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Real Estate Mgmt & Dev't
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Gulf Insurance Group (GIG) swung to a net loss of SAR 20.2 million for Q1 2024, against a net profit of SAR 56.7 million in the prior-year period.
Current Quarter Comparison (M)
Item | Q1 2023 | Q1 2024 | Change |
---|---|---|---|
Gross Written Premium (GWP) | 544.38 | 521.52 | (4.2 %) |
Insurance Revenues | 390.65 | 362.42 | (7.2 %) |
Net Profit Before Zakat & Tax | 68.93 | (14.61) | (121.2 %) |
Net Income | 56.69 | (20.22) | (135.7 %) |
Average Shares | 52.50 | 52.50 | - |
EPS (Riyals) | 1.08 | (0.39) | (135.7 %) |
Item | Q4 2023 | Q1 2024 | Change |
---|---|---|---|
Gross Written Premium (GWP) | 288.77 | 521.52 | 80.6 % |
Insurance Revenues | 395.95 | 362.42 | (8.5 %) |
Net Profit Before Zakat & Tax | 26.00 | (14.61) | (156.2 %) |
Net Income | 21.95 | (20.22) | (192.1 %) |
Average Shares | 52.50 | 52.50 | - |
EPS (Riyals) | 0.42 | (0.39) | (192.1 %) |
The annual losses were attributed to a decline of SAR 28 million in insurance revenue from the motor segment. GIG also reported a drop of SAR 62 million in reinsurance contracts on lower recoveries compared to Q1 2023, primarily related to the property and casualty (P&C) segment.
Meanwhile, insurance costs decreased by SAR 9 million, mainly due to P&C and motor segments.
The company’s investment income rose by SAR 5 million, while net finance expense declined by SAR 8 million.
In Q4 2023 the insurance services provider recorded a net income of SAR 21.95 million. The quarterly loss was ascribed to a drop of SAR 33 million insurance revenue, due to the motor and P&C segments.
Insurance service costs increased by SAR 173 million quarter-on-quarter. Net financing expenses also increased by SAR 27 million QoQ.
Insurance Operations
Item | 3m 2023 | 3m 2024 | Change |
---|---|---|---|
Gross Written Premium (GWP) | 544.38 | 521.52 | (4.2 %) |
Insurance Revenues | 390.65 | 362.42 | (7.2 %) |
Insurance Services Income | 95.13 | 1.91 | (98.0 %) |
Investment Income | 22.44 | 27.61 | 23.0 % |
Net Profit of Insurance Services and Investment | 78.07 | (1.53) | (102.0 %) |
Compared to Q4 2023, GIG’s net income tumbled 192.1% from SAR 21.95 million.
Total shareholders’ equity, no minority interest, rose to SAR 1.03 billion as of March 31, 2024, from SAR 1.02 billion a year earlier.
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- TASI
-
Energy
- 2222 - SAUDI ARAMCO
- 2030 - SARCO
- 2380 - PETRO RABIGH
- 4030 - BAHRI
- 4200 - ALDREES
- 2381 - ARABIAN DRILLING
- 2382 - ADES
- 1201 - TAKWEEN
- 1202 - MEPCO
- 1210 - BCI
- 1211 - MAADEN
- 1301 - ASLAK
- 1304 - ALYAMAMAH STEEL
- 1320 - SSP
- 2001 - CHEMANOL
- 2010 - SABIC
- 2020 - SABIC AGRI-NUTRIENTS
- 2090 - NGC
- 2150 - ZOUJAJ
- 2170 - ALUJAIN
- 2180 - FIPCO
- 2200 - APC
- 2210 - NAMA CHEMICALS
- 2220 - MAADANIYAH
- 2240 - ZAMIL INDUST
- 2250 - SIIG
- 2290 - YANSAB
- 2300 - SPM
- 2310 - SIPCHEM
- 2330 - ADVANCED
- 2350 - SAUDI KAYAN
- 3002 - NAJRAN CEMENT
- 3003 - CITY CEMENT
- 3004 - NORTHERN CEMENT
- 3005 - UACC
- 3010 - ACC
- 3020 - YC
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- 3050 - SPCC
- 3060 - YCC
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- 3090 - TCC
- 3091 - JOUF CEMENT
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- 2060 - TASNEE
- 3008 - ALKATHIRI
- 3007 - OASIS
- 1321 - EAST PIPES
- 1322 - AMAK
- 2223 - LUBEREF
- 2360 - SVCP
- 1212 - ASTRA INDUSTRIAL
- 1302 - BAWAN
- 1303 - EIC
- 2040 - SAUDI CERAMICS
- 2110 - SAUDI CABLE
- 2160 - AMIANTIT
- 2320 - ALBABTAIN
- 2370 - MESC
- 4140 - SIECO
- 4141 - ALOMRAN
- 4142 - RIYADH CABLES
- 1214 - SHAKER
- 4110 - BATIC
- 4143 - TALCO
- 4031 - SGS
- 4040 - SAPTCO
- 4260 - BUDGET SAUDI
- 2190 - SISCO HOLDING
- 4261 - THEEB
- 4263 - SAL
