Gulf General Cooperative Insurance Co. reported a net profit of SAR 3.5 million for 2023, against a net loss of SAR 106 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 373.29 | 330.64 | (11.4 %) |
| Insurance Revenues | 315.69 | 315.65 | 0.0 % |
| Net Profit Before Zakat & Tax | (102.00) | 6.32 | 106.2 % |
| Net Income | (106.02) | 3.53 | 103.3 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | (3.53) | 0.12 | 103.3 % |
The positive performance is due to a 92.03% year-on-year (YoY) decrease in loss of insurance service results, driven by a 23.53% YoY decline in insurance service expenses and a 21.71% YoY drop in reinsurance contracts expenses.
Meanwhile, the insurer reported an increase in net investment income by SAR 16.92 million YoY and a 20.88% decrease in operating expenses.
This came despite a YoY decrease of SAR 40,000 in insurance revenue and a drop of 11.42% in gross written premiums (GWP).
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 68.92 | - | - |
| Insurance Revenues | 85.57 | 80.96 | (5.4 %) |
| Net Profit Before Zakat & Tax | (47.62) | 5.04 | 110.6 % |
| Net Income | (48.38) | 4.96 | 110.2 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | (1.61) | 0.17 | 110.2 % |
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 373.29 | 330.64 | (11.4 %) |
| Insurance Revenues | 315.69 | 315.65 | 0.0 % |
| Insurance Services Income | (107.08) | (8.53) | 92.0 % |
| Investment Income | (0.93) | 16.00 | 1820.4 % |
| Net Profit of Insurance Services and Investment | (108.31) | 2.97 | 102.7 % |
The company reported a net profit of SAR 5 million in Q4 2023, versus a net loss of SAR 48.38 million in Q4 2022.
Sequentially, the insurer profit more than tripled from SAR 1.49 million in Q3 2023.
Shareholders’ equity, no minority interest, grew to SAR 300.39 million as of Dec. 31, 2023, compared to SAR 293.65 million a year earlier.
Accumulated losses stood at SAR 244.12 million by the end of 2023, which represents 48.8% of capital.
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