Financial Results : Gulf General turns to SAR 94.2M loss in 2024; Q4 at SAR 79M

Gulf General turns to SAR 94.2M loss in 2024; Q4 at SAR 79M

20/03/2025 Argaam Exclusive

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Gulf General Cooperative Insurance Co. reported a net loss of SAR 94.2million for 2024, against a net profit of SAR 3.5 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Gross Written Premium (GWP) 330.64 441.69 33.6 %
Insurance Revenues 315.65 414.35 31.3 %
Net Profit Before Zakat & Tax 6.32 (52.33) (928.2 %)
Net Income 3.53 (94.21) (2767.2 %)
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items (Riyals) 0.12 (1.93) (1740.6 %)
EPS (Riyal) 0.12 (3.14) (2767.2 %)

Losses from insurance service results deepened 587% year-on-year (YoY), and insurance service expenses increased 54.39% YoY, while investment income declined 5.84%.

 

Meanwhile, insurance revenue grew 31.27% YoY, driven by business growth, increase in motor segment and a decline in reinsurance contracts expenses.

 

The insurer also reported a 22.7% decrease in operating expenses by SAR 3.13 million. During the year the company recorded the impairment of goodwill amounting to SAR 36.2 million (fully impaired). This is a one-off event.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Gross Written Premium (GWP) 117.97 102.13 (13.4 %)
Insurance Revenues 80.96 113.00 39.6 %
Net Profit Before Zakat & Tax 5.04 (41.54) (923.8 %)
Net Income 4.96 (79.00) (1694.3 %)
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items (Riyal) 0.17 (1.42) (962.5 %)
EPS (Riyal) 0.17 (2.63) (1694.3 %)

Insurance Operations

Item 2023 2024 Change‬
Gross Written Premium (GWP) 330.64 441.69 33.6 %
Insurance Revenues 315.65 414.35 31.3 %
Insurance Services Income 3.73 (57.04) (1629.2 %)
Investment Income 16.00 15.07 (5.8 %)
Net Profit of Insurance Services and Investment 15.22 (41.65) (373.7 %)

The company reported a net loss of SAR 79 million in Q4 2024, versus a net profit of SAR 4.96 million in Q4 2023.

 

Sequentially, the insurer widened losses from SAR 1.8 million in Q3 2024.

 

Shareholders’ equity, no minority interest, fell to SAR 223.90 million as of Dec. 31, 2024, compared to SAR 300.39 million a year earlier.

 

Accumulated losses stood at SAR 138.33 million by the end of 2024, which represents 46.11% of capital.

 

