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 %)

Item	Q4 2024	Q1 2025	Change‬
Gross Written Premium (GWP)	549.14	2,344.42	326.9 %
Insurance Revenues	941.84	1,000.34	6.2 %
Net Profit Before Zakat & Tax	0.23	20.64	8912.2 %
Net Income	3.00	19.64	553.7 %
Average Shares	105.00	105.00	-
Earnings Per Share before unusual items (Riyal)	0.03	0.19	553.7 %
EPS (Riyal)	0.03	0.19	553.7 %

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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Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2016	9.49	117.4 %	0.09	-	-
Q2 2016	(21.62)	84.1 %	(0.21)	-	-
Q3 2016	51.83	6.4 %	0.49	-	-
Q4 2016	8.94	107.0 %	0.09	-	-
2016	50.13	118.6 %	0.48	-	-
Q1 2017	(94.86)	(1099.9 %)	(0.90)	(92.97)	-
Q2 2017	(440.01)	(1,935.2 %)	(4.19)	(417.32)	-
Q3 2017	56.62	9.2 %	0.54	60.12	-
Q4 2017	25.04	180.3 %	0.24	29.07	-
2017	(420.14)	(938.0 %)	(4.00)	(388.03)	-
Q1 2018	(25.74)	72.9 %	(0.25)	(23.27)	75.0 %
Q2 2018	(10.14)	97.7 %	(0.10)	(8.64)	97.9 %
Q3 2018	(81.17)	(243.4 %)	(0.77)	(79.79)	(232.7 %)
Q4 2018	(93.14)	(471.9 %)	(0.89)	(92.82)	(419.3 %)
2018	(209.15)	50.2 %	(1.99)	(204.53)	47.3 %
Q1 2019	2.94	111.4 %	0.03	7.04	130.2 %
Q2 2019	0.85	108.4 %	0.01	4.13	147.8 %
Q3 2019	2.79	103.4 %	0.03	5.28	106.6 %
Q4 2019	(3.45)	96.3 %	(0.03)	2.73	102.9 %
2019	3.12	101.5 %	0.03	19.18	109.4 %
Q1 2020	4.23	44.0 %	0.04	8.25	17.2 %
Q2 2020	22.99	2604.2 %	0.22	27.00	553.9 %
Q3 2020	3.58	28.6 %	0.03	7.59	43.8 %
Q4 2020	6.07	276.0 %	0.06	12.03	340.1 %
2020	36.91	1081.6 %	0.35	54.90	186.3 %
Q1 2021	6.81	60.7 %	0.06	9.05	9.8 %
Q2 2021	6.58	(71.4 %)	0.06	8.84	(67.3 %)
Q3 2021	(25.63)	(815.7 %)	(0.24)	(23.38)	(407.9 %)
Q4 2021	(128.84)	(2221.1 %)	(1.23)	(130.59)	(1185.8 %)
2021	(140.59)	(480.9 %)	(1.34)	(135.59)	(347.0 %)
Q1 2022	(17.21)	(352.8 %)	(0.16)	(15.96)	(276.2 %)
Q2 2022	(64.43)	(1078.6 %)	(0.61)	(63.18)	(815.1 %)
Q3 2022	(92.04)	(259.1 %)	(0.88)	(104.81)	(348.3 %)
Q4 2022	(223.20)	(73.2 %)	(2.13)	(221.91)	(69.9 %)
2022	(396.87)	(182.3 %)	(3.78)	(405.86)	(199.3 %)
Q1 2023	36.20	310.4 %	0.34	37.20	333.1 %
Q2 2023	64.58	200.2 %	0.62	64.58	202.2 %
Q3 2023	39.79	143.2 %	0.38	43.79	141.8 %
Q4 2023	60.91	127.3 %	0.58	50.11	122.6 %
2023	201.47	150.8 %	1.92	195.67	148.2 %
Q1 2024	26.26	(27.4 %)	0.25	27.26	(26.7 %)
Q2 2024	33.61	(48.0 %)	0.32	39.12	(39.4 %)
Q3 2024	39.12	(1.7 %)	0.37	40.42	(7.7 %)
Q4 2024	3.00	(95.1 %)	0.03	0.23	(99.5 %)
2024	101.99	(49.4 %)	0.97	107.04	(45.3 %)
Q1 2025	19.64	(25.2 %)	0.19	20.64	(24.3 %)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2015	(269.26)	(244.4 %)	(2.56)	-	-
2016	50.13	118.6 %	0.48	-	-
2017	(420.14)	(938.0 %)	(4.00)	(388.03)	-
2018	(209.15)	50.2 %	(1.99)	(204.53)	47.3 %
2019	3.12	101.5 %	0.03	19.18	109.4 %
2020	36.91	1081.6 %	0.35	54.90	186.3 %
2021	(140.59)	(480.9 %)	(1.34)	(135.59)	(347.0 %)
2022	(396.87)	(182.3 %)	(3.78)	(405.86)	(199.3 %)
2023	201.47	150.8 %	1.92	195.67	148.2 %
2024	101.99	(49.4 %)	0.97	107.04	(45.3 %)

