The Board of Directors of Takaful International Company B.S.C. (Trading Code: TAKAFUL) approved the financial results for the period ended 30 September 2024.
Financial results for the three months ended 30th September 2024
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 during the third quarter of the year 2024 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 in the third quarter of the year 2024 compared to BD 5.922 million for the same period in the previous year, an increase of 16%. Recognized Takaful Costs also increased by 77% to BD 7.631 million in the third quarter of the year 2024 as compared to BD 4.321 million for the same period in the previous year.
Financial results for the nine months ended 30th September 2024
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 1.03 million compared to BD 421K for the same period in the previous year, an increase of 145%.
Net profit for the nine months ended 30 September 2024 was BD 1.163 million compared to BD1.149 million 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 19.207 million for the nine months ended 30 September 2024 compared to BD 18.204 million for the same period in the previous year. Recognized Takaful Costs increased by 25% to BD 17.535 million for the nine months ended 30 September 2024 as compared to BD 14.061 for the same period in previous year.
The Company’s total equity grew by 3% to BD 12.479 million as of 30 September 2024 compared to BD 12.086 million as of 31 December 2023.
Total assets of the Company increased by 7% to BD 44.686 as of 30 September 2024 compared to BD 41.589 as of 31 December 2023.
Board of Directors Statement
In light of the Company’s recently announced financial results, Mr. Ebrahim Al Rayes, Chairman of the Board of Directors, expressed his satisfaction with the performance over the nine months ending September 30, 2024. He noted that these results not only reflect Takaful’s resilience and adaptability in navigating challenging market conditions but also underscore the effectiveness of its strategic initiatives. Mr. Al Rayes highlighted the company’s strong investment performance, which has contributed positively to its overall financial health. This achievement demonstrates Takaful’s ability to identify and capitalize on growth opportunities, even in a competitive landscape. He emphasized that the company remains committed to maintaining a diversified investment portfolio that aligns with its long-term objectives.
CEO Statement
Mr. 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.
He also highlighted the successful launch of the Company’s new website, which marks a substantial step forward in Takaful’s digital transformation journey. The revamped website has been designed using the latest technology to understand and meet the customers' evolving needs, providing a platform that simplifies their insurance experience. Additionally, Mr. Al Ansari emphasized the Company’s dedication to corporate social responsibility (CSR) activities, showcasing its commitment to making a positive impact in the community. Furthermore, he proudly noted that the Company has been recognized for the third consecutive year as one of Bahrain's 50 strongest companies according to Al Bilad Newspaper list, a testament to its robust performance and reputation in the industry.
The full set of financial statements is available on Bahrain Bourse’s website.