MEDGULF 2025 earnings drop 60% to SAR 41.1M; Q4 at SAR 5M

24/03/2026 Argaam Exclusive

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The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) posted a net profit of SAR 41.1 million in 2025, falling 60% from SAR 102 million a year earlier.

Financials (M)

Item	2024	2025	Change‬
Insurance Revenues	3,551.79	4,320.24	21.6 %
Net Income	101.99	41.06	(59.7 %)
Average Shares	105.00	136.88	30.4 %
Earnings Per Share before unusual items (Riyals)	0.76	0.30	(60.5 %)
EPS (Riyal)	0.97	0.30	(69.1 %)

The decline was driven by a 39.61% drop in net investment income to SAR 39.13 million, from SAR 64.8 million in 2024, reflecting lower contributions from equity investments measured at fair value through profit and loss.

Net insurance financing expenses rose to SAR 33.48 million in 2025, compared with SAR 4.58 million in 2024, due to higher paid claims and a lower discount rate.

The company recorded no one-off non-insurance revenue items this year, such as the land disposal in 2024, which had boosted last year’s results, and faced higher nonattributable expenses, including end-of-service costs.

Insurance revenues grew 21.64% to SAR 4.32 billion, from SAR 3.55 billion in 2024, mainly driven by higher volumes and earnings in health and motor segments.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2024	Q4 2025	Change‬
Insurance Revenues	941.84	1,266.57	34.5 %
Net Income	3.00	4.99	66.2 %
Average Shares	105.00	136.88	30.4 %
Earnings Per Share before unusual items (Riyal)	0.03	0.04	27.5 %
EPS (Riyal)	0.03	0.04	27.5 %

Item	Q3 2025	Q4 2025	Change‬
Insurance Revenues	1,026.88	1,266.57	23.3 %
Net Income	17.90	4.99	(72.1 %)
Average Shares	136.88	136.88	-
Earnings Per Share before unusual items (Riyal)	0.13	0.04	(72.1 %)
EPS (Riyal)	0.13	0.04	(72.1 %)

In Q4 2025, the insurer reported a 66% rise in net earnings to SAR 5 million from SAR 3 million a year earlier. Compared to Q3 2025, earnings dropped 72.1% from SAR 17.9 million.

Insurance Operations

Item	2024	2025	Change‬
Insurance Revenues	3,551.79	4,320.24	21.6 %
Insurance Services Income	25.39	54.78	115.8 %
Investment Income	64.81	39.14	(39.6 %)
Net Profit of Insurance Services and Investment	85.61	60.43	(29.4 %)

Total shareholders’ equity, with no minority interest, stood at SAR 1.59 billion as of Dec. 31, 2025, compared to SAR 1.02 billion in the prior-year period.

Accumulated losses reached SAR 114.07 million by the end of 2025, accounting for 8.26% of the company’s capital.

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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	16.94	(73.8 %)
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	84.85	(56.6 %)
Q1 2025	19.64	(25.2 %)	0.14	20.64	(24.3 %)
Q2 2025	(1.47)	(104.4 %)	(0.01)	2.49	(85.3 %)
Q3 2025	17.90	(54.2 %)	0.13	19.07	(52.8 %)
Q4 2025	4.99	66.2 %	0.04	-	-
2025	41.06	(59.7 %)	0.30	-	-

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
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	84.85	(56.6 %)
2025	41.06	(59.7 %)	0.30	-	-

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 %)	(8.32)	(133.4 %)	(3.11)	(106.3 %)
2024	3,731.15	19.0 %	25.39	(70.8 %)	85.61	(53.4 %)
Q1 2025	2,344.42	26.2 %	10.08	(56.4 %)	24.50	(30.8 %)
Q2 2025	429.77	(18.7 %)	22.17	367.8 %	0.71	(93.9 %)
Q3 2025	809.78	1.9 %	9.05	(52.1 %)	21.79	(47.7 %)
Q4 2025	-	-	13.48	261.9 %	13.44	531.6 %
2025	-	-	54.78	115.7 %	60.43	(29.4 %)

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
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 %	25.39	(70.8 %)	85.61	(53.4 %)
2025	-	-	54.78	115.7 %	60.43	(29.4 %)

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	1.32	9.31
Q3 2024	105.00	1.52	1.31	9.68
Q4 2024	105.00	0.97	0.76	9.80
Q1 2025	136.88	0.70	0.53	10.01
Q2 2025	136.88	0.44	0.44	9.99
Q3 2025	136.88	0.29	0.29	10.16
Q4 2025	136.88	0.30	0.30	11.53

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
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	0.76	9.80
2025	136.88	0.30	0.30	11.53

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	49.80	49.80
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	9.87	9.87
Q1 2024	17.72	17.72
Q2 2024	23.40	27.16
Q3 2024	20.55	23.86
Q4 2024	35.29	45.10
Q1 2025	32.33	42.14
Q2 2025	45.97	45.97
Q3 2025	More than 100	More than 100
Q4 2025	38.93	38.93

Period	P/E	Recurring P/E
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	9.87	9.87
2024	35.29	45.10
2025	38.93	38.93

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	-
Q2 2025	217.75	173.30	38.72	-
Q3 2025	593.57	148.70	67.51	-
Q4 2025	534.25	183.10	49.14	-

Period	Medical Insurance	Comprehensive Motor Insurance	Property & Casualty	Other classes
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	-
2025	3,405.65	642.69	302.11	-

Financial Ratios

	Current
Market Cap (M Riyal)	2,046.15
Shares Outstanding (M)	136.88
EPS ( Riyal) (TTM)	0.30
Book Value (BV) ( Riyal)	11.53
Par Value ( Riyal)	10.00
Recurring P/E	49.83
P/E (TTM)	49.83
Price/Book	1.28
Return on Average Assets (%) (TTM)	1.3
Return on Average Equity (%) (TTM)	3.1
Return on Market Cap (%)	2.6

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

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MEDGULF 2025 earnings drop 60% to SAR 41.1M; Q4 at SAR 5M

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Financials (M)

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 Q4

Financial Ratios

Share Price

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

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MEDGULF 2025 earnings drop 60% to SAR 41.1M; Q4 at SAR 5M

View other reports

Financials (M)

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) Q4 2025

Revenue by Business Segment (Latest) 2025 Q4

Financial Ratios

Share Price

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

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Business Segments - Gross Premium Written (Million)