Company Announcement
Rasan Information Technology Co. announces its Annual Financial results for the period ending on 2024-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 358.33 | 256.23 | 39.85 | ||
| Gross Profit (Loss) | 238.14 | 148.4 | 60.47 | ||
| Operational Profit (Loss) | 98.85 | 50.53 | 95.63 | ||
| Net profit (Loss) | 94.73 | 45.95 | 106.16 | ||
| Total Comprehensive Income | 97.64 | 44.75 | 118.19 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 414.9 | 120.99 | 242.92 | ||
| Profit (Loss) per Share | 1.29 | 0.65 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | Sales/revenue in 2024 increased by 39.8% compared to the previous year, due to the following reasons: 1. An increase of 25% in the number of insurance policies sold compared to last year. Specially 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. 4. Strengthened network of strategic partners increasing the number of Insurance Companies, financial institutions, payment providers. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net profits in 2024 increased more than 2x compared to the previous year, due to the following reasons: 1. An increase in the gross profit margin by 8.6 p.p. (66.5% during 2024 compared to 57.9% during 2023), driven by scale, product mix, up and cross-selling and enhanced operational efficiency. 2. Increase in earnings before interest, taxes, depreciation, and amortization (EBITDA) by 27.6% compared to the previous year driven by scale and efficiency (strong discipline in cost control). 3. Enhancing the current products and launching new products in the 2nd half of the last year, which led to 3 times increase in the net profit in Q4 2024 compared to Q4 2023. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | None |
| Additional Information | The company would like to invite its respective shareholders and financial analyst to attend a conference call for discussing the financial results f |