Financial Results : Gulf Union Alahlia swings to SAR 39.9M loss in Q1 2025

Gulf Union Alahlia swings to SAR 39.9M loss in Q1 2025

08/05/2025 Argaam Exclusive

View other reports

Gulf Union Alahlia Cooperative Insurance Co. incurred a net loss of SAR 39.9 million in Q1 2025, versus a net profit of SAR 19.5 million in a year earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Gross Written Premium (GWP) 200.24 252.70 26.2 %
Insurance Revenues 165.96 248.01 49.4 %
Net Profit Before Zakat & Tax 20.29 (37.25) (283.5 %)
Net Income 19.54 (39.95) (304.4 %)
Average Shares 45.89 45.89 -
Earnings Per Share before unusual items (Riyal) 0.43 (0.87) (304.4 %)
EPS (Riyal) 0.43 (0.87) (304.4 %)

The insurer incurred losses from insurance services amounting to SAR 40.7 million, primarily due to higher insurance service expenses in the current quarter. Moreover, investment income declined to SAR 9.2 million, compared to SAR 10.1 million in the current quarter of the previous year, a decrease of SAR 900,000 or 9%. During the current quarter, the company incurred merger expenses with the Gulf General Company amounting to SAR 6.4 million in addition to an increase in the zakat expense provision for the current quarter of SAR 2.7 million.

Insurance Operations

Item 3m 2024 3m 2025 Change‬
Gross Written Premium (GWP) 200.24 252.70 26.2 %
Insurance Revenues 165.96 248.01 49.4 %
Insurance Services Income 23.45 (40.06) (270.8 %)
Investment Income 10.09 9.17 (9.1 %)
Net Profit of Insurance Services and Investment 31.82 (30.29) (195.2 %)

On a sequential basis, the insurer swung to loss against a net profit of SAR 5.47 million in Q4 2024.

 

Total shareholders’ equity, no minority interest, stood at SAR 591.83 million as of March 31, 2025, compared to SAR 567.54 million a year earlier.

 

Accumulated loss by March 31, 2025, stood at SAR 3.183 million, representing 0.69% of the capital amounting to SAR 458 million.

 

View More Financial Results

 


Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
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 %)
Q1 2025 (39.95) (304.4 %) (0.87) (37.25) (283.5 %)

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 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 %)
Q1 2025 252.70 26.2 % (40.06) (270.8 %) (30.29) (195.2 %)


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 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
Q1 2025 45.89 (0.35) (0.35) 12.90

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E
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
Q1 2025 NEG NEG

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 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 - - -
Q1 2025 89.63 114.89 48.18 - - -


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 )
more

Share Price

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

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

More

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.