Financial Results : Gulf Union Alahlia 2024 profit drops 65% to SAR 43.6M; Q4 at SAR 5.5M

Gulf Union Alahlia 2024 profit drops 65% to SAR 43.6M; Q4 at SAR 5.5M

19/03/2025 Argaam Exclusive

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Gulf Union Alahlia Cooperative Insurance Co. reported a net profit of SAR 43.6 million for 2024, falling 65% from SAR 125.1 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Gross Written Premium (GWP) 690.92 975.55 41.2 %
Insurance Revenues 624.48 804.75 28.9 %
Net Profit Before Zakat & Tax 127.04 51.55 (59.4 %)
Net Income 125.04 43.65 (65.1 %)
Average Shares 45.89 45.89 -
Earnings Per Share before unusual items (Riyals) 2.72 0.95 (65.1 %)
EPS (Riyal) 2.72 0.95 (65.1 %)

The company posted a 63% year-on-year (YoY) decline in insurance services results to SAR 38.8 million from SAR 104.4 million. This was mainly due to a 40% increase in insurance services expenses, a 77% decrease in net share of surplus from insurance pools, and a 16% drop in net investment income to SAR 31.66 million.

 

However, insurance revenues jumped 29% YoY to SAR 804.8 million, mainly due to a 41% YoY leap in gross written premium to SAR 975.5 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Gross Written Premium (GWP) 191.13 270.59 41.6 %
Insurance Revenues 179.50 236.27 31.6 %
Net Profit Before Zakat & Tax 36.51 7.47 (79.5 %)
Net Income 36.01 5.47 (84.8 %)
Average Shares 45.89 45.89 -
Earnings Per Share before unusual items (Riyal) 0.78 0.12 (84.8 %)
EPS (Riyal) 0.78 0.12 (84.8 %)

Insurance Operations

Item 2023 2024 Change‬
Gross Written Premium (GWP) 690.92 975.55 41.2 %
Insurance Revenues 624.48 804.75 28.9 %
Insurance Services Income 104.40 38.89 (62.7 %)
Investment Income 37.88 31.67 (16.4 %)
Net Profit of Insurance Services and Investment 146.56 70.97 (51.6 %)

Q4 2024 net profit stood at SAR 5.5 million, dropping 85% from SAR 36.01 million a year earlier.

 

On a quarterly basis, Q4 net profit fell 52.6% from SAR 11.54 million in Q3 2024.

 

Total shareholders’ equity, no minority interest, rose to SAR 626.69 million by Dec. 31, 2024, compared to SAR 547.9 million a year earlier.

 

