Financial Results : Gulf General swings to SAR 52.9M loss in H1 2025; SAR 29.1M in Q2

Gulf General swings to SAR 52.9M loss in H1 2025; SAR 29.1M in Q2

11/08/2025 Argaam Exclusive

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Gulf General Cooperative Insurance Co. reported a net loss of SAR 52.9 million for H1 2025, against a loss of SAR 13.4 million a year earlier.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Gross Written Premium (GWP) 260.75 128.29 (50.8 %)
Insurance Revenues 192.90 173.45 (10.1 %)
Net Profit Before Zakat & Tax (10.39) (50.46) (385.5 %)
Net Income (13.41) (52.86) (294.2 %)
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items (Riyals) (0.45) (1.76) (294.2 %)
EPS (Riyal) (0.45) (1.76) (294.2 %)

The loss was driven by lower revenue due to a smaller volume of underwritten business compared to the year-ago period.

 

Insurance service expenses rose to SAR 208.61 million from SAR 188.12 million, representing an 11% increase year-on-year (YoY).

 

Investment income declined to SAR 3.31 million from SAR 6.26 million, down SAR 2.95 million, or 47.15%.

 

Operating expenses also increased to SAR 7.72 million from SAR 5 million, up SAR 2.72 million, or



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Gross Written Premium (GWP) 85.77 57.52 (32.9 %)
Insurance Revenues 105.13 79.34 (24.5 %)
Net Profit Before Zakat & Tax (6.47) (27.88) (330.8 %)
Net Income (7.67) (29.08) (279.0 %)
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items (Riyal) (0.26) (0.97) (279.0 %)
EPS (Riyal) (0.26) (0.97) (279.0 %)

The company reported a net loss of SAR 29.08 million in Q2 2025, from a net loss of SAR 7.67 million in Q2 2024.

 

Sequentially, the insurer widened losses from SAR 23.78 million in Q1 2025.

Insurance Operations

Item 6m 2024 6m 2025 Change‬
Gross Written Premium (GWP) 260.75 128.29 (50.8 %)
Insurance Revenues 192.90 173.45 (10.1 %)
Insurance Services Income (11.35) (45.79) (303.4 %)
Investment Income 6.26 3.31 (47.1 %)
Net Profit of Insurance Services and Investment (5.39) (42.74) (692.9 %)

Shareholders’ equity, no minority interest, fell to SAR 173.55 million by the end of the current period, compared to SAR 286.98 million a year earlier.

 

Accumulated losses stood at SAR 191.19 million, which represents 64% of capital.

 

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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
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 %)
Q1 2025 (23.78) (316.6 %) (0.79) (22.58) (480.2 %)
Q2 2025 (29.08) (279.0 %) (0.97) (27.88) (330.8 %)

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 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 %)
Q1 2025 70.77 (59.6 %) (20.57) (297.7 %) (18.98) (1,288.1 %)
Q2 2025 57.52 (32.9 %) (26.60) (332.7 %) (25.14) (529.5 %)


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 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
Q1 2025 30.00 (3.74) (2.53) 6.75
Q2 2025 30.00 (4.46) (3.25) 5.79

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 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
Q1 2025 NEG NEG
Q2 2025 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 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 - - - - -
Q1 2025 48.11 7.74 14.93 - - - - -
Q2 2025 47.32 2.25 7.96 - - - - -


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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