GIG profit down 67% to SAR 32.2M in H1 2024; Q2 at SAR 52.5M

05/08/2024 Argaam Exclusive

Gulf Insurance Group’s (GIG) net profit tumbled 67% to SAR 32.2 million by the end of H1 2024, compared to SAR 96.4 million in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 862.87 830.75 (3.7 %)
Insurance Revenues 778.88 721.78 (7.3 %)
Net Profit Before Zakat & Tax 112.56 43.31 (61.5 %)
Net Income 96.38 32.24 (66.5 %)
Average Shares 52.50 52.50 -
EPS (Riyals) 1.84 0.61 (66.5 %)

The annual decrease of SAR 57 million in insurance revenue in the current period was driven mainly by the motor segment.

 

In addition, investment income dropped by SAR 5 million year-on-year (YoY) in H1 2024.

 

In Q2 2024, net income soared 32% to SAR 52.2 million, from SAR 39.69 million in the year before.

 

Sequentially, the company turned to profit from SAR 20.22 million in losses in Q1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 318.48 309.23 (2.9 %)
Insurance Revenues 388.23 359.36 (7.4 %)
Net Profit Before Zakat & Tax 43.63 57.91 32.7 %
Net Income 39.69 52.46 32.2 %
Average Shares 52.50 52.50 -
EPS (Riyals) 0.76 1.00 32.2 %

Total shareholders’ equity, no minority interest, amounted to SAR 999.76 million as of June 30, 2024, down from SAR 1.01 billion a year earlier.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 862.87 830.75 (3.7 %)
Insurance Revenues 778.88 721.78 (7.3 %)
Insurance Services Income 114.09 50.03 (56.1 %)
Investment Income 51.04 46.10 (9.7 %)
Net Profit of Insurance Services and Investment 129.94 66.09 (49.1 %)

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Share Price

Gulf Insurance Group
29.65
(0.15) (0.50 %)

Gulf Insurance Group (GIG)

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Financial Ratios
Current
Market Cap (M) 1,556.63
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) 20.48
P/E (TTM) 20.48
Price/Book 1.46
Return on Average Assets (%) (TTM) 2.6
Return on Average Equity (%) (TTM) 7.3
Return on Market Cap (%) 4.7
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