MEDGULF H1 2025 profit drops 70% to SAR 18.2M; Q2 losses reach SAR 1.5M

06/08/2025 Argaam Exclusive

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The Mediterranean and Gulf Cooperative Insurance and Reinsurance Co. (MEDGULF) posted a 70% fall in its net earnings for H1 2025 to SAR 18.2 million, compared to SAR 59.9 million in H1 2024.

Financials (M)

Item	6m 2024	6m 2025	Change‬
Gross Written Premium (GWP)	2,387.02	2,774.19	16.2 %
Insurance Revenues	1,709.53	2,026.78	18.6 %
Net Profit Before Zakat & Tax	66.39	23.13	(65.2 %)
Net Income	59.87	18.17	(69.7 %)
Average Shares	105.00	105.00	-
Earnings Per Share before unusual items (Riyals)	0.57	0.17	(69.7 %)
EPS (Riyal)	0.57	0.17	(69.7 %)

The profit decline was attributed to a 51.76% year-on-year (YoY) drop in net investment income to SAR 15.8 million due to lower returns from fair value-measured investments. Additionally, other income shifted from SAR 19.3 million in the prior year to an expense of SAR 2.1 million.

On a positive note, insurance revenue rose 18.56% YoY to SAR 2.03 billion, supported by growth in acquired medical and motor insurance business.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2024	Q2 2025	Change‬
Gross Written Premium (GWP)	528.59	429.77	(18.7 %)
Insurance Revenues	875.91	1,026.44	17.2 %
Net Profit Before Zakat & Tax	39.12	2.49	(93.6 %)
Net Income	33.61	(1.47)	(104.4 %)
Average Shares	105.00	105.00	-
Earnings Per Share before unusual items (Riyal)	0.32	(0.01)	(104.4 %)
EPS (Riyal)	0.32	(0.01)	(104.4 %)

Item	Q1 2025	Q2 2025	Change‬
Gross Written Premium (GWP)	2,344.42	429.77	(81.7 %)
Insurance Revenues	1,000.34	1,026.44	2.6 %
Net Profit Before Zakat & Tax	20.64	2.49	(87.9 %)
Net Income	19.64	(1.47)	(107.5 %)
Average Shares	105.00	105.00	-
Earnings Per Share before unusual items (Riyal)	0.19	(0.01)	(107.5 %)
EPS (Riyal)	0.19	(0.01)	(107.5 %)

In Q2 2025, MEDGULF posted a net loss of SAR 1.47 million, compared to a net profit of SAR 33.61 million in Q2 2024. The quarterly performance was weighed down by a 79.6% YoY decline in net investment results, impacted by lower fair values of traded instruments.

Other operating income also dropped 93.5% YoY, as the same quarter last year included exceptional one-off gains.

Compared to the previous quarter, Q2 net profit fell 107.5% from SAR 19.64 million in Q1 2025.

Insurance Operations

Item	6m 2024	6m 2025	Change‬
Gross Written Premium (GWP)	2,387.02	2,774.19	16.2 %
Insurance Revenues	1,709.53	2,026.78	18.6 %
Insurance Services Income	14.82	32.25	117.6 %
Investment Income	32.75	15.80	(51.8 %)
Net Profit of Insurance Services and Investment	47.07	25.21	(46.4 %)

Shareholders’ equity, no minority interest, reached SAR 1.04 billion by the end of H1 2025, compared with SAR 977.2 million in the year-earlier period.

Accumulated losses reached SAR 136.96 million by the end of the current period, representing 13% 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	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 %)
Q2 2025	(1.47)	(104.4 %)	(0.01)	2.49	(93.6 %)

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 %)
Q2 2025	429.77	(18.7 %)	22.17	367.8 %	0.71	(93.9 %)

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
Q2 2025	105.00	0.57	0.57	9.99

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
Q2 2025	34.93	34.93

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	-
Q2 2025	217.75	173.30	38.72	-

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)	1,638.00
Shares Outstanding (M)	105.00
EPS ( Riyal) (TTM)	0.57
Book Value (BV) ( Riyal)	9.99
Par Value ( Riyal)	10.00
Recurring P/E	27.17
P/E (TTM)	27.17
Price/Book	1.56
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 H1 2025 profit drops 70% to SAR 18.2M; Q2 losses reach SAR 1.5M

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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 Q2

Financial Ratios

Share Price

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

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MEDGULF H1 2025 profit drops 70% to SAR 18.2M; Q2 losses reach SAR 1.5M

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) Q2 2025

Revenue by Business Segment (Latest) 2025 Q2

Financial Ratios

Share Price

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

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Business Segments - Gross Premium Written (Million)