Financial Results : GIG profit surges 90% to SAR 61.2M in H1 2025; Q2 at SAR 34.1M

GIG profit surges 90% to SAR 61.2M in H1 2025; Q2 at SAR 34.1M

05/08/2025 Argaam Exclusive

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Gulf Insurance Group’s (GIG) net profit soared by about 90% to SAR 61.2 million in H1 2025, compared to SAR 32.2 million in H1 2024.

 


Financials (M)

Item 6m 2024 6m 2025 Change‬
Gross Written Premium (GWP) 830.75 876.12 5.5 %
Insurance Revenues 721.78 726.76 0.7 %
Net Profit Before Zakat & Tax 43.31 71.63 65.4 %
Net Income 32.24 61.23 89.9 %
Average Shares 52.50 52.50 -
Earnings Per Share before unusual items (Riyals) 0.61 1.17 89.9 %
EPS (Riyal) 0.61 1.17 89.9 %

The profit growth was attributed to a SAR 5 million year-on-year increase in insurance revenue during the six-month period, primarily driven by the protection and savings insurance segment.

 

Additionally, net insurance service results rose by SAR 22 million, mainly due to improved performance in the property and casualty insurance segment. The company also cited a decline in other operating expenses and an improvement in net financing results.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Gross Written Premium (GWP) 309.23 307.36 (0.6 %)
Insurance Revenues 359.36 359.19 0.0 %
Net Profit Before Zakat & Tax 57.91 38.12 (34.2 %)
Net Income 52.46 34.14 (34.9 %)
Average Shares 52.50 52.50 -
Earnings Per Share before unusual items 1.00 0.65 (34.9 %)
EPS (Riyal) 1.00 0.65 (34.9 %)

The insurer's Q2 2025 bottom line dropped 35% to SAR 34.1 million from SAR 52.46 million in Q2 2024, due to lower insurance revenues.

 

The second-quarter bottom line rose 26% from SAR 27.09 million in Q1 2025.

Insurance Operations

Item 6m 2024 6m 2025 Change‬
Gross Written Premium (GWP) 830.75 876.12 5.5 %
Insurance Revenues 721.78 726.76 0.7 %
Insurance Services Income 50.03 71.46 42.8 %
Investment Income 46.10 46.65 1.2 %
Net Profit of Insurance Services and Investment 66.09 92.40 39.8 %

Shareholders' equity, no minority interest, reached SAR 1.12 billion at the end of H1 2025, compared with SAR 999.76 million a year earlier.

 

View More Financial Results

 


Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2016 10.04 12.8 % 0.19 - -
Q2 2016 6.50 16.4 % 0.12 - -
Q3 2016 7.54 163.0 % 0.14 - -
Q4 2016 6.01 62.1 % 0.11 - -
Q1 2017 12.54 24.9 % 0.24 16.27 -
Q2 2017 10.79 65.9 % 0.21 14.83 -
Q3 2017 8.81 16.8 % 0.17 12.59 -
Q4 2017 12.93 115.3 % 0.25 16.50 -
Q1 2018 14.35 14.5 % 0.27 18.24 12.1 %
Q2 2018 16.97 57.2 % 0.32 24.11 62.6 %
Q3 2018 14.68 66.6 % 0.28 19.03 51.2 %
Q4 2018 13.00 0.5 % 0.25 15.04 (8.8 %)
Q1 2019 21.69 51.1 % 0.41 26.83 47.1 %
Q2 2019 24.82 46.3 % 0.47 30.47 26.4 %
Q3 2019 17.31 18.0 % 0.33 22.55 18.5 %
Q4 2019 22.87 76.0 % 0.44 28.62 90.3 %
Q1 2020 29.27 34.9 % 0.56 35.31 31.6 %
Q2 2020 28.70 15.7 % 0.55 34.99 14.8 %
Q3 2020 47.17 172.5 % 0.90 55.65 146.8 %
Q4 2020 33.37 45.9 % 0.64 40.88 42.8 %
Q1 2021 36.56 24.9 % 0.70 43.78 24.0 %
Q2 2021 28.08 (2.1 %) 0.53 34.96 (0.1 %)
Q3 2021 41.52 (12.0 %) 0.79 45.44 (18.3 %)
Q4 2021 32.36 (3.0 %) 0.62 42.55 4.1 %
Q1 2022 167.94 359.4 % 3.20 177.73 306.0 %
Q2 2022 (15.75) (156.1 %) (0.30) (9.34) (126.7 %)
Q3 2022 (7.79) (118.8 %) (0.15) (3.47) (107.6 %)
Q4 2022 (128.48) (497.1 %) (2.45) (131.49) (409.0 %)
Q1 2023 56.69 (66.2 %) 1.08 68.93 (61.2 %)
Q2 2023 39.69 351.9 % 0.76 43.63 567.2 %
Q3 2023 10.20 230.9 % 0.19 16.81 583.8 %
Q4 2023 21.95 117.1 % 0.42 26.00 119.8 %
Q1 2024 (20.22) (135.7 %) (0.39) (14.61) (121.2 %)
Q2 2024 52.46 32.2 % 1.00 57.91 32.7 %
Q3 2024 21.81 113.8 % 0.42 29.52 75.6 %
Q4 2024 44.14 101.1 % 0.84 52.63 102.4 %
Q1 2025 27.09 234.0 % 0.52 33.50 329.4 %
Q2 2025 34.14 (34.9 %) 0.65 38.12 (34.2 %)

