Gulf General turns to SAR 3.5M profit in 2023; Q4 at SAR 5M

19/03/2024 Argaam Exclusive

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Share Price

Gulf General Cooperative Insurance Co. (GULF GENERAL)

Gulf General Cooperative Insurance Co. reported a net profit of SAR 3.5 million for 2023, against a net loss of SAR 106 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Gross Written Premium (GWP) 373.29 330.64 (11.4 %)
Insurance Revenues 315.69 315.65 0.0 %
Net Profit Before Zakat & Tax (102.00) 6.32 106.2 %
Net Income (106.02) 3.53 103.3 %
Average Shares 30.00 30.00 -
EPS (Riyals) (3.53) 0.12 103.3 %

The positive performance is due to a 92.03% year-on-year (YoY) decrease in loss of insurance service results, driven by a 23.53% YoY decline in insurance service expenses and a 21.71% YoY drop in reinsurance contracts expenses.

 

Meanwhile, the insurer reported an increase in net investment income by SAR 16.92 million YoY and a 20.88% decrease in operating expenses.

 

This came despite a YoY decrease of SAR 40,000 in insurance revenue and a drop of 11.42% in gross written premiums (GWP).



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Gross Written Premium (GWP) 68.92 - -
Insurance Revenues 85.57 80.96 (5.4 %)
Net Profit Before Zakat & Tax (47.62) 5.04 110.6 %
Net Income (48.38) 4.96 110.2 %
Average Shares 30.00 30.00 -
EPS (Riyals) (1.61) 0.17 110.2 %

Insurance Operations

Item 2022 2023 Change‬
Gross Written Premium (GWP) 373.29 330.64 (11.4 %)
Insurance Revenues 315.69 315.65 0.0 %
Insurance Services Income (107.08) (8.53) 92.0 %
Investment Income (0.93) 16.00 1820.4 %
Net Profit of Insurance Services and Investment (108.31) 2.97 102.7 %

The company reported a net profit of SAR 5 million in Q4 2023, versus a net loss of SAR 48.38 million in Q4 2022.

 

Sequentially, the insurer profit more than tripled from SAR 1.49 million in Q3 2023.

 

Shareholders’ equity, no minority interest, grew to SAR 300.39 million as of Dec. 31, 2023, compared to SAR 293.65 million a year earlier.

 

Accumulated losses stood at SAR 244.12 million by the end of 2023, which represents 48.8% of capital.

 

View More Financial Results

 


Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2014 7.44 137.3 % 0.36 9.19 88.1 %
Q2 2014 (4.37) 25.0 % (0.21) (2.62) 35.8 %
Q3 2014 1.01 171.9 % 0.05 0.68 3352.4 %
Q4 2014 18.62 86.0 % 0.90 20.67 106.1 %
Q1 2015 (0.09) (101.2 %) 0.00 1.17 (87.3 %)
Q2 2015 (7.20) (64.7 %) (0.35) (5.80) (121.3 %)
Q3 2015 (6.48) (742.3 %) (0.31) (5.27) (870.9 %)
Q4 2015 (18.16) (197.6 %) (0.88) (17.51) (184.7 %)
Q1 2016 (5.10) (5,632.6 %) (0.25) (3.90) (433.0 %)
Q2 2016 8.04 211.8 % 0.39 11.63 300.6 %
Q3 2016 6.70 203.4 % 0.33 6.96 232.1 %
Q4 2016 9.85 154.2 % 0.48 10.22 158.4 %
Q1 2017 (1.73) 66.2 % (0.08) (0.32) 91.7 %
Q2 2017 9.85 22.4 % 0.48 11.29 (2.9 %)
Q3 2017 3.43 (48.8 %) 0.17 4.63 (33.5 %)
Q4 2017 6.20 (37.0 %) 0.30 7.49 (26.7 %)
Q1 2018 (1.16) 32.9 % (0.06) 0.04 111.1 %
Q2 2018 (2.28) (123.1 %) (0.11) (0.81) (107.2 %)
Q3 2018 (7.75) (325.8 %) (0.38) (6.74) (245.6 %)
Q4 2018 (27.17) (538.0 %) (1.32) (21.42) (385.8 %)
Q1 2019 1.64 241.8 % 0.08 2.64 7238.9 %
Q2 2019 3.43 250.4 % 0.17 4.29 630.3 %
Q3 2019 0.53 106.9 % 0.03 1.35 120.0 %
Q4 2019 (7.15) 73.7 % (0.35) (12.36) 42.3 %
Q1 2020 (4.76) (389.6 %) (0.23) (4.26) (261.1 %)
Q2 2020 17.37 407.2 % 0.84 18.75 337.1 %
Q3 2020 (0.41) (177.8 %) (0.02) 0.11 (91.9 %)
Q4 2020 (8.68) (21.4 %) (0.42) (5.97) 51.7 %
Q1 2021 (24.36) (412.2 %) (1.18) (23.41) (450.2 %)
Q2 2021 (19.77) (213.8 %) (0.96) (19.71) (205.1 %)
Q3 2021 (14.43) (3,384.3 %) (0.48) (14.30) (13215.6 %)
Q4 2021 (28.22) (225.2 %) (0.94) (26.65) (346.2 %)
Q1 2022 (19.32) 20.7 % (0.64) (18.20) 22.2 %
Q2 2022 (7.13) 63.9 % (0.24) (5.90) 70.1 %
Q3 2022 (31.18) (116.2 %) (1.04) (30.28) (111.8 %)
Q4 2022 (48.38) (71.4 %) (1.61) (47.62) (78.6 %)
Q1 2023 4.07 121.1 % 0.14 4.97 127.3 %
Q2 2023 (6.99) 2.0 % (0.23) (6.09) (3.2 %)
Q3 2023 1.49 104.8 % 0.05 2.39 107.9 %
Q4 2023 4.96 110.2 % 0.17 5.04 110.6 %
2023 3.53 103.3 % 0.12 6.32 106.2 %

