Gulf Union Alahlia Cooperative Insurance Co. reported a net profit drop of 30% to SAR 19.5 million for Q1 2024, from SAR 27.9 million in the prior-year period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 159.41 | 200.24 | 25.6 % |
| Insurance Revenues | 136.34 | 165.96 | 21.7 % |
| Net Profit Before Zakat & Tax | 28.42 | 20.29 | (28.6 %) |
| Net Income | 27.92 | 19.54 | (30.0 %) |
| Average Shares | 45.89 | 45.89 | - |
| EPS (Riyals) | 0.61 | 0.43 | (30.0 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 191.13 | 200.24 | 4.8 % |
| Insurance Revenues | 179.50 | 165.96 | (7.5 %) |
| Net Profit Before Zakat & Tax | 36.51 | 20.29 | (44.4 %) |
| Net Income | 36.01 | 19.54 | (45.7 %) |
| Average Shares | 45.89 | 45.89 | - |
| EPS (Riyals) | 0.78 | 0.43 | (45.7 %) |
Insurance service expenses increased by SAR 7.6 million to SAR 129.7 million, from SAR 122.1 million in Q1 2023. Gulf Union Alahlia incurred SAR 16 million losses in the three-month period from reinsurance contracts, compared to a profit of SAR 3 million in Q1 2023.
| Item | 3m 2023 | 3m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 159.41 | 200.24 | 25.6 % |
| Insurance Revenues | 136.34 | 165.96 | 21.7 % |
| Insurance Services Income | 17.89 | 19.91 | 11.3 % |
| Investment Income | 4.60 | 10.09 | 119.3 % |
| Net Profit of Insurance Services and Investment | 20.69 | 28.29 | 36.7 % |
On the other hand, insurance revenues increased during the current quarter by SAR 29 million compared to Q1 2023, as a result of growth in the company’s core medical, motor, and general insurance business lines.
The insurance services provider’s net income dropped by 45.7% from SAR 36 million in Q4 2023 as insurance revenue decreased by 8% quarter-on-quarter (QoQ). Investment income also fell by 47% QoQ to SAR 10 million from SAR 19 million in Q4 2023.
Total shareholders’ equity, no minority interest, increased to SAR 567.53 million as of March 31, 2024, compared to SAR 433.35 million a year earlier.
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