Takaful International posts H1 2022 profits of BD 816K

TDT | Manama                                                       

The Daily Tribune – www.newsofbahrain.com

Takaful International Company yesterday recorded profits in the second quarter and half year results released yesterday, helped by strong performance of its funds. Ebrahim Al Rayes, Chairman of Board of Directors, said the good results reflect the company’s financial strength and its ability to adapt to various economic conditions, as the Board of Directors expressed its satisfaction with the achieved results.

Q2 results

Second quarter net profit attributable to the shareholders of the parent of BD 221K compared to BD 226K for the same period last year, a decrease of 2%.

Earnings per share was 2.6 Fils compared with 2.66 Fils for the same period, last year. Total comprehensive loss attributable to the shareholders of the parent stood at BD 49K compared to a total comprehensive income of BD 253K for the same period last year.

Total net profit was BD 314K compared to BD 289K for the same period last year, an increase percentage of 8% attributed to the improved performance of the General Takaful fund.

General Takaful Fund achieved a net profit of BD 172K compared to a net profit of BD 131K for the same period last year. The shareholder’s fund registered a surplus of BD 221K compared to a surplus of BD 226K for the same period last year.

The Family Takaful fund achieved a deficit of BD79k in the second quarter 2022 compared to a deficit of BD 68k for the same period last year. Total gross contributions were BD 5.509m compared to BD 5.414m for the same period last year, an increase of 2%.

H1 results

Net profit attributable to the shareholders of the parent was BD 502K compared to BD 482K for the same period last year, an increase of 4%, and a corresponding earnings per share at 5.9 Fils compared with 5.67 Fils for the same period last year.

Total comprehensive income attributable to the shareholders of the parent stood at BD 200K compared to BD 529K for the same period last year, a decrease of 62%. Net profit was BD 816k compared to BD 746K for the same period last year with an increase percentage of 9%, which is attributed to the improved performance of funds.

General Takaful fund achieved a surplus of BD 392K compared to a surplus of BD 329K for the same period last year, an increase of 19%.

Shareholders’ fund achieved a net profit of BD 502K in the six months ended 30 June 2022 compared to a net profit of BD 482K for the same period last year. The Family Takaful fund achieved a deficit of BD 77K in the current period compared to a deficit of BD 65K for the same period last year.

Total gross contributions increased by 1% to BD 15.051m for the six months ended 30 June 2022 compared to BD 14.954 for the same period last year. Net earned contributions decreased 1% to BD 8.611m as compared to BD 8.740m for the same period last year.

The net incurred claims increased by 4% to BD 6.078 for the six months ended 30 June 2022 as compared to BD 5.857m for the same period last year.

Essam Mohamed Al Ansari, Chief Executive officer of the Company, stated that the Company had achieved the set goals for the period ended 30th June 2022, explaining that the Company had made essential steps in the digital transformation plan.

The new IT core system plan is proceeding as scheduled and the completely updated mobile app was launched in the first half of the year.