MEDGULF 2025 earnings drop 60% to SAR 41.1M; Q4 at SAR 5M

24/03/2026 Argaam Exclusive

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The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) posted a net profit of SAR 41.1 million in 2025, falling 60% from SAR 102 million a year earlier.

Financials (M)

Item	2024	2025	Change‬
Insurance Revenues	3,551.79	4,320.24	21.6 %
Net Income	101.99	41.06	(59.7 %)
Average Shares	105.00	136.88	30.4 %
Earnings Per Share before unusual items (Riyals)	0.76	0.30	(60.5 %)
EPS (Riyal)	0.97	0.30	(69.1 %)

The decline was driven by a 39.61% drop in net investment income to SAR 39.13 million, from SAR 64.8 million in 2024, reflecting lower contributions from equity investments measured at fair value through profit and loss.

Net insurance financing expenses rose to SAR 33.48 million in 2025, compared with SAR 4.58 million in 2024, due to higher paid claims and a lower discount rate.

The company recorded no one-off non-insurance revenue items this year, such as the land disposal in 2024, which had boosted last year’s results, and faced higher nonattributable expenses, including end-of-service costs.

Insurance revenues grew 21.64% to SAR 4.32 billion, from SAR 3.55 billion in 2024, mainly driven by higher volumes and earnings in health and motor segments.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2024	Q4 2025	Change‬
Insurance Revenues	941.84	1,266.57	34.5 %
Net Income	3.00	4.99	66.2 %
Average Shares	105.00	136.88	30.4 %
Earnings Per Share before unusual items (Riyal)	0.03	0.04	27.5 %
EPS (Riyal)	0.03	0.04	27.5 %

Item	Q3 2025	Q4 2025	Change‬
Insurance Revenues	1,026.88	1,266.57	23.3 %
Net Income	17.90	4.99	(72.1 %)
Average Shares	136.88	136.88	-
Earnings Per Share before unusual items (Riyal)	0.13	0.04	(72.1 %)
EPS (Riyal)	0.13	0.04	(72.1 %)

In Q4 2025, the insurer reported a 66% rise in net earnings to SAR 5 million from SAR 3 million a year earlier. Compared to Q3 2025, earnings dropped 72.1% from SAR 17.9 million.

Insurance Operations

Item	2024	2025	Change‬
Insurance Revenues	3,551.79	4,320.24	21.6 %
Insurance Services Income	25.39	54.78	115.8 %
Investment Income	64.81	39.14	(39.6 %)
Net Profit of Insurance Services and Investment	85.61	60.43	(29.4 %)

Total shareholders’ equity, with no minority interest, stood at SAR 1.59 billion as of Dec. 31, 2025, compared to SAR 1.02 billion in the prior-year period.

Accumulated losses reached SAR 114.07 million by the end of 2025, accounting for 8.26% of the company’s capital.

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