Financial Results : MEDGULF 2024 earnings drop 49% to SAR 102M, Q4 at SAR 3M

MEDGULF 2024 earnings drop 49% to SAR 102M, Q4 at SAR 3M

19/03/2025 Argaam Exclusive

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The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) posted  a net profit of SAR 102 million in 2024, falling 49% from SAR 201.5 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Gross Written Premium (GWP) 3,135.53 3,731.15 19.0 %
Insurance Revenues 3,332.15 3,551.79 6.6 %
Net Profit Before Zakat & Tax 195.67 107.04 (45.3 %)
Net Income 201.47 101.99 (49.4 %)
Average Shares 105.00 105.00 -
Earnings Per Share before unusual items (Riyals) 1.92 0.97 (49.4 %)
EPS (Riyals) 1.92 0.97 (49.4 %)

Net insurance service results for 2024 amounted to SAR 19.81 million, compared to SAR 87 million in 2023, a decrease of 77.23%, due to the increased reinsurance expenses and an increase in the loss ratio.

 

Net investment results for last year reached SAR 64.80 million, down 39.11% from SAR 106.43 million in 2023, due to low contribution from the investments measured at fair value through profit and loss.

 

However, insurance revenues reached SAR 3.55 million, up 6.59% from SAR 3.33 million a year earlier, driven by the growth in the overall business volume.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Gross Written Premium (GWP) 551.69 549.14 (0.5 %)
Insurance Revenues 800.32 941.84 17.7 %
Net Profit Before Zakat & Tax 50.11 0.23 (99.5 %)
Net Income 60.91 3.00 (95.1 %)
Average Shares 105.00 105.00 -
Earnings Per Share before unusual items 0.58 0.03 (95.1 %)
EPS (Riyals) 0.58 0.03 (95.1 %)

In the fourth quarter, the insurance services provider logged a 95% fall in net earnings to SAR 3 million from SAR 60.91 million a year earlier.

 

The three-month earnings also dropped 92.3% from SAR 39.12 million in Q3 2024.

Insurance Operations

Item 2023 2024 Change‬
Gross Written Premium (GWP) 3,135.53 3,731.15 19.0 %
Insurance Revenues 3,332.15 3,551.79 6.6 %
Insurance Services Income 87.00 19.81 (77.2 %)
Investment Income 106.44 64.81 (39.1 %)
Net Profit of Insurance Services and Investment 183.58 80.03 (56.4 %)

Total shareholders’ equity, no minority interest, stood at SAR 1.02 billion as of Dec. 31, 2024, compared to SAR 917.42 million in the prior-year period.

 

Accumulated losses reached SAR 155.13 million by the end of 2024, accounting for 15% of the company’s capital.

 

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