Rasan’s 2024 Profits Surge 106% to SAR 95 Million

Rasan Information Technology Co. announced on Wednesday that its net profit increased by 106% to SAR 95 million by the end of 2024, compared to SAR 46 million last year, following the announcement today of the annual financial results ending on Dec. 31, 2024.

Operational profit increased by 96% to SAR 99 million by the end of 2024, compared to SAR 51 million last year.

Total equity (after excluding non-controlling interests) in the current year increased by 243% to SAR 415 Million, compared to SAR 121 million last year.

Profits per share in the current year amounted to SAR 1.29, compared to SAR 0.65 last year.

The Company stated in a statement today on “Tadawul” that sales/revenues in 2024 increased by 39.8% compared to the previous year, for the following reasons:

1. An increase of 25% in the number of insurance policies sold compared to last year, especially, in the medical insurance which got increased by 69%. This is despite of the decrease of the insurance average written premium by 22% across some the company’s products;

2. The launch of several new products throughout the year, specially the comprehensive insurance for leased vehicles through Tameeni;

3. Cross selling initiatives expanded the take rate on the current customers’ base; and

4. Strengthened network of strategic partners increasing the number of Insurance Companies, financial institutions, payment providers.