Financial Results : MEDGULF Q1 2025 profit down 25% to SAR 19.6M

MEDGULF Q1 2025 profit down 25% to SAR 19.6M

08/05/2025 Argaam Exclusive

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The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) reported a profit decline of 25% to SAR 19.6 million in Q1 2025, compared to SAR 26.3 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Gross Written Premium (GWP) 1,858.43 2,344.42 26.2 %
Insurance Revenues 833.63 1,000.34 20.0 %
Net Profit Before Zakat & Tax 27.26 20.64 (24.3 %)
Net Income 26.26 19.64 (25.2 %)
Average Shares 105.00 105.00 -
Earnings Per Share before unusual items (Riyal) 0.25 0.19 (25.2 %)
EPS (Riyal) 0.25 0.19 (25.2 %)

Net investment results for the Q1 2025 amounted to SAR 12.4 million, falling 23.12% from SAR 16.13 million in Q1 2024, due to a decrease in the contribution from the investments measured at fair value.

 

Result of insurance services also declined in Q1 2025 to SAR 10.07 million from SAR 23.09 million in Q1 2024.

Insurance Operations

Item 3m 2024 3m 2025 Change‬
Gross Written Premium (GWP) 1,858.43 2,344.42 26.2 %
Insurance Revenues 833.63 1,000.34 20.0 %
Insurance Services Income 23.10 10.08 (56.4 %)
Investment Income 16.14 12.41 (23.1 %)
Net Profit of Insurance Services and Investment 35.39 24.50 (30.8 %)

This was spurred by a case mix and control over cost of revenue and finance charges, besides recognizing capital gains on a property sale in Q1 2025.

 

On a sequential basis, net profit jumped 49.5% from SAR 107.14 million in Q4 2024.

 

Total shareholders’ equity, no minority interest, stood at SAR 1.05 billion as of March 31, 2025, compared to SAR 943.68 million a year earlier.

 

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