- 4262 - LUMI
- 1810 - SEERA
- 6013 - DWF
- 1820 - ALHOKAIR GROUP
- 4170 - TECO
- 4290 - ALKHALEEJ TRNG
- 6002 - HERFY FOODS
- 1830 - Leejam Sports
- 6012 - RAYDAN
- 4291 - NCLE
- 4292 - ATAA
- 6014 - ALAMAR
- 6015 - AMERICANA
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- 4050 - SASCO
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- 4051 - BAAZEEM
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- 4061 - ANAAM HOLDING
- 4160 - THIMAR
- 4161 - BINDAWOOD
- 4162 - ALMUNAJEM
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- 2050 - SAVOLA GROUP
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- 2281 - TANMIAH
- 2282 - NAQI
- 2283 - FIRST MILLS
- 4080 - SINAD HOLDING
- 2284 - MODERN MILLS
- 2285 - ARABIAN MILLS
- 2286 - FOURTH MILLING
- 4002 - MOUWASAT
- 4004 - DALLAH HEALTH
- 4005 - CARE
- 4007 - ALHAMMADI
- 4009 - SAUDI GERMAN HEALTH
- 2230 - CHEMICAL
- 4013 - SULAIMAN ALHABIB
- 2140 - AYYAN
- 4014 - EQUIPMENT HOUSE
- 4017 - FAKEEH CARE
- 1010 - RIBL
- 1020 - BJAZ
- 1030 - SAIB
- 1050 - BSF
- 1060 - SAB
- 1080 - ANB
- 1120 - ALRAJHI
- 1140 - ALBILAD
- 1150 - ALINMA
- 1180 - SNB
- 2120 - SAIC
- 4280 - KINGDOM
- 4130 - ALBAHA
- 4081 - NAYIFAT
- 1111 - TADAWUL GROUP
- 4082 - MRNA
- 1182 - AMLAK
- 1183 - SHL
- 8010 - TAWUNIYA
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- 8020 - MALATH INSURANCE
- 8030 - MEDGULF
- 8040 - ALLIANZ SF
- 8050 - SALAMA
- 8060 - WALAA
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- 8120 - GULF UNION ALAHLIA
- 8200 - SAUDI RE
- 8160 - AICC
- 8250 - GIG
- 8240 - CHUBB
- 8260 - GULF GENERAL
- 8300 - WATANIYA
- 8310 - AMANA INSURANCE
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- 8313 - RASAN
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- 4090 - TAIBA
- 4100 - MCDC
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- 4220 - EMAAR EC
- 4230 - RED SEA
- 4250 - JABAL OMAR
- 4300 - DAR ALARKAN
- 4310 - KEC
- 4320 - ALANDALUS
- 4321 - CENOMI CENTERS
- 4322 - RETAL
- NOMU
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Real Estate Mgmt & Dev't
Food & Beverages
- 9515 - FESH FASH
- 9532 - ALJOUF WATER
- 9536 - FADECO
- 9556 - NOFOTH
- 9559 - BALADY
- 9564 - HORIZON FOOD
- 9555 - LEEN ALKHAIR
- 9612 - SAMA WATER
- 9518 - CMCER
- 9530 - TIBBIYAH
- 9527 - AME
- 9544 - FUTURE CARE
- 9546 - NABA ALSAHA
- 9574 - PRO MEDEX
- 9594 - ALMODAWAT
- 9572 - ALRAZI
- 9587 - LANA
- 9600 - QOMEL
- 9604 - MIRAL
- 9513 - WATANI STEEL
- 9514 - ALNAQOOL
- 9523 - GROUP FIVE
- 9539 - AQASEEM
- 9548 - APICO
- 9553 - MOLAN
- 9565 - MEYAR
- 9552 - SAUDI TOP
- 9563 - BENA
- 9566 - LIME INDUSTRIES
- 9580 - ALRASHID INDUSTRIAL
- 9583 - UNITED MINING
- 9576 - PAPER HOME
- 9588 - RIYADH STEEL
- 9575 - MARBLE DESIGN
- 9599 - TAQAT
- 9601 - ALRASHEED
- 9605 - NEFT ALSHARQ
- 9607 - ASG
- 9609 - NAAS PETROL
- 9510 - NBM
- 9528 - GAS
- 9531 - OBEIKAN GLASS
- 9533 - SPC
- 9529 - RAOOM
- 9525 - ALWASAIL INDUSTRIAL
- 9542 - KEIR
- 9547 - RAWASI
- 9568 - MAYAR
- 9569 - ALMUNEEF
- 9578 - ATLAS ELEVATORS
- 9560 - WAJA
- 9611 - UFG
- 9540 - TADWEEER
- 9545 - ALDAWLIAH
- 9570 - TAM DEVELOPMENT
- 9581 - CLEAN LIFE
- 9593 - PAN GULF
- 9597 - LEAF
- 9608 - ALASHGHAL ALMOYSRA
- 9606 - THARWAH
- 9613 - SHALFA
- 9541 - ACADEMY OF LEARNING
- 9562 - FOOD GATE
- 9590 - ARMAH
- 9526 - JAHEZ
- 9598 - ALMOHAFAZA FOR EDUCATION
- 9603 - HORIZON EDUCATIONAL
- 9567 - GHIDA ALSULTAN
Share Price
Gulf Insurance Group (GIG)
Current | |
Market Cap (M) | 1,535.63 |
Shares Outstanding (M) | 52.50 |
EPS ( Riyal) (TTM) | 1.45 |
Book Value (BV) ( Riyal) | 20.27 |
Par Value ( Riyal) | 10.00 |
Adjusted P/E (Last12) | 20.21 |
P/E (TTM) | 20.21 |
Price/Book | 1.44 |
Return on Average Assets (%) (TTM) | 2.6 |
Return on Average Equity (%) (TTM) | 7.3 |
Return on Market Cap (%) | 4.7 |
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