Takaful International Company has announced shareholders' net profit of BHD555K ($1.47m) for the six months ended 30 June 2024, an increase of 30% from the corresponding period in 2023.
The comprehensive income attributable to the shareholders of the company for the six months ended on 30 June 2024, was BHD424K, compared to a profit of BHD303K for the corresponding period of the previous year, an increase of 40%.
The company reported a total net profit of BHD757K for 1H2024 compared to BHD651K for 1H2023, representing an increase of 16%. The BHD757K comprised the BHD554K net profit of shareholders and BHD223K for takaful participants.
The company's total assets inched up by 1% to BHD42.03m as of 30 June 2024, compared to BD41.59m as of 31 December 2023.
The interim financial results of Takaful International are summarised as follows:
All figures in BHD ‘000, unless otherwise stated
|
Takaful participants
|
Shareholders
|
1H24
|
1H23
|
Change
|
1H24
|
1H23
|
Change
|
Recognised takaful contributions
|
12,314
|
12,282
|
0.3%
|
|
|
|
Recognised takaful costs
|
(9,905)
|
(9,740)
|
1.7%
|
|
|
|
Retakaful net results
|
(2,255)
|
(2,099)
|
7.4%
|
|
|
|
Takaful participants’ gross margin
|
155
|
444
|
-65.1%
|
|
|
|
Wakala fee income
|
|
|
|
2,374
|
2,035
|
16.7%
|
Profit on investment
|
536
|
376
|
42.6%
|
242
|
161
|
50.3%
|
Other investment income net
|
(6)
|
37
|
-116.2%
|
(12)
|
151
|
-107.9%
|
ECL gain/(loss) on financial assets
|
6
|
(5)
|
120.0%
|
(8)
|
(4)
|
50.0%
|
Mudrarib share income (expense)
|
(134)
|
(96)
|
39.6%
|
134
|
96
|
39.6%
|
Amortisation of deferred cost
|
(391)
|
(559)
|
-30.1
|
|
|
|
Amortisation of deferred profit
|
91
|
82
|
11.0%
|
|
|
|
Share of result of an associate
|
-
|
-
|
-
|
16
|
20
|
20.0%
|
Other income/ (expenses)
|
(53)
|
(57)
|
-7.0%
|
4
|
13
|
-69.2%
|
Net participants’ surplus
|
203
|
223
|
-9.0%
|
2,750
|
2,471
|
11.3%
|
General & admin expenses
|
|
|
|
(1,169)
|
(1,057)
|
10.6%
|
Other fees, commissions and related expenses
|
|
|
|
(837)
|
(802)
|
4.4%
|
Other expenses
|
|
|
|
(190)
|
(184)
|
3.3%
|
Total shareholders’ expenses
|
|
|
|
(2,196)
|
(2,042)
|
7.5%
|
Net profit
|
|
|
|
555
|
428
|
29.7%
|
Source: Takaful International
|
Commenting on the 1H2024 financial results, Mr Ebrahim Al-Rayes, chairman of the board of directors, said, “Takaful International's strong performance in the first half of the year is a clear indicator of the company's ability to deliver excellent results despite market challenges.”
He also affirmed the company’s commitment to strategic investments that drive long-term growth and enhance shareholder value.
Mr Al-Rayes said, “As we look ahead, the board maintains a cautiously optimistic outlook and remains committed to pursuing innovative growth opportunities that maximise shareholder value and strengthen our market position.”
Established in 1989, Takaful International is the first Islamic insurance company in Bahrain. The company is a subsidiary of GIG-Bahrain.