Insurance Operations Performance (M)

Compared With The

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
Q1 2016	1,233.58	(18.6 %)	-	-	-	-
Q2 2016	891.38	(22.4 %)	-	-	-	-
Q3 2016	510.97	(32.2 %)	-	-	-	-
Q4 2016	558.41	(4.3 %)	-	-	-	-
2016	3,194.33	(20.2 %)	-	-	-	-
Q1 2017	784.01	(36.4 %)	-	-	-	-
Q2 2017	869.03	(2.5 %)	-	-	-	-
Q3 2017	513.18	0.4 %	-	-	-	-
Q4 2017	499.62	(10.5 %)	-	-	-	-
2017	2,665.84	(16.5 %)	-	-	-	-
Q1 2018	413.62	(47.2 %)	-	-	-	-
Q2 2018	277.86	(68.0 %)	-	-	-	-
Q3 2018	836.28	63.0 %	-	-	-	-
Q4 2018	541.71	8.4 %	-	-	-	-
2018	2,069.47	(22.4 %)	-	-	-	-
Q1 2019	1,077.24	160.4 %	-	-	-	-
Q2 2019	290.46	4.5 %	-	-	-	-
Q3 2019	747.09	(10.7 %)	-	-	-	-
Q4 2019	306.49	(43.4 %)	-	-	-	-
2019	2,421.28	17.0 %	-	-	-	-
Q1 2020	1,260.22	17.0 %	-	-	-	-
Q2 2020	251.70	(13.3 %)	-	-	-	-
Q3 2020	422.14	(43.5 %)	-	-	-	-
Q4 2020	600.45	95.9 %	-	-	-	-
2020	2,534.50	4.7 %	-	-	-	-
Q1 2021	1,028.92	(18.4 %)	-	-	-	-
Q2 2021	292.75	16.3 %	-	-	-	-
Q3 2021	378.23	(10.4 %)	-	-	-	-
Q4 2021	536.33	(10.7 %)	-	-	-	-
2021	2,236.22	(11.8 %)	-	-	-	-
Q1 2022	1,231.20	19.7 %	(79.69)	-	(16.12)	-
Q2 2022	390.90	33.5 %	(100.78)	-	(64.26)	-
Q3 2022	523.19	38.3 %	(128.27)	-	(103.49)	-
Q4 2022	709.31	32.3 %	(276.48)	-	(328.88)	-
2022	2,854.60	27.7 %	(585.21)	-	(512.74)	-
Q1 2023	1,602.52	30.2 %	(11.79)	85.2 %	22.05	236.8 %
Q2 2023	418.91	7.2 %	34.72	134.5 %	60.30	193.8 %
Q3 2023	562.40	7.5 %	39.19	130.6 %	51.72	150.0 %
Q4 2023	551.69	(22.2 %)	24.88	109.0 %	49.52	115.1 %
2023	3,135.53	9.8 %	87.00	114.9 %	183.58	135.8 %
Q1 2024	1,858.43	16.0 %	23.10	295.8 %	35.39	60.5 %
Q2 2024	528.59	26.2 %	(8.28)	(123.8 %)	11.68	(80.6 %)
Q3 2024	794.99	41.4 %	18.90	(51.8 %)	41.66	(19.5 %)
Q4 2024	549.14	(0.5 %)	(12.63)	(150.8 %)	(7.42)	(115.0 %)
2024	3,731.15	19.0 %	19.81	(77.2 %)	80.03	(56.4 %)
Q1 2025	2,344.42	26.2 %	10.08	(56.4 %)	24.50	(30.8 %)