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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 (0.09) (101.2 %) 0.00 1.17 (87.3 %)
Q2 2015 (7.20) (64.7 %) (0.35) (5.80) (121.3 %)
Q3 2015 (6.48) (742.3 %) (0.31) (5.27) (870.9 %)
Q4 2015 (18.16) (197.6 %) (0.88) (17.51) (184.7 %)
Q1 2016 (5.10) (5,632.6 %) (0.25) (3.90) (433.0 %)
Q2 2016 8.04 211.8 % 0.39 11.63 300.6 %
Q3 2016 6.70 203.4 % 0.33 6.96 232.1 %
Q4 2016 9.85 154.2 % 0.48 10.22 158.4 %
Q1 2017 (1.73) 66.2 % (0.08) (0.32) 91.7 %
Q2 2017 9.85 22.4 % 0.48 11.29 (2.9 %)
Q3 2017 3.43 (48.8 %) 0.17 4.63 (33.5 %)
Q4 2017 6.20 (37.0 %) 0.30 7.49 (26.7 %)
Q1 2018 (1.16) 32.9 % (0.06) 0.04 111.1 %
Q2 2018 (2.28) (123.1 %) (0.11) (0.81) (107.2 %)
Q3 2018 (7.75) (325.8 %) (0.38) (6.74) (245.6 %)
Q4 2018 (27.17) (538.0 %) (1.32) (21.42) (385.8 %)
Q1 2019 1.64 241.8 % 0.08 2.64 7238.9 %
Q2 2019 3.43 250.4 % 0.17 4.29 630.3 %
Q3 2019 0.53 106.9 % 0.03 1.35 120.0 %
Q4 2019 (7.15) 73.7 % (0.35) (12.36) 42.3 %
Q1 2020 (4.76) (389.6 %) (0.23) (4.26) (261.1 %)
Q2 2020 17.37 407.2 % 0.84 18.75 337.1 %
Q3 2020 (0.41) (177.8 %) (0.02) 0.11 (91.9 %)
Q4 2020 (8.68) (21.4 %) (0.42) (5.97) 51.7 %
Q1 2021 (24.36) (412.2 %) (1.18) (23.41) (450.2 %)
Q2 2021 (19.77) (213.8 %) (0.96) (19.71) (205.1 %)
Q3 2021 (14.43) (3,384.3 %) (0.48) (14.30) (13215.6 %)
Q4 2021 (28.22) (225.2 %) (0.94) (26.65) (346.2 %)
Q1 2022 (19.32) 20.7 % (0.64) (18.20) 22.2 %
Q2 2022 (7.13) 63.9 % (0.24) (5.90) 70.1 %
Q3 2022 (31.18) (116.2 %) (1.04) (30.28) (111.8 %)
Q4 2022 (48.38) (71.4 %) (1.61) (47.62) (78.6 %)
Q1 2023 4.07 121.1 % 0.14 4.97 127.3 %
Q2 2023 (6.99) 2.0 % (0.23) (6.09) (3.2 %)
Q3 2023 1.49 104.8 % 0.05 2.39 107.9 %
Q4 2023 4.96 110.2 % 0.17 5.04 110.6 %
Q1 2024 (5.71) (240.2 %) (0.19) (3.89) (178.3 %)
Q2 2024 (7.67) (9.8 %) (0.26) (6.47) (6.3 %)
Q3 2024 (1.80) (220.4 %) (0.06) (0.40) (116.8 %)
Q4 2024 (79.00) (1694.3 %) (2.63) (41.54) (923.8 %)
2024 (94.21) (2767.2 %) (3.14) (52.33) (928.2 %)

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 2015 142.43 (8.7 %) - - - -
Q2 2015 102.17 6.5 % - - - -
Q3 2015 49.21 (17.6 %) - - - -
Q4 2015 58.13 5.2 % - - - -
Q1 2016 117.57 (17.5 %) - - - -
Q2 2016 60.99 (40.3 %) - - - -
Q3 2016 36.52 (25.8 %) - - - -
Q4 2016 40.08 (31.1 %) - - - -
Q1 2017 81.69 (30.5 %) - - - -
Q2 2017 46.15 (24.3 %) - - - -
Q3 2017 25.62 (29.9 %) - - - -
Q4 2017 32.17 (19.7 %) - - - -
Q1 2018 94.45 15.6 % - - - -
Q2 2018 72.58 57.3 % - - - -
Q3 2018 48.12 87.8 % - - - -
Q4 2018 49.54 54.0 % - - - -
Q1 2019 85.37 (9.6 %) - - - -
Q2 2019 51.08 (29.6 %) - - - -
Q3 2019 82.85 72.2 % - - - -
Q4 2019 60.40 21.9 % - - - -
Q1 2020 129.87 52.1 % - - - -
Q2 2020 46.87 (8.2 %) - - - -
Q3 2020 64.66 (22.0 %) - - - -
Q4 2020 79.56 31.7 % - - - -
Q1 2021 130.06 0.2 % - - - -
Q2 2021 67.08 43.1 % - - - -
Q3 2021 54.94 (15.0 %) - - - -
Q4 2021 44.66 (43.9 %) - - - -
Q1 2022 147.92 13.7 % (16.68) - (13.20) -
Q2 2022 83.57 24.6 % 4.37 - (2.37) -
Q3 2022 72.78 32.5 % (27.43) - (25.79) -
Q4 2022 68.92 54.3 % (43.56) - (43.16) -
Q1 2023 99.37 (32.8 %) 6.33 137.9 % 8.76 166.3 %
Q2 2023 40.97 (51.0 %) (7.74) (277.1 %) (5.26) (121.5 %)
Q3 2023 72.34 (0.6 %) 7.10 125.9 % 6.86 126.6 %
Q4 2023 117.97 71.2 % (1.96) 95.5 % 4.87 111.3 %
Q1 2024 174.98 76.1 % (5.17) (181.7 %) (1.37) (115.6 %)
Q2 2024 85.77 109.4 % (6.15) 20.6 % (3.99) 24.0 %
Q3 2024 78.82 9.0 % (2.98) (142.0 %) 2.61 (61.9 %)
Q4 2024 102.13 (13.4 %) (42.71) (2,083.3 %) (38.87) (898.6 %)
2024 441.69 33.6 % (57.04) (1629.5 %) (41.65) (373.6 %)