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 450.75 11.9 % - - - -
Q2 2016 200.54 (6.5 %) - - - -
Q3 2016 387.05 3.8 % - - - -
Q4 2016 115.63 (16.2 %) - - - -
Q1 2017 721.24 60.0 % - - - -
Q2 2017 219.93 9.7 % - - - -
Q3 2017 369.25 (4.6 %) - - - -
Q4 2017 189.05 63.5 % - - - -
Q1 2018 674.94 (6.4 %) - - - -
Q2 2018 183.99 (16.3 %) - - - -
Q3 2018 406.47 10.1 % - - - -
Q4 2018 180.47 (4.5 %) - - - -
Q1 2019 544.63 (19.3 %) - - - -
Q2 2019 250.29 36.0 % - - - -
Q3 2019 378.55 (6.9 %) - - - -
Q4 2019 236.31 30.9 % - - - -
Q1 2020 544.27 (0.1 %) - - - -
Q2 2020 267.51 6.9 % - - - -
Q3 2020 389.65 2.9 % - - - -
Q4 2020 216.39 (8.4 %) - - - -
Q1 2021 541.59 (0.5 %) - - - -
Q2 2021 271.77 1.6 % - - - -
Q3 2021 361.42 (7.2 %) - - - -
Q4 2021 279.69 29.3 % - - - -
Q1 2022 538.78 (0.5 %) 166.81 - 186.12 -
Q2 2022 326.72 20.2 % (20.86) - (5.61) -
Q3 2022 380.50 5.3 % (19.12) - (2.02) -
Q4 2022 321.26 14.9 % (144.04) - (129.92) -
Q1 2023 544.38 1.0 % 95.13 (43.0 %) 78.07 (58.1 %)
Q2 2023 318.48 (2.5 %) 18.97 190.9 % 51.87 1025.3 %
Q3 2023 389.95 2.5 % 5.81 130.4 % 25.54 1363.1 %
Q4 2023 288.77 (10.1 %) 14.43 110.0 % 35.20 127.1 %
Q1 2024 521.52 (4.2 %) 1.88 (98.0 %) (1.56) (102.0 %)
Q2 2024 309.23 (2.9 %) 48.12 153.7 % 67.62 30.4 %
Q3 2024 373.93 (4.1 %) 19.14 229.6 % 41.85 63.9 %
Q4 2024 258.97 (10.3 %) 41.57 188.1 % 64.57 83.4 %
Q1 2025 568.75 9.1 % 47.27 2419.6 % 45.91 3039.3 %
Q2 2025 307.36 (0.6 %) 24.19 (49.7 %) 46.49 (31.2 %)


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 52.50 0.42 0.42 9.08
Q2 2016 52.50 0.44 0.44 9.27
Q3 2016 52.50 0.53 0.53 9.37
Q4 2016 52.50 0.57 0.57 9.52
Q1 2017 52.50 0.62 0.62 9.75
Q2 2017 52.50 0.70 0.70 9.97
Q3 2017 52.50 0.73 0.73 10.13
Q4 2017 52.50 0.86 0.86 10.36
Q1 2018 52.50 0.89 0.89 10.59
Q2 2018 52.50 1.01 1.01 10.90
Q3 2018 52.50 1.12 1.12 11.11
Q4 2018 52.50 1.12 1.12 11.36
Q1 2019 52.50 1.26 1.26 11.88
Q2 2019 52.50 1.41 1.41 12.40
Q3 2019 52.50 1.46 1.46 12.77
Q4 2019 52.50 1.65 1.65 13.26
Q1 2020 52.50 1.80 1.80 13.52
Q2 2020 52.50 1.87 1.87 14.30
Q3 2020 52.50 2.44 2.44 15.39
Q4 2020 52.50 2.64 2.64 16.08
Q1 2021 52.50 2.78 2.78 16.85
Q2 2021 52.50 2.77 2.77 17.50
Q3 2021 52.50 2.66 2.66 18.31
Q4 2021 52.50 2.64 2.64 18.76
Q1 2022 52.50 5.14 5.14 22.54
Q2 2022 52.50 4.31 4.31 20.72
Q3 2022 52.50 3.37 3.37 19.28
Q4 2022 52.50 0.30 0.30 17.89
Q1 2023 52.50 (1.82) (1.82) 19.61
Q2 2023 52.50 (0.76) (0.76) 19.32
Q3 2023 52.50 (0.42) (0.42) 19.28
Q4 2023 52.50 2.45 2.45 20.28
Q1 2024 52.50 0.98 0.98 19.63
Q2 2024 52.50 1.23 1.23 19.04
Q3 2024 52.50 1.45 1.45 20.27
Q4 2024 52.50 1.87 1.87 20.76
Q1 2025 52.50 2.77 2.77 21.83
Q2 2025 52.50 2.42 2.42 21.46

