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Al Rajhi Takaful’s net profit soars 353% YoY in 2023

Al Rajhi Takaful’s net profit soars 353% YoY in 2023
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ALRAJHI TAKAFUL
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77.25% 126.20 55.00

Riyadh – Mubasher: The net profit after zakat attributable to shareholders of Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) surged 353.18% year-on-year (YoY) to SAR 328.06 million in 2023 from SAR 72.39 million.

The insurance revenues jumped 44.37% to SAR 4.23 billion last year from SAR 2.93 billion in 2022, according to the annual financial results.

The earnings per share (EPS) reached SAR 3.28 in the 12-month period that ended on 31 December 2023, up from SAR 0.72 a year earlier.

Gross written premiums (GWP) jumped 73.60% YoY to SAR 6.02 billion last year, compared to SAR 3.47 billion in 2022.

Al Rajhi Takaful registered a net profit before Zakat of SAR 222.61 million in the first nine months (9M) of 2023, a 223.88% YoY increase from SAR 68.73 million.