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Aljazira Takaful Taawuni logs 79% YoY higher profit in Q1-24

Aljazira Takaful Taawuni logs 79% YoY higher profit in Q1-24
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JAZIRA TAKAFUL
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34.91% 19.40 5.02

Riyadh – Mubasher: The net profit after Zakat attributable to shareholders of Aljazira Takaful Taawuni Company soared 79.41% year-on-year (YoY) to SAR 12.78 million in the first quarter (Q1) of 2024 from SAR 7.12 million.

Insurance revenues leapt 16.50% YoY to SAR 91.96 million in Q1-24 from SAR 78.93 million, according to the interim financial results.

The earnings per share (EPS) hit SAR 0.19 in the three-month period that ended on 31 March 2024, up from SAR 0.11 in the corresponding period a year earlier.

The gross written premiums (GWP) jumped 23.55% YoY to SAR 92.96 million in Q1-24 from SAR 75.24 million in Q1-23.

Quarter-on-quarter (QoQ), the company’s net profit ballooned 348.26% in Q1-24 from SAR 2.85 million in Q4-23, while the revenues soared by 25.50% from SAR 73.27 million.

It is worth noting that Aljazira’s net profit jumped 14.88% YoY to SAR 44.25 million in 2023 from SAR 38.52 million.