is SR 1,807 thousand versus SR 13,489 thousand for the previous quarter, an decrease of 86.60% ,

Which is mainly attributable to the decrease in net underwriting income by SR 8,653 thousand due to the completion of the acquisition of SSTC.

The policyholders’ investment income & other income for the quarter is SR 3,061 thousand versus SR 3,091thousand for the previous quarter, a decrease of 1%.

The shareholders’ investment & other income for the current quarter is SR 3,799 thousand versus SR 3,290 thousand for the previous quarter, an increase of 15.47%.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is Net profit after zakat and income tax for the current period is SR 15,296 thousand versus SR 26,699 thousand for the same period of the previous year, a decrease of 42.70%

which is mainly attributable to the decrease in net underwriting income by SR 847 thousand i.e. 2.15% and increase general & administrative expenses by SR 13,091thousand i.e. 62.54% which is due to the completion of the acquisition of Solidarity Saudi Takaful Company (SSTC).

The net earned premiums for the current period amounted to 96,488 thousand Saudi riyals, compared to 25,715 thousand Saudi riyals for the same period of the previous year, with an increase of 275.22%, due to an increase in the GWP by 38%

The policyholders’ investment & other income for the current period is SR 6,152 thousand versus SR 4,974 thousand for the same period of the previous year, an increase of 23.68%.

The shareholders’ investment & other income for the current period is SR 7,089 thousand versus SR 7,466 thousand for the same period of the previous year, a decrease of 5%.

Statement of the type of external auditor's report Unmodified opinion
Reclassification of Comparison Items Some comparison figures have been classified due to the acquisition of Solidarity company
Additional Information The total of comprehensive income in current quarter is SR 1,807 thousand comparing with same quarter previous year is SR 13,713 thousand decreased by SR 11,906 thousand by 86.82%

and comparing with previous quarter is 13,489 thousand decreased by SR 11,682 thousand by 86.6%.

The total of comprehensive income in current period is SR 15,296 thousand comparing with same period last year is SR 26,699 thousand decreased by SR 11,403 thousand by 42.70% .

The Earnings per Share (EPS) for the current period is SR 0.355 versus SR 0.763 for the same period of the previous year decrease of 53.47%, which is calculated based on the weighted average number of ordinary shares outstanding during the period.

Total shareholders’ equity (no minority interest) in the current period is SR 806,606 thousand versus SR 461,295 thousand for the same period of the previous year, an increase by 74.85% due to the completion of the acquisition of SSTC.

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