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2015	4,001.93	(9.4 %)	-	-	-	-
2016	3,194.33	(20.2 %)	-	-	-	-
2017	2,665.84	(16.5 %)	-	-	-	-
2018	2,069.47	(22.4 %)	-	-	-	-
2019	2,421.28	17.0 %	-	-	-	-
2020	2,534.50	4.7 %	-	-	-	-
2021	2,236.22	(11.8 %)	-	-	-	-
2022	2,854.60	27.7 %	(585.21)	-	(512.74)	-
2023	3,135.53	9.8 %	87.00	114.9 %	183.58	135.8 %
2024	3,731.15	19.0 %	19.81	(77.2 %)	80.03	(56.4 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
Q1 2016	105.00	(1.96)	(1.96)	8.77
Q2 2016	105.00	(0.86)	(0.86)	8.51
Q3 2016	105.00	(0.83)	(0.83)	9.00
Q4 2016	105.00	0.46	0.46	8.76
Q1 2017	105.00	(0.53)	(0.53)	8.16
Q2 2017	105.00	(4.52)	(4.52)	3.97
Q3 2017	105.00	(4.47)	(4.47)	4.51
Q4 2017	105.00	(4.32)	(4.32)	4.75
Q1 2018	105.00	(3.66)	(3.66)	4.51
Q2 2018	105.00	0.44	0.44	4.40
Q3 2018	105.00	(0.88)	(0.88)	3.58
Q4 2018	105.00	(2.00)	(2.00)	6.53
Q1 2019	105.00	(1.73)	(1.73)	6.46
Q2 2019	105.00	(1.62)	(1.62)	6.62
Q3 2019	105.00	(0.82)	(0.82)	6.67
Q4 2019	105.00	0.03	0.03	6.77
Q1 2020	105.00	0.04	0.04	6.64
Q2 2020	105.00	0.25	0.25	6.98
Q3 2020	105.00	0.26	0.26	7.25
Q4 2020	105.00	0.35	0.35	7.28
Q1 2021	105.00	0.38	0.38	7.36
Q2 2021	105.00	0.22	0.22	7.44
Q3 2021	105.00	(0.06)	(0.06)	7.15
Q4 2021	105.00	(1.34)	(1.34)	9.75
Q1 2022	105.00	(1.57)	(1.57)	10.41
Q2 2022	105.00	(2.25)	(2.25)	9.80
Q3 2022	105.00	(2.88)	(2.88)	8.92
Q4 2022	105.00	(3.78)	(3.78)	6.73
Q1 2023	105.00	(3.27)	(3.27)	7.08
Q2 2023	105.00	(2.04)	(2.04)	7.69
Q3 2023	105.00	(0.79)	(0.79)	8.01
Q4 2023	105.00	1.92	1.92	8.74
Q1 2024	105.00	1.82	1.82	8.99
Q2 2024	105.00	1.53	1.53	9.31
Q3 2024	105.00	1.52	1.52	9.68
Q4 2024	105.00	0.97	0.97	9.80
Q1 2025	105.00	0.91	0.91	10.01

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2015	105.00	(2.56)	(2.56)	8.69
2016	105.00	0.48	0.48	8.76
2017	105.00	(4.00)	(4.00)	4.75
2018	105.00	(1.99)	(1.99)	6.53
2019	105.00	0.03	0.03	6.77
2020	105.00	0.35	0.35	7.28
2021	105.00	(1.34)	(1.34)	9.75
2022	105.00	(3.78)	(3.78)	6.73
2023	105.00	1.92	1.92	8.74
2024	105.00	0.97	0.97	9.80

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Recurring P/E
Q1 2016	NEG	NEG
Q2 2016	NEG	NEG
Q3 2016	NEG	NEG
Q4 2016	More than 100	More than 100
Q1 2017	NEG	NEG
Q2 2017	NEG	NEG
Q3 2017	NEG	NEG
Q4 2017	NEG	NEG
Q1 2018	NEG	NEG
Q2 2018	37.85	37.85
Q3 2018	NEG	NEG
Q4 2018	NEG	NEG
Q1 2019	NEG	NEG
Q2 2019	NEG	NEG
Q3 2019	NEG	NEG
Q4 2019	More than 100	More than 100
Q1 2020	More than 100	More than 100
Q2 2020	More than 100	More than 100
Q3 2020	More than 100	More than 100
Q4 2020	More than 100	More than 100
Q1 2021	More than 100	More than 100
Q2 2021	More than 100	More than 100
Q3 2021	NEG	NEG
Q4 2021	NEG	NEG
Q1 2022	NEG	NEG
Q2 2022	NEG	NEG
Q3 2022	NEG	NEG
Q4 2022	NEG	NEG
Q1 2023	NEG	NEG
Q2 2023	NEG	NEG
Q3 2023	NEG	NEG
Q4 2023	7.50	7.50
Q1 2024	13.46	13.46
Q2 2024	17.79	17.79
Q3 2024	15.62	15.62
Q4 2024	26.82	26.82
Q1 2025	24.57	24.57

