Financial Results : Gulf General incurs SAR 23.8M loss in Q1 2025

Gulf General incurs SAR 23.8M loss in Q1 2025

08/05/2025 Argaam Exclusive

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Gulf General Cooperative Insurance Co. widened its net loss to SAR 23.8 million in the first quarter of 2025, from SAR 5.7 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Gross Written Premium (GWP) 174.98 70.77 (59.6 %)
Insurance Revenues 87.77 94.11 7.2 %
Net Profit Before Zakat & Tax (3.89) (22.58) (480.2 %)
Net Income (5.71) (23.78) (316.6 %)
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items (Riyal) (0.19) (0.79) (316.6 %)
EPS (Riyal) (0.19) (0.79) (316.6 %)

Insurance service expenses increased 25% year-on-year (YoY) and investment income decreased 57.15% YoY by the end of the first three months of 2025.

 

Moreover, operating expenses rose 42.81% YoY to SAR 3.6 million. The insurer also reported a 13.4% drop in reinsurance contracts expenses, and a 7.22% growth in insurance revenue for the same period.

Insurance Operations

Item 3m 2024 3m 2025 Change‬
Gross Written Premium (GWP) 174.98 70.77 (59.6 %)
Insurance Revenues 87.77 94.11 7.2 %
Insurance Services Income (5.17) (20.57) (297.9 %)
Investment Income 4.26 1.83 (57.0 %)
Net Profit of Insurance Services and Investment (1.37) (18.98) (1,285.4 %)

Sequentially, however, the Saudi insurer narrowed losses from SAR 79 million in Q4 2024.

 

Shareholders' equity, no minority interest, reached SAR 202.63 million at the end of Q1 2025, compared with SAR 294.65 million a year earlier.

 

As of March 31, 2025, Gulf General’s accumulated losses amounted to SAR 162 million, representing 54% of capital.

 

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