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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 1.17 122.6 % 0.07 1.59 134.5 %
Q2 2015 (3.33) (201.7 %) (0.19) (2.79) (234.1 %)
Q3 2015 6.73 1009.2 % 0.38 7.21 603.2 %
Q4 2015 6.48 381.5 % 0.37 6.96 469.1 %
Q1 2016 0.89 (23.4 %) 0.05 1.42 (10.2 %)
Q2 2016 5.79 274.0 % 0.33 6.42 329.7 %
Q3 2016 (0.86) (112.8 %) (0.05) (0.23) (103.3 %)
Q4 2016 16.07 147.9 % 0.91 17.36 149.5 %
Q1 2017 5.81 550.3 % 0.33 6.58 362.2 %
Q2 2017 3.98 (31.2 %) 0.23 5.78 (9.9 %)
Q3 2017 0.93 207.6 % 0.05 2.01 956.7 %
Q4 2017 11.16 (30.6 %) 0.63 12.80 (26.2 %)
Q1 2018 3.11 (46.5 %) 0.18 5.47 (16.9 %)
Q2 2018 (10.73) (369.4 %) (0.61) (10.73) (285.6 %)
Q3 2018 (7.09) (861.8 %) (0.40) (7.09) (452.7 %)
Q4 2018 16.99 52.2 % 0.97 17.84 39.3 %
Q1 2019 (37.86) (1318.6 %) (2.15) (36.17) (761.8 %)
Q2 2019 1.06 109.9 % 0.06 1.06 109.9 %
Q3 2019 8.15 215.0 % 0.46 8.15 215.0 %
Q4 2019 (0.73) (104.3 %) (0.04) (4.01) (122.5 %)
Q1 2020 (6.79) 82.1 % (0.34) (6.10) 83.1 %
Q2 2020 8.95 744.3 % 0.45 9.57 801.8 %
Q3 2020 (11.56) (241.9 %) (0.58) (10.18) (224.9 %)
Q4 2020 (37.20) (5,002.3 %) (1.87) (33.68) (739.4 %)
Q1 2021 (57.80) (750.9 %) (2.15) (56.80) (831.0 %)
Q2 2021 (47.80) (634.1 %) (1.78) (46.80) (588.9 %)
Q3 2021 (17.06) (47.5 %) (0.63) (17.06) (67.5 %)
Q4 2021 (18.54) 50.2 % (0.69) (18.54) 45.0 %
Q1 2022 (24.80) 57.1 % (0.92) (24.30) 57.2 %
Q2 2022 0.39 100.8 % 0.01 0.89 101.9 %
Q3 2022 (0.66) 96.1 % (0.01) (0.16) 99.0 %
Q4 2022 6.78 136.6 % 0.15 7.28 139.3 %
Q1 2023 27.92 212.6 % 0.61 28.42 216.9 %
Q2 2023 30.76 7826.0 % 0.67 31.26 3420.0 %
Q3 2023 30.36 4673.0 % 0.66 30.86 18937.4 %
Q4 2023 36.01 431.4 % 0.78 36.51 401.7 %
Q1 2024 19.54 (30.0 %) 0.43 20.29 (28.6 %)
Q2 2024 7.09 (77.0 %) 0.15 10.74 (65.6 %)
Q3 2024 11.54 (62.0 %) 0.25 13.04 (57.7 %)
Q4 2024 5.47 (84.8 %) 0.12 7.47 (79.5 %)
2024 43.65 (65.1 %) 0.95 51.55 (59.4 %)

