SABB Takaful turns to gain in 2021

SABB Takaful Co. says that it has turned to profits of SR 1.3 million in 2021 from losses of SR 27 million in 2020.

The company added in its financial result statement published on Tadawul that its net profit of shareholders capital investment in 2021 dropped 7% to SR 6 million from SR 7 million, while total shareholders’ equity (after deducting minority equity) declined 2% to SR 292 million from SR 297 million.

SABB Takaful reported loss per share of SR 0.17 compared with loss per share at SR 0.92 the year earlier.

Turning to profits was due to:

1- A decrease in general and admin expenses by SR 8.8 million during the year 2021 compared to 2020. The general and admin expenses dropped to SR 41 million in 2021 compared to SR 49.8 million in 2020.

2- An increase in the Fee and commission income by SR 3.5 million during the year 2021 compared to 2020. The fee and commission income is SR 8.9 million in 2021 compared to SR 5.4 million in 2020.

3- A decrease in unexpired risk reserve and non-unit reserve which has positively impacted the changes in unexpired risk reserve and non-unit reserve by SR 15.3 million during the year 2021 compared to 2020. The change in unexpired risk reserve and non-unit reserve in 2021 is SR 11.2 (Reversal) million compared to SR 4.1 million in 2020.

4- There is an increase in the net contributions earned by SR 20.3 million during the year 2021 compared to 2020. The net contributions earned in 2021 rose to SR 143.3 million compared to SR 123 million in 2020.