Financial Results : Gulf Union Alahlia swings to SAR 67.8M loss in H1 2025; Q2 loss at SAR 27.9M

Gulf Union Alahlia swings to SAR 67.8M loss in H1 2025; Q2 loss at SAR 27.9M

04/08/2025 Argaam Exclusive

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Gulf Union Alahlia Cooperative Insurance Co. incurred a net loss of SAR 67.8 million in H1 2025, versus a SAR 26.6 million profit a year earlier.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Gross Written Premium (GWP) 473.83 574.27 21.2 %
Insurance Revenues 358.48 508.22 41.8 %
Net Profit Before Zakat & Tax 31.04 (62.43) (301.1 %)
Net Income 26.63 (67.83) (354.7 %)
Average Shares 45.89 45.89 -
Earnings Per Share before unusual items (Riyals) 0.58 (1.48) (354.7 %)
EPS (Riyal) 0.58 (1.48) (354.7 %)

The company reported losses for the current period, primarily due to a significant 82% increase in insurance service expenses, which rose by SAR 240.7 million to SAR 535.5 million.

 

This resulted in insurance service losses of SAR 68.9 million, compared to profits of SAR 31.5 million in the same period last year.

 

Additionally, the company’s share of surplus from insurance funds declined by 34%, dropping to SAR 2.6 million from SAR 4 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Gross Written Premium (GWP) 273.59 321.57 17.5 %
Insurance Revenues 192.52 260.21 35.2 %
Net Profit Before Zakat & Tax 10.74 (25.18) (334.4 %)
Net Income 7.09 (27.88) (493.4 %)
Average Shares 45.89 45.89 -
Earnings Per Share before unusual items (Riyal) 0.15 (0.61) (493.4 %)
EPS (Riyal) 0.15 (0.61) (493.4 %)

In Q2 2025, the insurer swung to a loss, versus a profit of SAR 7.09 million in Q2 2024.

 

Sequentially, the company reduced its loss by 30.2% compared to Q1 2025.

Insurance Operations

Item 6m 2024 6m 2025 Change‬
Gross Written Premium (GWP) 473.83 574.27 21.2 %
Insurance Revenues 358.48 508.22 41.8 %
Insurance Services Income 35.54 (66.24) (286.4 %)
Investment Income 13.66 18.76 37.3 %
Net Profit of Insurance Services and Investment 47.40 (46.35) (197.8 %)

Total shareholders’ equity, no minority interest, stood at SAR 563.95 million by the end of the current period, compared to SAR 574.62 million a year earlier.

 

Accumulated loss by the end of the period stood at SAR 3.06 million, representing 7% of the capital.

 

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