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×MEDGULF posts higher net profit after zakat at SAR 89.7m in I2 of 2014
The Mediterranean & Gulf Insurance & Reinsurance Co. reported SAR 89.7m net profit after zakat in the first half of 2014, a 138% increase compared to the same period last year as shown in the following table:
Financials (M)
| Item | 6m 2013 | 6m 2014 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,907.52 | 2,482.49 | 30.1 % |
| Net Profit Before Zakat & Tax | 48.49 | 102.76 | 111.9 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 1.21 | 2.57 | 111.9 % |
Current Quarter Comparison (M)
| Item | Q2 2013 | Q2 2014 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 996.38 | 1,318.89 | 32.4 % |
| Net Profit Before Zakat & Tax | 17.80 | 51.95 | 191.8 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.45 | 1.30 | 191.8 % |
Insurance Operations (M)
| Item | 6m 2013 | 6m 2014 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,907.52 | 2,482.49 | 30.1 % |
| Net Written Premiums (NWP) | 1,460.70 | 1,834.42 | 25.6 % |
| Net Incurred Claims | (1049.00) | (1380.51) | (31.6 %) |
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Share Price
| Current | |
| Market Cap (M) | 2,340.00 |
| Shares Outstanding ((M)) | 80.00 |
| EPS ( Riyal) (TTM) | 0.33 |
| Book Value (BV) ( Riyal) | 9.16 |
| P/E (TTM) | HIGH |
| Price/Book | 3.19 |
| Return on Average Assets (%) (TTM) | 0.7 |
| Return on Average Equity (%) (TTM) | 3.7 |
Financial results (Million)
| Period | Gross Written Premium (GWP) | Change | Net Profit Before Zakat & Tax | Change | EPS (Riyal) |
|---|---|---|---|---|---|
| Q1 2014 | 1,163.60 | 27.7 % | 50.81 | 65.6 % | 1.27 |
| Q2 2014 | 1,318.89 | 32.4 % | 51.95 | 191.8 % | 1.30 |
Insurance Operations Performance (M)
| Period | Gross Written Premium (GWP) | Change | Net Written Premiums (NWP) | Change | Net Incurred Claims | Change |
|---|---|---|---|---|---|---|
| Q1 2014 | 1,163.60 | 27.7 % | 901.84 | 28.1 % | (675.59) | (38.2 %) |
| Q2 2014 | 1,318.89 | 32.4 % | 932.59 | 23.2 % | (704.92) | (25.9 %) |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS | Adjusted EPS | Book Value (BV) |
|---|---|---|---|---|
| Q1 2014 | 40.00 | (4.43) | (4.43) | 26.08 |
| Q2 2014 | 40.00 | (3.63) | (3.63) | 27.29 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E |
|---|---|---|
| Q1 2014 | NEG | NEG |
| Q2 2014 | NEG | NEG |
Business Segments - Gross Premium Written (Million)
Q2 2014
| Period | Medical Insurance | Motor Insurance | Other classes |
|---|---|---|---|
| Q1 2014 | 843.30 | 175.15 | 145.15 |
| Q2 2014 | 888.24 | 183.79 | 246.86 |
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