Takaful International reports strong Q2 and H1 profits

TDT | Manama

The Daily Tribune - www.newsofbahrain.com   

Takaful International Company yesterday reported its second quarter and six months profits that increased from a year ago helped mainly by strong performance of its funds.

Q2 results

Second quarter net profit attributable to the shareholders was BD 162K, a significant increase of 277% from the net profit of BD 43K for the same period in the previous year. Comparatively, earnings per share increased to 1.9 Fils from 0.5 Fils for the same period in the previous year.

Total comprehensive income attributable to the shareholders of the Company surged to BD 79K compared to a total comprehensive loss of BD 80K for the same period in the previous year. Second quarter total net profit was BD 211K compared to BD 168K for the same period in the previous year, with an increase of 26%.

The shareholders’ fund achieved a profit of BD 162K, compared to a profit of BD 43K for the same period of the previous year, a significant increase of 277%. This increase is attributed to the improved income generated from the investment portfolio during the quarter.

The General and Family Takaful Funds achieved a surplus of BD 49K, compared to a surplus of BD 125k for the same period of the previous year, which decreased by 61%.

This decline in the performance of the two Takaful funds is mainly due to an increase in claims reserve during the period compared to the corresponding period of the previous year.

Recognized takaful contributions were BD 6.425 million for the three months period ending on 30 June 2024, compared to BD 5.848 m for the same period of the previous year, an increase of 10%.

Recognized Takaful Costs were BD 5.195 m compared to BD 4.416 m in the same period of the previous year, with an increase of 18%.

H1 results

The shareholders’ net profit was BD 555K for the six months ending on 30 June 2024, an increase of 30% from the net profit of BD 428K for the same period in the previous year. Comparatively, earnings per share increased to 6.52 Fils from 5.04 Fils for the same period in the previous year.

The comprehensive income attributable to the shareholders of the Company was BD 424K, compared to a profit of BD 303K for the same period of the previous year, an increase of 40%.

The Company reported a total net profit of BD 757K compared to BD 651K for the same period of the previous year, with an increase of 16%. The shareholders’ fund achieved a profit of BD 555K, compared to a profit of BD 428K for the same period of the previous year, an increase of 30%.

Recognized Takaful contributions were BD 12.314 m for the six months ending on 30 June 2024, compared to BD 12.282 m for the same period of the previous year, a slight increase of 0.3%.

Recognized Takaful Costs were BD 9.905 m during the six months period ending on 30 June 2024, compared to BD 9.740 m in the same period of the previous year, with an increase of 2%.

Ebrahim Al-Rayes, Chairman of the Board of Directors, stated, “As we look ahead, the Board maintains a cautiously optimistic outlook and remains committed to pursuing innovative growth opportunities that maximize shareholder value and strengthen our market position.”

Essam Al-Ansari, CEO of the company, added: “Our solid results reflect the exceptional dedication and hard work of our team. We are particularly proud to have formed a dedicated ESG committee that will help strengthen our sustainability efforts and ensure we continue to be responsible corporate citizens.

In addition, we have signed strategic alliances with our market partners, aiming to enhance our customer experience and improve our service and products.”