Takaful International achieves net profit of BD 1.163 million

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

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Takaful International Company approved the financial results for the period ended 30 September 2024.

Q3 results

The net profit attributable to the shareholders for the three months ended 30 September 2024 was BD 351K compared to BD 245K for the same period in the previous year, an increase of 43%, and a corresponding earnings per share of 4.13 Fils compared with 2.88 Fils for the same period in the previous year.

Total comprehensive income for the three months ended 30 September 2024 surged to BD 606K compared to BD 118K for the same period in the previous year, an increase of 414%.  The Company reported a total net profit of BD 406K compared to BD 498K for the same period in the previous year, with a decrease of 18%.

The participants’ Takaful funds achieved a surplus of BD 55K in the third quarter of the year 2024 compared to BD 254K for the same period in the previous year, a decrease of 78%.

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

The shareholders’ fund achieved a net profit of BD 351K compared to a net profit of BD 245K for the same period in the previous year, an increase of 43%.

The increase is attributed to the improved income generated from the investment portfolio during the quarter.  Recognized Takaful Contributions were BD 6.893 million compared to BD 5.922m for the same period in the previous year, an increase of 16%. Recognized Takaful Costs also increased by 77% to BD 7.631m in the third quarter of the year 2024 as compared to BD 4.321m for the same period in the previous year.

Nine-month results

As for the results of the nine months ended 30 September 2024, the net profit attributable to the shareholders was BD 905K compared to BD 673K for the same period in the previous year, an increase of 34%, and a corresponding earnings per share of 10.65 Fils compared with 7.92 Fils for the same period in the previous year. Total comprehensive income for the nine months ended 30 September 2024 rose to BD 1.03m compared to BD 421K for the same period in the previous year, an increase of 145%.  

Net profit was BD 1.163m compared to BD1.149m for the same period in the previous year, with a slight increase of 1%. The shareholders’ fund achieved a net profit of BD 905K in the nine months ended 30 September 2024 compared to a net profit of BD 673K for the same period for the previous year, marking an increase of 34%.

The Participants’ Takaful funds achieved a surplus of BD 258K compared to a surplus of BD 476K for the same period in the previous year, a decrease of 46%.  

Recognized Takaful Contributions increased by 5.5% to BD 19.207m for the nine months ended 30 September 2024 compared to BD 18.204m for the same period in the previous year. Recognized Takaful Costs increased by 25% to BD 17.535m for the nine months ended 30 September 2024 as compared to BD 14.061 for the same period in previous year.    

Ebrahim Al Rayes, Chairman of the Board of Directors, expressed his satisfaction with the performance over the nine months ending September 30, 2024. “This achievement demonstrates Takaful’s ability to identify and capitalize on growth opportunities, even in a competitive landscape.”  Essam Al Ansari, CEO of the Company, commented on the strong performance that has maintained its financial stability. This resilience has been key in reaffirming the A- stable rating from the international agency AM Best, making the Company the only Islamic insurance provider to achieve an A- rating.