Gulf General Cooperative Insurance Co. swung to a net loss of SAR 5.7 million in the first quarter of 2024 from a net profit of SAR 4.1 million a year earlier.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 99.37 | 174.98 | 76.1 % |
| Insurance Revenues | 87.68 | 87.77 | 0.1 % |
| Net Profit Before Zakat & Tax | 4.97 | (3.92) | (178.9 %) |
| Net Income | 4.07 | (5.74) | (240.9 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.14 | (0.19) | (240.9 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 117.97 | 174.98 | 48.3 % |
| Insurance Revenues | 80.96 | 87.77 | 8.4 % |
| Net Profit Before Zakat & Tax | 5.04 | (3.92) | (177.8 %) |
| Net Income | 4.96 | (5.74) | (215.8 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.17 | (0.19) | (215.8 %) |
Profits from insurance service declined in Q1 2024 by SAR 6.1 million year-on-year (YoY), while insurance service expenses rose by SAR 12.81 million, or 16.92%, compared to Q1 2023.
This occurred despite a decrease in reinsurance contract expenses of SAR 5.96 million, or 51.30%, and an increase in net investment income to SAR 4.25 million, or 12.17% YoY.
Meanwhile, operating expenses shrank to SAR 2. 52 million, or 33.24% YoY.
Sequentially, the insurer turned to losses from a profit of SAR 4.96 million in Q4 2023.
| Item | 3m 2023 | 3m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 99.37 | 174.98 | 76.1 % |
| Insurance Revenues | 87.68 | 87.77 | 0.1 % |
| Insurance Services Income | 6.33 | (5.20) | (182.1 %) |
| Investment Income | 3.80 | 4.26 | 12.1 % |
| Net Profit of Insurance Services and Investment | 8.76 | (1.40) | (116.0 %) |
Shareholders' equity, no minority interest, reached SAR 294.65 million at the end of Q1 2024, compared with SAR 299.75 million a year earlier.
Accumulated losses stood at SAR 49.86 million as of March 31, 2024, representing 16.62% of capital.
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