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 2015 98.07 (35.8 %) - - - -
Q2 2015 52.23 (30.9 %) - - - -
Q3 2015 27.49 (55.0 %) - - - -
Q4 2015 47.14 (10.0 %) - - - -
Q1 2016 79.52 (18.9 %) - - - -
Q2 2016 55.85 6.9 % - - - -
Q3 2016 46.00 67.3 % - - - -
Q4 2016 96.00 103.7 % - - - -
Q1 2017 160.69 102.1 % - - - -
Q2 2017 78.96 41.4 % - - - -
Q3 2017 32.48 (29.4 %) - - - -
Q4 2017 87.50 (8.9 %) - - - -
Q1 2018 80.23 (50.1 %) - - - -
Q2 2018 50.17 (36.5 %) - - - -
Q3 2018 48.49 49.3 % - - - -
Q4 2018 149.11 70.4 % - - - -
Q1 2019 173.98 116.8 % - - - -
Q2 2019 99.87 99.1 % - - - -
Q3 2019 116.39 140.0 % - - - -
Q4 2019 168.56 13.0 % - - - -
Q1 2020 133.65 (23.2 %) - - - -
Q2 2020 92.46 (7.4 %) - - - -
Q3 2020 156.91 34.8 % - - - -
Q4 2020 174.10 3.3 % - - - -
Q1 2021 177.08 32.5 % - - - -
Q2 2021 128.21 38.7 % - - - -
Q3 2021 116.38 (25.8 %) - - - -
Q4 2021 150.85 (13.4 %) - - - -
Q1 2022 135.20 (23.6 %) (25.11) - (18.29) -
Q2 2022 122.19 (4.7 %) 12.98 - 11.37 -
Q3 2022 109.32 (6.1 %) (13.67) - (6.18) -
Q4 2022 181.87 20.6 % 27.26 - 30.14 -
Q1 2023 159.41 17.9 % 32.57 229.7 % 35.37 293.4 %
Q2 2023 182.03 49.0 % 31.85 145.4 % 29.06 155.5 %
Q3 2023 158.35 44.9 % 31.03 326.9 % 29.00 569.4 %
Q4 2023 191.13 5.1 % 8.95 (67.2 %) 32.09 6.5 %
Q1 2024 200.24 25.6 % 23.45 (28.0 %) 31.82 (10.0 %)
Q2 2024 273.59 50.3 % 12.09 (62.1 %) 15.58 (46.4 %)
Q3 2024 231.13 46.0 % 7.24 (76.7 %) 18.04 (37.8 %)
Q4 2024 270.59 41.6 % (3.88) (143.4 %) 5.53 (82.8 %)
2024 975.55 41.2 % 38.89 (62.7 %) 70.97 (51.6 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2015 17.58 (0.09) (0.09) 6.66
Q2 2015 17.58 (0.22) (0.22) 6.48
Q3 2015 17.58 0.13 0.13 6.84
Q4 2015 17.58 0.63 0.63 7.22
Q1 2016 17.58 0.61 0.61 7.28
Q2 2016 17.58 1.13 1.13 7.62
Q3 2016 17.58 0.70 0.70 7.57
Q4 2016 17.58 1.24 1.24 8.34
Q1 2017 17.58 1.52 1.52 8.67
Q2 2017 17.58 1.42 1.42 8.86
Q3 2017 17.58 1.52 1.52 8.91
Q4 2017 17.58 1.24 1.24 9.55
Q1 2018 17.58 1.09 1.09 9.70
Q2 2018 17.58 0.25 0.25 9.13
Q3 2018 17.58 (0.20) (0.20) 8.72
Q4 2018 17.58 0.13 0.13 9.67
Q1 2019 17.58 (2.20) (2.20) 7.55
Q2 2019 17.58 (1.53) (1.53) 7.62
Q3 2019 17.58 (0.66) (0.66) 8.10
Q4 2019 17.58 (1.67) (1.67) 8.26
Q1 2020 19.91 0.08 0.08 7.60
Q2 2020 19.91 0.48 0.48 8.47
Q3 2020 19.91 (0.51) (0.51) 7.79
Q4 2020 19.91 (2.34) (2.34) 9.99
Q1 2021 26.90 (3.63) (3.63) 7.87
Q2 2021 26.90 (5.74) (5.74) 6.15
Q3 2021 26.90 (5.94) (5.94) 5.50
Q4 2021 26.90 (5.25) (5.25) 4.83
Q1 2022 26.90 (4.02) (4.02) 6.62
Q2 2022 45.89 (1.31) (1.31) 8.83
Q3 2022 45.89 (0.95) (0.95) 8.81
Q4 2022 45.89 (0.40) (0.40) 9.05
Q1 2023 45.89 0.75 0.75 9.66
Q2 2023 45.89 1.41 1.41 10.33
Q3 2023 45.89 2.09 2.09 10.99
Q4 2023 45.89 2.72 2.72 11.94
Q1 2024 45.89 2.54 2.54 12.37
Q2 2024 45.89 2.03 2.03 12.52
Q3 2024 45.89 1.62 1.62 12.77
Q4 2024 45.89 0.95 0.95 13.66

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E
Q1 2015 NEG NEG
Q2 2015 NEG NEG
Q3 2015 More than 100 More than 100
Q4 2015 More than 100 More than 100
Q1 2016 More than 100 More than 100
Q2 2016 31.74 31.74
Q3 2016 39.35 39.35
Q4 2016 29.59 29.59
Q1 2017 26.06 26.06
Q2 2017 26.33 26.33
Q3 2017 27.65 27.65
Q4 2017 30.24 30.24
Q1 2018 35.87 35.87
Q2 2018 More than 100 More than 100
Q3 2018 NEG NEG
Q4 2018 More than 100 More than 100
Q1 2019 NEG NEG
Q2 2019 NEG NEG
Q3 2019 NEG NEG
Q4 2019 NEG NEG
Q1 2020 More than 100 More than 100
Q2 2020 More than 100 More than 100
Q3 2020 NEG NEG
Q4 2020 NEG NEG
Q1 2021 NEG NEG
Q2 2021 NEG NEG
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 12.99 12.99
Q2 2023 7.78 7.78
Q3 2023 6.53 6.53
Q4 2023 5.96 5.96
Q1 2024 9.48 9.48
Q2 2024 9.39 9.39
Q3 2024 9.78 9.78
Q4 2024 16.38 16.38

