Gulf Union Alahlia Cooperative Insurance Co. reported a net profit of SAR 125 million for 2023, versus a net loss of SAR 18.3 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 548.43 | 690.92 | 26.0 % |
| Insurance Revenues | 506.77 | 624.48 | 23.2 % |
| Net Profit Before Zakat & Tax | (16.30) | 127.04 | 879.4 % |
| Net Income | 14.78 | 125.04 | 746.0 % |
| Average Shares | 45.89 | 45.89 | - |
| EPS (Riyals) | 0.32 | 2.72 | 746.0 % |
Insurance revenue increased 23% to SAR 117 million during this year compared to the previous year, due to the growth in the volume of operations in all insurance segments.
Other income increased by SAR 35.7 million compared with SAR 14.9 million a year earlier, while net investment income increased by SAR 37.8 million compared with SAR 9.9 million in a year earlier period.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 181.87 | 191.13 | 5.1 % |
| Insurance Revenues | 127.12 | 179.50 | 41.2 % |
| Net Profit Before Zakat & Tax | 7.28 | 36.51 | 401.7 % |
| Net Income | 6.78 | 36.01 | 431.4 % |
| Average Shares | 45.89 | 45.89 | - |
| EPS (Riyals) | 0.15 | 0.78 | 431.4 % |
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 548.43 | 690.92 | 26.0 % |
| Insurance Revenues | 506.77 | 624.48 | 23.2 % |
| Insurance Services Income | 1.46 | 104.40 | 7050.7 % |
| Investment Income | 9.89 | 37.88 | 283.0 % |
| Net Profit of Insurance Services and Investment | 17.05 | 146.56 | 759.6 % |
Q4 2023 net profit stood at SAR 36 million, surging 431.4%, compared to SAR 6.78 million a year earlier.
On a quarterly basis, net profit grew 18.6% from SAR 30.36 million in Q3 2023.
Total shareholders’ equity, no minority interest, rose to SAR 547.9 million by Dec. 31, 2023, compared to SAR 415.4 million a year earlier.
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