Takaful International posts BD1.222m profit

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Takaful International Company yesterday reported quarterly and nine-month profits, which, according to Ebrahim Al Rayes, Chairman of the Board of Directors, are “satisfactory”, as the Company achieved “financial goals set for the period.”

Improved performance of Family Takaful fund and the shareholders’ fund positively impacted the results.

Q3 results

The net profit attributable to the shareholders of the parent was BD 209K compared to BD 223K for the same period last year, a decrease of 6%.

Earnings per share was 2.46 Fils compared with 2.62 Fils for the same period last year.

Total comprehensive income attributable to the shareholders of the parent stood at BD 340K compared to BD 207K for the same period last year, an increase of 64%.

Third quarter total net profit was BD 406K compared to BD 460K in the prior-year quarter, with a decrease of 12%.

Takaful attributed decline to the General Takaful fund that achieved a surplus of BD 86K compared to a surplus of BD 293K for the same period last year.

Shareholders’ fund achieved a net profit of BD 209K compared to a net profit of BD 223K in the year-earlier quarter.

The family Takaful fund achieved a surplus of BD 112K compared to a deficit of BD 56K for the same period last year.

Total gross contributions were BD 4.612m compared to BD 4.973m for the same period last year, a decrease of 7%.

Net earned contributions also decreased by 10% to BD 3.973m as compared to BD 4.435m for the same period last year.

The net incurred claims slightly increased by 3% to BD 2.983m in the third quarter 2022 as compared to BD 2.901m for the same period last year.

Nine-month results

Nine-month net profit attributable to the shareholders of the parent was BD 711K compared to BD 704K for the same period last year, an increase of 1%, and a corresponding earnings per share at 8.40 Fils compared with 8.29 Fils for the same period last year.

Total comprehensive income attributable to the shareholders of the parent for the nine months ended 30 September 2022 stood at BD 540K compared to BD 735K for the same period last year, a decrease of 27%.

Net profit was BD 1.222m compared to BD 1.206m for the same period last year with an increase percentage of 1%, thanks to the improved performance of the Family Takaful fund which achieved a surplus of BD 34K compared to a deficit of BD 121K for the same period last year, improved performance of the shareholders’ fund which achieved a net profit of BD 711K compared to a net profit of BD 704K for the same period last year.

The General Takaful fund achieved a surplus of BD 478K in the nine months ended 30 September 2022 compared to a profit of BD 623K for the same period last year.

Ebrahim Al Rayes, Chairman of the Board of Directors, said the Board of Directors are satisfied with the financial performance of the Company.

Essam Al-Ansari, CEO of the Company, stated that the Company has achieved the financial goals set for the period and attained good financial results, mainly due to the contributions of the administrative and technical staff of the Company.

He also explained that the Company has set its strategic goals for the next three years.