GIG profit falls 49% to SAR 54.1M in 9M 2024; Q3 at SAR 21.8M

05/11/2024 Argaam Exclusive

Gulf Insurance Group (GIG) reported a net profit of SAR 54.1 million for the first nine months of 2024, dropping 49% from SAR 106.6 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Insurance Revenues 1,168.80 1,101.05 (5.8 %)
Net Income 106.58 54.05 (49.3 %)
Average Shares 52.50 52.50 -
EPS (Riyals) 2.03 1.03 (49.3 %)

The company attributed the profit decline to lower insurance revenue by SAR 68 million, mainly hurt by the motor segment.

 

It also cited a lower share of surplus from insurance pool income by SAR 21 million, as well as a reduction in net insurance service expenses by SAR 38 million, mainly driven by the property and casualty segment.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Insurance Revenues 389.92 379.27 (2.7 %)
Net Income 10.20 21.81 113.9 %
Average Shares 52.50 52.50 -
EPS (Riyals) 0.19 0.42 113.9 %

In Q3 2024, net earnings reached SAR 21.8 million, soaring from SAR 10.20 million a year before, spurred by positive development in net reinsurance recoveries, which led to a reduction in reinsurance costs by SAR 32 million.

 

Meanwhile, the third-quarter net earnings fell 58.4% from SAR 52.46 million in Q2 2024.

Insurance Operations

Item 9m 2023 9m 2024 Change‬
Insurance Revenues 1,168.80 1,101.05 (5.8 %)
Insurance Services Income 119.90 69.17 (42.3 %)
Investment Income 70.71 70.39 (0.5 %)
Net Profit of Insurance Services and Investment 155.48 107.94 (30.6 %)

Total shareholders’ equity, no minority interest, grew to SAR 1.06 billion as of Sept. 30, 2024, from SAR 1.01 billion a year earlier.

 

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Quarterly Actuals vs Estimates 05/11/2024

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Share Price

Gulf Insurance Group
29.50
(0.25) (0.84 %)

Gulf Insurance Group (GIG)

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Financial Ratios
Current
Market Cap (M) 1,548.75
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) 20.38
P/E (TTM) 20.38
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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