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 20.63 0.74 0.74 10.09
Q2 2015 20.63 0.60 0.60 9.74
Q3 2015 20.63 0.24 0.24 9.43
Q4 2015 20.63 (1.55) (1.55) 8.55
Q1 2016 20.63 (1.79) (1.79) 8.30
Q2 2016 20.63 (1.05) (1.05) 8.69
Q3 2016 20.63 (0.41) (0.41) 9.01
Q4 2016 20.63 0.95 0.95 9.49
Q1 2017 20.63 1.11 1.11 9.41
Q2 2017 20.63 1.20 1.20 9.89
Q3 2017 20.63 1.04 1.04 10.05
Q4 2017 20.63 0.86 0.86 9.57
Q1 2018 20.63 0.89 0.89 9.59
Q2 2018 20.63 0.30 0.30 9.48
Q3 2018 20.63 (0.24) (0.24) 9.03
Q4 2018 20.63 (1.86) (1.86) 7.72
Q1 2019 20.63 (1.72) (1.72) 7.79
Q2 2019 20.63 (1.45) (1.45) 7.97
Q3 2019 20.63 (1.05) (1.05) 8.00
Q4 2019 20.63 (0.08) (0.08) 7.67
Q1 2020 20.63 (0.39) (0.39) 7.44
Q2 2020 20.63 0.29 0.29 8.30
Q3 2020 20.63 0.24 0.24 8.29
Q4 2020 20.63 0.17 0.17 7.86
Q1 2021 20.63 (0.78) (0.78) 6.67
Q2 2021 20.63 (2.58) (2.58) 5.72
Q3 2021 30.00 (2.24) (2.24) 13.29
Q4 2021 30.00 (2.89) (2.89) 12.35
Q1 2022 30.00 (2.72) (2.72) 12.66
Q2 2022 30.00 (2.30) (2.30) 12.42
Q3 2022 30.00 (2.86) (2.86) 11.38
Q4 2022 30.00 (3.53) (3.53) 9.79
Q1 2023 30.00 (2.75) (2.75) 9.99
Q2 2023 30.00 (2.75) (2.75) 9.76
Q3 2023 30.00 (1.66) (1.66) 9.81
Q4 2023 30.00 0.12 0.12 10.01
Q1 2024 30.00 (0.21) (0.21) 9.82
Q2 2024 30.00 (0.23) (0.23) 9.57
Q3 2024 30.00 (0.34) (0.34) 9.51
Q4 2024 30.00 (3.14) (1.93) 7.46

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E
Q1 2015 More than 100 More than 100
Q2 2015 More than 100 More than 100
Q3 2015 More than 100 More than 100
Q4 2015 NEG NEG
Q1 2016 NEG NEG
Q2 2016 NEG NEG
Q3 2016 NEG NEG
Q4 2016 24.08 24.08
Q1 2017 22.80 22.80
Q2 2017 17.07 17.07
Q3 2017 26.21 26.21
Q4 2017 27.19 27.19
Q1 2018 26.52 26.52
Q2 2018 More than 100 More than 100
Q3 2018 NEG NEG
Q4 2018 NEG NEG
Q1 2019 NEG NEG
Q2 2019 NEG NEG
Q3 2019 NEG NEG
Q4 2019 NEG NEG
Q1 2020 NEG NEG
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 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 NEG NEG
Q2 2023 NEG NEG
Q3 2023 NEG NEG
Q4 2023 More than 100 More than 100
Q1 2024 NEG NEG
Q2 2024 NEG NEG
Q3 2024 NEG NEG
Q4 2024 NEG NEG