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E
Q1 2016 30.47 30.47
Q2 2016 30.17 30.17
Q3 2016 18.15 18.15
Q4 2016 25.78 25.78
Q1 2017 29.53 29.53
Q2 2017 27.77 27.77
Q3 2017 25.07 25.07
Q4 2017 19.84 19.84
Q1 2018 25.60 25.60
Q2 2018 19.87 19.87
Q3 2018 15.97 15.97
Q4 2018 17.54 17.54
Q1 2019 15.12 15.12
Q2 2019 15.00 15.00
Q3 2019 14.45 14.45
Q4 2019 15.35 15.35
Q1 2020 13.51 13.51
Q2 2020 15.21 15.21
Q3 2020 15.50 15.50
Q4 2020 12.89 12.89
Q1 2021 13.49 13.49
Q2 2021 13.49 13.49
Q3 2021 13.01 13.01
Q4 2021 11.92 11.92
Q1 2022 6.97 6.97
Q2 2022 5.52 5.52
Q3 2022 6.87 6.87
Q4 2022 More than 100 More than 100
Q1 2023 NEG NEG
Q2 2023 NEG NEG
Q3 2023 NEG NEG
Q4 2023 10.74 10.74
Q1 2024 38.65 38.65
Q2 2024 25.48 25.48
Q3 2024 21.38 21.38
Q4 2024 16.95 16.95
Q1 2025 9.78 9.78
Q2 2025 10.96 10.96

Business Segments - Gross Premium Written (Million)

Compared With The
Period Vehicles Health Property & casualty Protection Accidents and responsibility Shipping Engineering Property & casualty
Q1 2016 280.61 115.29 11.03 11.62 9.78 12.01 9.43 0.98
Q2 2016 80.52 72.54 10.89 3.82 7.52 15.83 8.26 1.17
Q3 2016 238.19 88.69 35.33 1.69 5.77 8.09 8.04 1.27
Q4 2016 47.24 43.21 2.64 3.21 3.77 9.62 5.00 0.74
Q1 2017 583.68 80.97 19.51 5.97 9.62 10.08 9.89 1.53
Q2 2017 83.79 72.92 14.54 10.61 6.87 20.64 8.98 1.59
Q4 2017 115.91 39.85 7.84 - - - - 25.45
Q1 2018 502.87 126.79 40.20 - - - - 5.08
Q2 2018 69.26 66.37 45.36 - - - - 3.01
Q3 2018 208.05 122.18 74.03 - - - - 2.22
Q4 2018 119.05 42.29 6.36 - - - - 12.78
Q1 2019 376.45 115.66 47.07 - - - - 5.45
Q2 2019 99.50 83.63 63.90 - - - - 3.25
Q3 2019 198.16 119.72 58.09 - - - - 2.58
Q4 2019 129.56 70.51 31.93 - - - - 4.30
Q1 2020 333.61 135.84 62.49 - - - - 12.34
Q2 2020 102.68 78.97 76.06 - - - - 9.81
Q3 2020 200.11 115.79 62.92 - - - - 10.83
Q4 2020 110.37 62.23 30.84 - - - - 12.96
Q1 2021 307.16 135.47 78.09 20.87 - - - -
Q2 2021 107.56 81.40 69.59 13.22 - - - -
Q3 2021 183.32 85.81 74.70 17.59 - - - -
Q4 2021 139.56 78.74 45.33 16.07 - - - -
Q1 2022 272.78 147.53 97.57 20.89 - - - -
Q2 2022 143.05 104.26 69.23 10.18 - - - -
Q3 2022 190.16 94.28 75.75 20.31 - - - -
Q4 2022 193.15 48.48 63.68 15.95 - - - -
Q1 2023 229.87 144.70 151.74 18.07 - - - -
Q2 2023 112.59 123.93 62.24 19.72 - - - -
Q3 2023 157.56 141.87 76.43 14.09 - - - -
Q4 2023 150.68 50.44 69.00 18.65 - - - -
Q1 2024 206.86 141.11 142.99 30.57 - - - -
Q2 2024 134.42 104.30 63.22 7.28 - - - -
Q3 2024 150.02 91.24 111.99 20.68 - - - -
Q4 2024 113.25 63.57 58.75 23.39 - - - -
Q1 2025 202.20 130.44 167.48 68.63 - - - -
Q2 2025 171.83 42.87 87.35 5.32 - - - -


Financial Ratios
Current
Market Cap (M Riyal) 1,304.10
Shares Outstanding (M) 52.50
EPS ( Riyal) (TTM) 2.42
Book Value (BV) ( Riyal) 21.46
Par Value ( Riyal) 10.00
Recurring P/E 10.25
P/E (TTM) 10.25
Price/Book 1.16
Return on Average Assets (%) (TTM) 4.7
Return on Average Equity (%) (TTM) 12.0
Return on Market Cap (%) 9.1
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Share Price

Gulf Insurance Group
24.84
0.31 1.26 %

Gulf Insurance Group (GIG)

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