MEDGULF posts higher net profit after zakat at SAR 89.7m in I2 of 2014

30/06/2014 Argaam Exclusive

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 %
Net Income 37.64 89.69 138.3 %
Average Shares 70.00 70.00 -
EPS (Riyals) 0.54 1.28 138.3 %

Current Quarter Comparison (M)

Compared With The
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 %
Net Income 13.64 45.60 234.3 %
Average Shares 70.00 70.00 -
EPS (Riyals) 0.19 0.65 234.3 %

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

The Mediterranean and Gulf Insurance and Reinsurance Co.
23.62
(0.34) (1.42 %)

Financial Ratios
Current
Market Cap (M) 1,653.40
Shares Outstanding ((M)) 70.00
EPS ( Riyal) (TTM) 0.33
Book Value (BV) ( Riyal) 11.16
Adjusted P/E (Last12) More than 50
P/E (TTM) More than 50
Price/Book 2.12
Return on Average Assets (%) (TTM) 0.6
Return on Average Equity (%) (TTM) 3.0
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Financial results (Million)

Period Net Income Change EPS (Riyal) Net Profit Before Zakat & Tax Change
Q1 2005 - - - - -
Q2 2005 - - - - -
Q3 2005 - - - - -
Q4 2005 - - - - -
Q1 2006 - - - - -
Q2 2006 - - - - -
Q3 2006 - - - - -
Q4 2006 - - - - -
Q1 2007 - - - - -
Q2 2007 - - - - -
Q3 2007 - - - - -
Q4 2007 - - - - -
Q1 2008 3.79 - 0.05 3.79 -
Q2 2008 2.31 - 0.03 2.31 -
Q3 2008 3.30 - 0.05 3.30 -
Q4 2008 (19.77) - (0.28) (19.77) -
Q1 2009 22.56 494.6 % 0.32 27.56 626.4 %
Q2 2009 18.84 715.1 % 0.27 23.84 931.5 %
Q3 2009 31.29 849.5 % 0.45 36.28 1001.2 %
Q4 2009 53.83 372.3 % 0.77 58.83 397.6 %
Q1 2010 31.50 39.6 % 0.45 36.71 33.2 %
Q2 2010 48.20 155.8 % 0.69 54.77 129.8 %
Q3 2010 45.07 44.0 % 0.64 50.84 40.1 %
Q4 2010 78.96 46.7 % 1.13 90.05 53.1 %
Q1 2011 1.50 (95.2 %) 0.02 7.33 (80.0 %)
Q2 2011 48.81 1.3 % 0.70 55.06 0.5 %
Q3 2011 46.84 3.9 % 0.67 57.12 12.3 %
Q4 2011 109.66 38.9 % 1.57 120.61 33.9 %
Q1 2012 41.77 2678.8 % 0.60 49.60 576.4 %
Q2 2012 (12.18) (125.0 %) (0.17) (10.94) (119.9 %)
Q3 2012 25.25 (46.1 %) 0.36 30.72 (46.2 %)
Q4 2012 115.36 5.2 % 1.65 131.94 9.4 %
Q1 2013 24.00 (42.5 %) 0.34 30.68 (38.1 %)
Q2 2013 13.64 211.9 % 0.19 17.80 262.7 %
Q3 2013 (0.60) (102.4 %) (0.01) 3.59 (88.3 %)
Q4 2013 (234.23) (303.0 %) (3.35) (244.54) (285.3 %)
Q1 2014 44.09 83.7 % 0.63 50.81 65.6 %
Q2 2014 45.60 234.3 % 0.65 51.95 191.8 %

Insurance Operations Performance (M)

Compared With The
Period Gross Written Premium (GWP) Change Net Written Premiums (NWP) Change Net Incurred Claims Change
Q1 2005 - - - - - -
Q2 2005 - - - - - -
Q3 2005 - - - - - -
Q4 2005 - - - - - -
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 608.87 - 512.45 - (211.92) -
Q2 2009 413.40 - 346.76 - (234.90) -
Q3 2009 473.32 - 392.60 - (267.40) -
Q4 2009 353.90 - 219.15 - (226.01) -
Q1 2010 832.81 36.8 % 739.02 44.2 % (316.00) (49.1 %)
Q2 2010 619.12 49.8 % 546.00 57.5 % (356.36) (51.7 %)
Q3 2010 671.35 41.8 % 463.28 18.0 % (326.93) (22.3 %)
Q4 2010 499.28 41.1 % 186.60 (14.9 %) (289.08) (27.9 %)
Q1 2011 890.85 7.0 % 594.44 (19.6 %) (255.67) 19.1 %
Q2 2011 604.41 (2.4 %) 467.24 (14.4 %) (406.63) (14.1 %)
Q3 2011 828.96 23.5 % 657.11 41.8 % (327.57) (0.2 %)
Q4 2011 486.84 (2.5 %) 197.56 5.9 % (383.56) (32.7 %)
Q1 2012 870.66 (2.3 %) 653.41 9.9 % (377.22) (47.5 %)
Q2 2012 733.86 21.4 % 519.03 11.1 % (480.08) (18.1 %)
Q3 2012 852.09 2.8 % 672.72 2.4 % (416.95) (27.3 %)
Q4 2012 861.42 76.9 % 556.93 181.9 % (545.28) (42.2 %)
Q1 2013 911.14 4.6 % 703.80 7.7 % (488.89) (29.6 %)
Q2 2013 996.38 35.8 % 756.90 45.8 % (560.12) (16.7 %)
Q3 2013 1,295.63 52.1 % 984.57 46.4 % (633.22) (51.9 %)
Q4 2013 934.37 8.5 % 447.00 (19.7 %) (949.25) (74.1 %)
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)

