MEDGULF's 9M 2024 profits dip 30% to SAR 99M; Q3 at SAR 39.1M

05/11/2024 Argaam Exclusive

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) posted a 30% fall in its net income for the first nine months of 2024 to SAR 99 million, compared to SAR 140.6 million in the corresponding period of 2023.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Gross Written Premium (GWP) 2,583.83 3,182.01 23.2 %
Insurance Revenues 2,531.84 2,609.95 3.1 %
Net Profit Before Zakat & Tax 145.56 106.81 (26.6 %)
Net Income 140.56 98.99 (29.6 %)
Average Shares 105.00 105.00 -
EPS (Riyals) 1.34 0.94 (29.6 %)

The profit drop was attributed to a decline in net investment results for the current period to SAR 59.4 million, from SAR 80.2 million for the same period last year, mostly due to the decrease in the contribution of investments measured with fair value.

 

Moreover, net insurance service results in the nine-month period dropped to SAR 32.4 million from SAR 62.1 million in 9M 2023, mainly due to the different portfolio structure in medical insurance and the performance of reinsurance operations.

 

On the other hand, insurance revenues rose to SAR 2.60 billion from SAR 2.53 billion in the first nine months of 2023.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Gross Written Premium (GWP) 562.40 794.99 41.4 %
Insurance Revenues 878.36 900.42 2.5 %
Net Profit Before Zakat & Tax 43.79 40.42 (7.7 %)
Net Income 39.79 39.12 (1.7 %)
Average Shares 105.00 105.00 -
EPS (Riyals) 0.38 0.37 (1.7 %)

The third-quarter net income after Zakat declined by 2% to SAR 39.1 million from SAR 39.7 million in Q3 2023 as insurance revenues grew to SAR 900.4 million from SAR 878.3 million in the first nine months of 2023.

 

Net income, however, climbed 16.4% from SAR 33.6 million in the previous quarter, thanks to a 2.8% quarter-on-quarter (QoQ) rise in insurance revenues to SAR 900.4 million. Net investment results also leapt 60.44% QoQ to SAR 26.65 million.

Insurance Operations

Item 9m 2023 9m 2024 Change‬
Gross Written Premium (GWP) 2,583.83 3,182.01 23.2 %
Insurance Revenues 2,531.84 2,609.95 3.1 %
Insurance Services Income 62.12 32.44 (47.8 %)
Investment Income 80.20 59.41 (25.9 %)
Net Profit of Insurance Services and Investment 134.06 87.45 (34.8 %)

Total shareholders’ equity, no minority interest, decreased to SAR 1.01 billion as of Sept. 30, 2024, from SAR 840.7 million a year earlier.

 

Accumulated losses reached SAR 158.13 million by the end of the nine-month period, representing 15.06% of the insurance service provider’s capital.

 

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Share Price

The Mediterranean and Gulf Insurance and Reinsurance Co.
22.38
0.76 3.52 %

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF)

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Financial Ratios
Current
Market Cap (M) 2,349.90
Shares Outstanding (M) 105.00
EPS ( Riyal) (TTM) 1.52
Book Value (BV) ( Riyal) 9.68
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 14.70
P/E (TTM) 14.70
Price/Book 2.31
Return on Average Assets (%) (TTM) 4.8
Return on Average Equity (%) (TTM) 17.2
Return on Market Cap (%) 6.4
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