The profit of the Al-Jazira Takaful Cooperative Company increased to 28.4 million rials after deduction of zakat and taxes at the end of 2022 by 32% compared to a profit of 21.4 million rials in 2021.
In a statement to Tadawul Saudi Arabia, the company indicated a decrease in net income from underwriting of 2.254 million SAR, or 3.30%, a decrease in the provision for receivables by 7.11 million SAR and an increase in general and administrative expenses for insurance operations by 4 .23 million SAR, or 6.87%, as well as a decrease in general and administrative expenses, as well as operating expenses of shareholders by 6.05 million SAR, or 82.74%.
Policyholders’ investment and other income for the past year was 14.67 million rials compared to 15.38 million rials for the previous year, down 4.63%.
Shareholder investment and other income for the past year was 17.242 million rials compared to 14.894 million rials for the previous year, an increase of 15.76%.
Earnings per share for last year was SAR 0.516 compared to SAR 0.407 for 2021, an increase of 26.78%, calculated based on the weighted average number of ordinary shares outstanding during the period.
The total share capital (excluding minority rights) was 841.084 million rials last year compared to 812.73 million rials in 2021, an increase of 3.48%.