Business Segments - Gross Premium Written (Million)

Compared With The
Period Motors Medical Insurance Property & casualty Insurance - Engineering Marine Insurance Accidents & Liabilities Other classes Comprehensive Motor Insurance
Q1 2015 - 16.47 23.75 8.63 14.64 8.04 - 70.91
Q2 2015 - 45.03 10.14 7.25 9.00 6.20 - 24.55
Q3 2015 - 2.84 8.89 5.94 7.47 3.84 - 20.22
Q4 2015 - 7.75 7.11 7.57 7.17 2.81 - 25.72
Q1 2016 - 15.60 21.05 5.25 9.53 7.61 - 58.52
Q2 2016 - 9.63 8.10 4.01 5.63 5.91 - 27.71
Q3 2016 - 3.09 5.40 3.75 4.06 2.54 - 17.68
Q4 2016 - 3.16 7.79 2.81 3.25 4.23 - 18.85
Q1 2017 - 9.52 16.19 4.43 7.19 9.46 - 34.89
Q2 2017 - 6.54 10.20 3.33 3.68 4.70 - 17.70
Q3 2017 - 2.93 6.41 0.88 4.27 3.21 - 7.92
Q4 2017 - 5.16 4.33 2.98 4.62 4.32 - 10.76
Q1 2018 - 25.34 14.87 3.32 5.99 11.26 - 33.67
Q2 2018 - 10.02 6.56 3.08 4.38 10.49 - 38.06
Q3 2018 - 7.55 4.81 0.95 5.03 6.54 - 23.25
Q4 2018 - 2.57 5.55 2.08 4.43 4.98 - 29.93
Q1 2019 - 16.17 13.83 2.41 6.07 9.45 - 37.43
Q2 2019 - 17.98 8.28 0.66 2.82 4.18 - 17.15
Q3 2019 - 26.01 6.22 0.84 4.08 5.44 - 40.26
Q4 2019 - 10.71 4.39 1.79 2.74 4.22 - 36.54
Q1 2020 - 37.18 13.17 1.97 5.45 6.40 - 65.70
Q2 2020 - 10.14 8.82 0.45 3.80 5.19 - 18.48
Q3 2020 - 5.31 7.11 1.13 3.86 1.97 - 45.28
Q4 2020 - 9.79 3.66 1.33 2.51 1.88 - 60.40
Q1 2021 - 32.38 10.47 1.37 3.05 4.97 - 77.83
Q2 2021 - 16.81 10.35 0.37 3.05 4.68 - 31.83
Q3 2021 - 4.07 4.06 0.82 5.41 0.99 - 39.59
Q4 2021 - 6.97 4.04 1.61 2.61 1.83 - 27.61
Q1 2022 99.26 24.21 24.45 - - - - -
Q2 2022 61.33 9.17 13.07 - - - - -
Q3 2022 41.57 19.77 11.44 - - - - -
Q4 2022 52.74 6.90 9.39 - - - - -
Q1 2023 70.36 9.45 19.55 - - - - -
Q2 2023 27.21 2.04 11.72 - - - - -
Q3 2023 39.88 23.19 9.27 - - - - -
Q4 2023 101.66 8.07 8.24 - - - - -
Q1 2024 144.31 10.19 20.49 - - - - -
Q2 2024 64.36 9.22 12.19 - - - - -
Q3 2024 72.98 0.41 5.42 - - - - -
Q4 2024 92.84 1.88 7.42 - - - - -


Financial Ratios
Current
Market Cap (M Riyal) 126.30
Shares Outstanding (M) 30.00
EPS ( Riyal) (TTM) (5.46)
Book Value (BV) ( Riyal) 6.39
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/Book 0.66
Return on Average Assets (%) (TTM) (38.03 )
Return on Average Equity (%) (TTM) (68.64 )
Return on Market Cap (%) (106.35 )
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Share Price

Gulf General Cooperative Insurance Co.
4.21
0.02 0.48 %

Gulf General Cooperative Insurance Co. (GULF GENERAL)

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