Period	P/E	Recurring P/E
2015	NEG	NEG
2016	More than 100	More than 100
2017	NEG	NEG
2018	NEG	NEG
2019	More than 100	More than 100
2020	More than 100	More than 100
2021	NEG	NEG
2022	NEG	NEG
2023	7.50	7.50
2024	26.82	26.82

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Medical Insurance	Comprehensive Motor Insurance	Property & Casualty	Other classes
Q1 2016	883.11	238.98	111.50	-
Q2 2016	633.96	143.14	114.28	-
Q3 2016	326.24	116.93	67.79	-
Q4 2016	423.68	30.94	103.78	-
Q1 2017	604.73	86.30	92.99	-
Q2 2017	580.03	151.52	137.48	-
Q3 2017	302.63	153.43	57.12	-
Q4 2017	231.27	155.20	113.15	-
Q1 2018	282.66	77.77	53.19	-
Q2 2018	163.33	105.15	9.39	-
Q3 2018	638.41	115.05	82.82	-
Q4 2018	349.70	145.36	46.66	-
Q1 2019	855.86	90.56	130.82	-
Q2 2019	153.80	101.89	34.76	-
Q3 2019	616.78	57.45	72.86	-
Q4 2019	179.38	86.47	40.64	-
Q1 2020	898.76	218.47	142.99	-
Q2 2020	141.35	69.48	40.86	-
Q3 2020	311.21	53.77	57.16	-
Q4 2020	470.01	85.21	45.24	-
Q1 2021	748.92	173.21	106.78	-
Q2 2021	134.92	70.32	87.51	-
Q3 2021	213.98	69.76	94.49	-
Q4 2021	390.03	118.25	28.06	-
Q1 2022	954.30	175.42	101.49	-
Q2 2022	124.90	213.18	52.82	-
Q3 2022	221.23	200.12	101.83	-
Q4 2022	501.14	152.92	55.24	-
Q1 2023	1,310.90	134.23	157.40	-
Q2 2023	303.44	57.14	58.33	-
Q3 2023	375.69	111.50	75.21	-
Q4 2023	401.48	86.97	63.25	-
Q1 2024	1,674.56	84.05	99.82	-
Q2 2024	396.93	77.95	53.72	-
Q3 2024	473.06	179.07	142.86	-
Q4 2024	356.33	145.93	46.87	-
Q1 2025	2,060.08	137.59	146.75	-

Period	Medical Insurance	Comprehensive Motor Insurance	Property & Casualty	Other classes
2015	2,811.47	666.05	524.42	-
2016	2,266.99	530.00	397.35	-
2017	1,718.66	546.45	400.73	-
2018	1,434.09	443.33	192.05	-
2019	1,805.83	336.37	279.08	-
2020	1,821.32	426.93	286.25	-
2021	1,487.85	431.54	316.84	-
2022	1,801.57	741.64	311.39	-
2023	2,391.50	389.84	354.19	-
2024	2,900.88	487.00	343.26	-

Financial Ratios

	Current
Market Cap (M Riyal)	1,747.20
Shares Outstanding (M)	105.00
EPS ( Riyal) (TTM)	0.57
Book Value (BV) ( Riyal)	9.99
Par Value ( Riyal)	10.00
Recurring P/E	28.98
P/E (TTM)	28.98
Price/Book	1.67
Return on Average Assets (%) (TTM)	2.0
Return on Average Equity (%) (TTM)	6.0
Return on Market Cap (%)	2.9

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF)

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MEDGULF Q1 2025 profit down 25% to SAR 19.6M

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Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million)

Revenue by Business Segment (Latest) 2025 Q1

Financial Ratios

Share Price

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF)

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MEDGULF Q1 2025 profit down 25% to SAR 19.6M

View other reports

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million) Q1 2025

Revenue by Business Segment (Latest) 2025 Q1

Financial Ratios

Share Price

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF)

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Business Segments - Gross Premium Written (Million)