Compared With The
Period Shares Outstanding (M) EPS Adjusted EPS Book Value (BV)
Q1 2005 - - - -
Q2 2005 - - - -
Q3 2005 - - - -
Q4 2005 - - - -
Q1 2006 - - - -
Q2 2006 - - - -
Q3 2006 - - - -
Q4 2006 - - - -
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 70.00 0.05 0.05 11.51
Q2 2008 70.00 0.09 0.09 11.49
Q3 2008 70.00 0.13 0.13 11.42
Q4 2008 70.00 (0.15) (0.15) 11.26
Q1 2009 70.00 0.12 0.12 11.60
Q2 2009 70.00 0.36 0.36 11.92
Q3 2009 70.00 0.76 0.76 12.46
Q4 2009 70.00 1.81 1.81 13.22
Q1 2010 70.00 1.94 1.94 13.68
Q2 2010 70.00 2.35 2.35 13.45
Q3 2010 70.00 2.55 2.55 14.13
Q4 2010 70.00 2.91 2.91 15.27
Q1 2011 70.00 2.48 2.48 15.28
Q2 2011 70.00 2.49 2.49 14.56
Q3 2011 70.00 2.52 2.52 15.20
Q4 2011 70.00 2.95 2.95 16.76
Q1 2012 70.00 3.53 3.53 15.13
Q2 2012 70.00 2.66 2.66 14.91
Q3 2012 70.00 2.35 2.35 15.29
Q4 2012 70.00 2.43 2.43 16.95
Q1 2013 70.00 2.18 2.18 17.30
Q2 2013 70.00 2.55 2.55 17.52
Q3 2013 70.00 2.18 2.18 17.54
Q4 2013 70.00 (2.82) (2.82) 14.23
Q1 2014 70.00 (2.53) (2.53) 14.90
Q2 2014 70.00 (2.07) (2.07) 15.59

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2005 - -
Q2 2005 - -
Q3 2005 - -
Q4 2005 - -
Q1 2006 - -
Q2 2006 - -
Q3 2006 - -
Q4 2006 - -
Q1 2007 - -
Q2 2007 - -
Q3 2007 - -
Q4 2007 - -
Q1 2008 More than 50 More than 50
Q2 2008 More than 50 More than 50
Q3 2008 More than 50 More than 50
Q4 2008 NEG NEG
Q1 2009 More than 50 More than 50
Q2 2009 More than 50 More than 50
Q3 2009 More than 50 More than 50
Q4 2009 24.25 24.25
Q1 2010 28.57 28.57
Q2 2010 16.98 16.98
Q3 2010 17.67 17.67
Q4 2010 17.15 17.15
Q1 2011 21.55 21.55
Q2 2011 20.83 20.83
Q3 2011 18.42 18.42
Q4 2011 16.95 16.95
Q1 2012 18.50 18.50
Q2 2012 19.78 19.78
Q3 2012 18.50 18.50
Q4 2012 20.75 20.75
Q1 2013 24.24 24.24
Q2 2013 18.05 18.05
Q3 2013 27.63 27.63
Q4 2013 NEG NEG
Q1 2014 NEG NEG
Q2 2014 NEG NEG

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Motor Insurance Other classes
Q1 2009 440.17 77.58 91.11
Q2 2009 277.68 63.44 72.27
Q3 2009 348.84 48.13 76.35
Q4 2009 165.39 58.26 130.25
Q1 2010 607.80 114.33 110.68
Q2 2010 452.81 73.48 92.83
Q3 2010 487.43 45.97 137.94
Q4 2010 233.79 33.20 232.29
Q1 2011 652.75 91.69 146.41
Q2 2011 414.90 40.01 149.50
Q3 2011 747.69 27.07 54.20
Q4 2011 202.03 27.87 256.94
Q1 2012 639.43 96.32 134.91
Q2 2012 545.88 54.33 133.66
Q3 2012 764.98 29.62 57.49
Q4 2012 534.04 45.26 282.12
Q1 2013 619.09 148.10 143.94
Q2 2013 738.10 82.20 176.08
Q3 2013 1,124.42 86.00 85.21
Q4 2013 529.38 77.70 327.29
Q1 2014 843.30 175.15 145.15
Q2 2014 888.24 183.79 246.86

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