Insurance Operations Performance (M)

Compared With The
Period Gross Written Premium (GWP) Change Insurance Services Income Change Net Profit of Insurance Services and Investment Change
Q1 2014 156.01 6.2 % - - - -
Q2 2014 95.90 4.7 % - - - -
Q3 2014 59.74 (19.9 %) - - - -
Q4 2014 55.25 (3.2 %) - - - -
Q1 2015 142.43 (8.7 %) - - - -
Q2 2015 102.17 6.5 % - - - -
Q3 2015 49.21 (17.6 %) - - - -
Q4 2015 58.13 5.2 % - - - -
Q1 2016 117.57 (17.5 %) - - - -
Q2 2016 60.99 (40.3 %) - - - -
Q3 2016 36.52 (25.8 %) - - - -
Q4 2016 40.08 (31.1 %) - - - -
Q1 2017 81.69 (30.5 %) - - - -
Q2 2017 46.15 (24.3 %) - - - -
Q3 2017 25.62 (29.9 %) - - - -
Q4 2017 32.17 (19.7 %) - - - -
Q1 2018 94.45 15.6 % - - - -
Q2 2018 72.58 57.3 % - - - -
Q3 2018 48.12 87.8 % - - - -
Q4 2018 49.54 54.0 % - - - -
Q1 2019 85.37 (9.6 %) - - - -
Q2 2019 51.08 (29.6 %) - - - -
Q3 2019 82.85 72.2 % - - - -
Q4 2019 60.40 21.9 % - - - -
Q1 2020 129.87 52.1 % - - - -
Q2 2020 46.87 (8.2 %) - - - -
Q3 2020 64.66 (22.0 %) - - - -
Q4 2020 79.56 31.7 % - - - -
Q1 2021 130.06 0.2 % - - - -
Q2 2021 67.08 43.1 % - - - -
Q3 2021 54.94 (15.0 %) - - - -
Q4 2021 44.66 (43.9 %) - - - -
Q1 2022 147.92 13.7 % (16.68) - (13.20) -
Q2 2022 83.57 24.6 % 4.37 - (2.37) -
Q3 2022 72.78 32.5 % (27.43) - (25.79) -
Q4 2022 68.92 54.3 % (67.34) - (66.94) -
Q1 2023 - - 0.33 102.0 % 2.75 120.8 %
Q2 2023 40.97 (51.0 %) (7.76) (277.6 %) (5.28) (122.3 %)
Q3 2023 72.34 (0.6 %) 7.10 125.9 % 6.86 126.6 %
Q4 2023 - - (14.21) 78.9 % (7.39) 89.0 %
2023 330.64 (11.4 %) (8.53) 92.0 % 2.97 102.7 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 20.63 0.50 0.50 9.36
Q2 2014 20.63 0.57 0.57 9.14
Q3 2014 20.63 0.68 0.68 9.19
Q4 2014 20.63 1.10 1.10 10.10
Q1 2015 20.63 0.74 0.74 10.09
Q2 2015 20.63 0.60 0.60 9.74
Q3 2015 20.63 0.24 0.24 9.43
Q4 2015 20.63 (1.55) (1.55) 8.55
Q1 2016 20.63 (1.79) (1.79) 8.30
Q2 2016 20.63 (1.05) (1.05) 8.69
Q3 2016 20.63 (0.41) (0.41) 9.01
Q4 2016 20.63 0.95 0.95 9.49
Q1 2017 20.63 1.11 1.11 9.41
Q2 2017 20.63 1.20 1.20 9.89
Q3 2017 20.63 1.04 1.04 10.05
Q4 2017 20.63 0.86 0.86 9.57
Q1 2018 20.63 0.89 0.89 9.59
Q2 2018 20.63 0.30 0.30 9.48
Q3 2018 20.63 (0.24) (0.24) 9.03
Q4 2018 20.63 (1.86) (1.86) 7.72
Q1 2019 20.63 (1.72) (1.72) 7.79
Q2 2019 20.63 (1.45) (1.45) 7.97
Q3 2019 20.63 (1.05) (1.05) 8.00
Q4 2019 20.63 (0.08) (0.08) 7.67
Q1 2020 20.63 (0.39) (0.39) 7.44
Q2 2020 20.63 0.29 0.29 8.30
Q3 2020 20.63 0.24 0.24 8.29
Q4 2020 20.63 0.17 0.17 7.86
Q1 2021 20.63 (0.78) (0.78) 6.67
Q2 2021 20.63 (2.58) (2.58) 5.72
Q3 2021 30.00 (2.24) (2.24) 13.29
Q4 2021 30.00 (2.89) (2.89) 12.35
Q1 2022 30.00 (2.72) (2.72) 12.66
Q2 2022 30.00 (2.30) (2.30) 12.42
Q3 2022 30.00 (2.86) (2.86) 11.38
Q4 2022 30.00 (3.53) (3.53) 9.79
Q1 2023 30.00 (2.75) (2.75) 9.99
Q2 2023 30.00 (2.75) (2.75) 9.76
Q3 2023 30.00 (1.66) (1.66) 9.81
Q4 2023 30.00 0.12 0.12 10.01

