Gulf Union Alahlia swings to SAR 39.9M loss in Q1 2025

Gulf Union Alahlia Cooperative Insurance Co. incurred a net loss of SAR 39.9 million in Q1 2025, versus a net profit of SAR 19.5 million in a year earlier period.

The insurer incurred losses from insurance services amounting to SAR 40.7 million, primarily due to higher insurance service expenses in the current quarter. Moreover, investment income declined to SAR 9.2 million, compared to SAR 10.1 million in the current quarter of the previous year, a decrease of SAR 900,000 or 9%. During the current quarter, the company incurred merger expenses with the Gulf General Company amounting to SAR 6.4 million in addition to an increase in the zakat expense provision for the current quarter of SAR 2.7 million.

On a sequential basis, the insurer swung to loss against a net profit of SAR 5.47 million in Q4 2024.

Total shareholders’ equity, no minority interest, stood at SAR 591.83 million as of March 31, 2025, compared to SAR 567.54 million a year earlier.

Accumulated loss by March 31, 2025, stood at SAR 3.183 million, representing 0.69% of the capital amounting to SAR 458 million.

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