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Comprehensive Motor Insurance Property and casualty Insurance - Engineering Marine Insurance Fire insurance
Q1 2015 3.46 42.73 19.59 - 16.44 15.85
Q2 2015 14.41 14.98 (3.40) 9.57 9.50 7.18
Q3 2015 5.36 9.20 1.25 2.24 6.04 3.40
Q4 2015 6.81 15.12 4.06 3.78 6.81 10.55
Q1 2016 3.28 34.48 10.92 5.00 12.73 13.11
Q2 2016 18.56 16.53 2.55 2.32 11.39 4.51
Q3 2016 17.93 19.54 1.40 1.21 3.78 2.16
Q4 2016 19.52 57.94 3.26 2.43 7.44 5.41
Q1 2017 26.50 104.04 7.62 4.25 8.86 9.42
Q2 2017 54.25 10.97 2.94 2.13 6.28 2.37
Q3 2017 9.12 13.45 1.46 1.27 4.50 2.67
Q4 2017 42.98 30.58 3.04 2.45 4.68 3.78
Q1 2018 23.28 35.03 5.71 2.96 5.30 7.95
Q2 2018 27.68 15.14 2.02 1.72 2.20 1.41
Q3 2018 18.91 20.77 1.76 2.64 2.56 1.85
Q4 2018 50.47 85.49 - 2.20 5.28 2.66
Q1 2019 44.12 101.45 28.41 - - -
Q2 2019 62.95 26.87 10.05 - - -
Q3 2019 78.81 26.92 10.66 - - -
Q4 2019 125.31 22.73 20.51 - - -
Q1 2020 69.79 36.45 27.41 - - -
Q2 2020 59.09 21.36 12.01 - - -
Q3 2020 128.03 19.51 9.37 - - -
Q4 2020 134.44 21.92 17.74 - - -
Q1 2021 77.27 65.74 34.07 - - -
Q2 2021 58.97 53.66 15.58 - - -
Q3 2021 52.76 49.91 13.70 - - -
Q4 2021 71.25 60.38 19.22 - - -
Q1 2022 39.19 63.43 32.58 - - -
Q2 2022 52.44 50.08 19.52 - - -
Q3 2022 51.87 38.49 18.96 - - -
Q4 2022 86.84 72.16 22.87 - - -
Q1 2023 59.34 66.24 33.83 - - -
Q2 2023 68.07 83.67 30.29 - - -
Q3 2023 61.63 67.97 28.76 - - -
Q4 2023 72.23 84.16 34.74 - - -
Q1 2024 71.15 89.80 39.29 - - -
Q2 2024 130.65 91.45 51.48 - - -
Q3 2024 123.00 77.39 30.74 - - -
Q4 2024 121.98 112.19 36.41 - - -


Financial Ratios
Current
Market Cap (M Riyal) 534.28
Shares Outstanding (M) 45.89
EPS ( Riyal) (TTM) (1.11)
Book Value (BV) ( Riyal) 12.29
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/Book 0.95
Return on Average Assets (%) (TTM) (4.56 )
Return on Average Equity (%) (TTM) (8.93 )
Return on Market Cap (%) (7.45 )
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Share Price

Gulf Union Alahlia Cooperative Insurance Co.
11.64
(0.26) (2.18 %)

Gulf Union Alahlia Cooperative Insurance Co. (GULF UNION ALAHLIA)

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