Gulf Union Alahlia turns to SAR 84.7M loss in 9M 2025; Q3 at SAR 16.9M

04/11/2025 Argaam Exclusive

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Gulf Union Alahlia Cooperative Insurance Co. reported a net loss of SAR 84.7 million for the first nine months of 2025, versus a net profit of SAR 38.2 million a year before.

Financials (M)

Item	9m 2024	9m 2025	Change‬
Insurance Revenues	568.48	766.34	34.8 %
Net Profit Before Zakat & Tax	44.10	(76.60)	(273.7 %)
Net Income	38.17	(84.75)	(322.0 %)
Average Shares	45.89	45.89	-
Earnings Per Share before unusual items (Riyals)	0.83	(1.85)	(322.0 %)
EPS (Riyal)	0.83	(1.85)	(322.0 %)

The loss was due to a rise in deficit in insurance services results to SAR 88.3 million compared to surplus of SAR 38.7 million for the similar period of the previous year. This was a result of a 61.5% increase in insurance services expenses to SAR 788.9 million from SAR 488.6 million in the previous year.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2024	Q3 2025	Change‬
Insurance Revenues	210.01	258.12	22.9 %
Net Profit Before Zakat & Tax	13.06	(14.17)	(208.5 %)
Net Income	11.54	(16.92)	(246.6 %)
Average Shares	45.89	45.89	-
Earnings Per Share before unusual items (Riyal)	0.25	(0.37)	(246.6 %)
EPS (Riyal)	0.25	(0.37)	(246.6 %)

Item	Q2 2025	Q3 2025	Change‬
Insurance Revenues	260.21	258.12	(0.8 %)
Net Profit Before Zakat & Tax	(25.18)	(14.17)	43.7 %
Net Income	(27.88)	(16.92)	39.3 %
Average Shares	45.89	45.89	-
Earnings Per Share before unusual items (Riyal)	(0.61)	(0.37)	39.3 %
EPS (Riyal)	(0.61)	(0.37)	39.3 %

Further, net expense from reinsurance contract grew 59.5% year-on-year (YoY) to SAR 65.7 million. Additionally, the net share of surplus from insurance pools decreased 35% YoY to SAR 2.7 million.

However, insurance revenues were up 34.8% YoY to SAR 766.3 million, due to an 9.6% YoY increase in gross written premium to SAR 772.7 million.

In Q3 2025, the insurer turned to a net loss of SAR 16.9 million from a net profit of SAR 11.54 million.

Sequentially, Q3 loss narrowed from SAR 27.8 million in Q2 2025.

Insurance Operations

Item	9m 2024	9m 2025	Change‬
Insurance Revenues	568.48	766.34	34.8 %
Insurance Services Income	38.69	(88.28)	(328.2 %)
Investment Income	26.30	32.61	24.0 %
Net Profit of Insurance Services and Investment	61.37	(58.10)	(194.7 %)

Total shareholders’ equity, no minority interest, declined to SAR 547.03 million by Sept. 30, 2025, compared to SAR 586.16 million a year earlier.

Accumulated losses reached SAR 47.98 million at the end of the current period, representing 10% of capital.

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