Gulf Union Alahlia earns SAR 1.81M in 9M 2026, SAR 124,000 in Q3

Gulf Union Alahlia Cooperative Insurance Co. reported a net profit of SAR 1.81 million for the first nine months of 2026, compared with a net loss of SAR 84.75 million in the same period of 2025.

The company attributed its return to profitability mainly to a surplus in insurance service results, which reached SAR 4.9 million in the current period, compared with a deficit of SAR 85.6 million a year earlier. This was driven by a 7% decline in insurance service expenses to SAR 735.2 million.

The company also recorded a surplus in reinsurance contract expenses of SAR 61.4 million, compared with a deficit of SAR 65.7 million a year before.

Operating expenses also declined to SAR 13.7 million from SAR 20.8 million, down 34%.

This was partly offset by lower insurance revenue, which fell 12% to SAR 676.1 million from SAR 766.3 million in 9M 2025. This was due to lower sales, which fell 15% to SAR 660.5 million.

In Q3 2026, Gulf Union Alahlia posted net earnings of SAR 124,000, against a net loss of SAR 16.92 million in Q3 2025, mainly due to a surplus in net reinsurance contract expenses of SAR 85 million in the three-month period, compared with a deficit of SAR 24 million last year.

The insurer had posted a net loss of SAR 2.51 million in Q2 2026.

The company attributed the decline in profit in the current quarter compared with the previous quarter to:

Shareholders' equity, with no minority interest, stood at SAR 570.74 million at the end of 9M 2026, compared with SAR 547.03 million a year earlier.

Accumulated losses stood at SAR 45.06 million as of Sept. 30, 2026, representing 9% of the company's capital.

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