The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) reported a net profit of SAR 26.3 million in Q1 2024, a decline of 27%, from SAR 36.2 million in the year-earlier period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,602.52 | 1,858.43 | 16.0 % |
| Insurance Revenues | 779.30 | 833.63 | 7.0 % |
| Net Profit Before Zakat & Tax | 37.20 | 27.26 | (26.7 %) |
| Net Income | 36.20 | 26.26 | (27.4 %) |
| Average Shares | 105.00 | 105.00 | - |
| EPS (Riyals) | 0.34 | 0.25 | (27.4 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 551.69 | 1,858.43 | 236.9 % |
| Insurance Revenues | 800.32 | 833.63 | 4.2 % |
| Net Profit Before Zakat & Tax | 50.11 | 27.26 | (45.6 %) |
| Net Income | 60.91 | 26.26 | (56.9 %) |
| Average Shares | 105.00 | 105.00 | - |
| EPS (Riyals) | 0.58 | 0.25 | (56.9 %) |
On a quarterly basis, net earnings slumped by 56.9% from SAR 60.91 million in Q4 2023.
| Item | 3m 2023 | 3m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,602.52 | 1,858.43 | 16.0 % |
| Insurance Revenues | 779.30 | 833.63 | 7.0 % |
| Insurance Services Income | (11.79) | 23.10 | 295.9 % |
| Investment Income | 37.72 | 16.14 | (57.2 %) |
| Net Profit of Insurance Services and Investment | 22.05 | 35.39 | 60.5 % |
Shareholders’ equity, no minority interest, reached SAR 943.68 million by March 31, 2024, compared to SAR 742.91 million in the prior-year period.
Accumulated losses reached SAR 230.86 million by March 31, 2024, accounting for 21.9% of the company’s capital.
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