AlJazira Takaful among most profitable firms in first year of operations, says CEO

AlJazira Takaful ​(​Ta​'​awuni​)​ has been among the most profitable firms in Saudi Arabia and the Arab world during its first year of operations, said Saqr Nader Shah, the firm’s chief executive.

Its market share reached four percent, despite only starting operations in January 2014, he added in an interview with CNBC Arabia.

The company’s provisions were increased in fourth quarter with the aim of increasing future growth, which reflected negatively on earnings.

The company has no realized losses, as its operations focused mainly on the retail sector during fourth quarter of 2014​, instead of the corporate sector​.

“The retail sector needs more time to grow”, he added.

The Saudi-based ​joint stock ​company generated SAR 6.93 million profit before tax, or SAR 0.20 per share in fiscal year 2014, according to data available on Argaam.