Financial Results : MEDGULF H1 2025 profit drops 70% to SAR 18.2M; Q2 losses reach SAR 1.5M

MEDGULF H1 2025 profit drops 70% to SAR 18.2M; Q2 losses reach SAR 1.5M

06/08/2025 Argaam Exclusive

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The Mediterranean and Gulf Cooperative Insurance and Reinsurance Co. (MEDGULF) posted a 70% fall in its net earnings for H1 2025 to SAR 18.2 million, compared to SAR 59.9 million in H1 2024.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Gross Written Premium (GWP) 2,387.02 2,774.19 16.2 %
Insurance Revenues 1,709.53 2,026.78 18.6 %
Net Profit Before Zakat & Tax 66.39 23.13 (65.2 %)
Net Income 59.87 18.17 (69.7 %)
Average Shares 105.00 105.00 -
Earnings Per Share before unusual items (Riyals) 0.57 0.17 (69.7 %)
EPS (Riyal) 0.57 0.17 (69.7 %)

The profit decline was attributed to a 51.76% year-on-year (YoY) drop in net investment income to SAR 15.8 million due to lower returns from fair value-measured investments. Additionally, other income shifted from SAR 19.3 million in the prior year to an expense of SAR 2.1 million.

 

On a positive note, insurance revenue rose 18.56% YoY to SAR 2.03 billion, supported by growth in acquired medical and motor insurance business.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Gross Written Premium (GWP) 528.59 429.77 (18.7 %)
Insurance Revenues 875.91 1,026.44 17.2 %
Net Profit Before Zakat & Tax 39.12 2.49 (93.6 %)
Net Income 33.61 (1.47) (104.4 %)
Average Shares 105.00 105.00 -
Earnings Per Share before unusual items (Riyal) 0.32 (0.01) (104.4 %)
EPS (Riyal) 0.32 (0.01) (104.4 %)

In Q2 2025, MEDGULF posted a net loss of SAR 1.47 million, compared to a net profit of SAR 33.61 million in Q2 2024. The quarterly performance was weighed down by a 79.6% YoY decline in net investment results, impacted by lower fair values of traded instruments.

 

Other operating income also dropped 93.5% YoY, as the same quarter last year included exceptional one-off gains.

 

Compared to the previous quarter, Q2 net profit fell 107.5% from SAR 19.64 million in Q1 2025.

Insurance Operations

Item 6m 2024 6m 2025 Change‬
Gross Written Premium (GWP) 2,387.02 2,774.19 16.2 %
Insurance Revenues 1,709.53 2,026.78 18.6 %
Insurance Services Income 14.82 32.25 117.6 %
Investment Income 32.75 15.80 (51.8 %)
Net Profit of Insurance Services and Investment 47.07 25.21 (46.4 %)

Shareholders’ equity, no minority interest, reached SAR 1.04 billion by the end of H1 2025, compared with SAR 977.2 million in the year-earlier period.

 

Accumulated losses reached SAR 136.96 million by the end of the current period, representing 13% of the company's capital.

 

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