Financial Results : Gulf Union Alahlia 2024 profit drops 65% to SAR 43.6M; Q4 at SAR 5.5M

Gulf Union Alahlia 2024 profit drops 65% to SAR 43.6M; Q4 at SAR 5.5M

19/03/2025 Argaam Exclusive

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Gulf Union Alahlia Cooperative Insurance Co. reported a net profit of SAR 43.6 million for 2024, falling 65% from SAR 125.1 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Gross Written Premium (GWP) 690.92 975.55 41.2 %
Insurance Revenues 624.48 804.75 28.9 %
Net Profit Before Zakat & Tax 127.04 51.55 (59.4 %)
Net Income 125.04 43.65 (65.1 %)
Average Shares 45.89 45.89 -
Earnings Per Share before unusual items (Riyals) 2.72 0.95 (65.1 %)
EPS (Riyal) 2.72 0.95 (65.1 %)

The company posted a 63% year-on-year (YoY) decline in insurance services results to SAR 38.8 million from SAR 104.4 million. This was mainly due to a 40% increase in insurance services expenses, a 77% decrease in net share of surplus from insurance pools, and a 16% drop in net investment income to SAR 31.66 million.

 

However, insurance revenues jumped 29% YoY to SAR 804.8 million, mainly due to a 41% YoY leap in gross written premium to SAR 975.5 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Gross Written Premium (GWP) 191.13 270.59 41.6 %
Insurance Revenues 179.50 236.27 31.6 %
Net Profit Before Zakat & Tax 36.51 7.47 (79.5 %)
Net Income 36.01 5.47 (84.8 %)
Average Shares 45.89 45.89 -
Earnings Per Share before unusual items (Riyal) 0.78 0.12 (84.8 %)
EPS (Riyal) 0.78 0.12 (84.8 %)

Insurance Operations

Item 2023 2024 Change‬
Gross Written Premium (GWP) 690.92 975.55 41.2 %
Insurance Revenues 624.48 804.75 28.9 %
Insurance Services Income 104.40 38.89 (62.7 %)
Investment Income 37.88 31.67 (16.4 %)
Net Profit of Insurance Services and Investment 146.56 70.97 (51.6 %)

Q4 2024 net profit stood at SAR 5.5 million, dropping 85% from SAR 36.01 million a year earlier.

 

On a quarterly basis, Q4 net profit fell 52.6% from SAR 11.54 million in Q3 2024.

 

Total shareholders’ equity, no minority interest, rose to SAR 626.69 million by Dec. 31, 2024, compared to SAR 547.9 million a year earlier.

 

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