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2014 More than 50 More than 50
Q2 2014 More than 50 More than 50
Q3 2014 More than 50 More than 50
Q4 2014 33.80 33.80
Q1 2015 More than 50 More than 50
Q2 2015 More than 50 More than 50
Q3 2015 More than 50 More than 50
Q4 2015 NEG NEG
Q1 2016 NEG NEG
Q2 2016 NEG NEG
Q3 2016 NEG NEG
Q4 2016 24.08 24.08
Q1 2017 22.80 22.80
Q2 2017 17.07 17.07
Q3 2017 26.21 26.21
Q4 2017 27.19 27.19
Q1 2018 26.52 26.52
Q2 2018 More than 50 More than 50
Q3 2018 NEG NEG
Q4 2018 NEG NEG
Q1 2019 NEG NEG
Q2 2019 NEG NEG
Q3 2019 NEG NEG
Q4 2019 NEG NEG
Q1 2020 NEG NEG
Q2 2020 More than 50 More than 50
Q3 2020 More than 50 More than 50
Q4 2020 More than 50 More than 50
Q1 2021 NEG NEG
Q2 2021 NEG NEG
Q3 2021 NEG NEG
Q4 2021 NEG NEG
Q1 2022 NEG NEG
Q2 2022 NEG NEG
Q3 2022 NEG NEG
Q4 2022 NEG NEG
Q1 2023 NEG NEG
Q2 2023 NEG NEG
Q3 2023 NEG NEG
Q4 2023 More than 50 More than 50

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Property Insurance - Engineering Marine Insurance Accidents & Liabilities Other classes Comprehensive Motor Insurance
Q1 2013 29.12 21.31 13.79 - - 21.24 61.39
Q2 2013 38.71 6.78 6.58 - - 12.89 26.64
Q3 2013 21.05 8.53 8.28 29.89 17.24 (34.12) 23.69
Q4 2013 9.16 4.28 10.68 7.73 3.85 - 21.40
Q1 2014 14.57 30.36 6.34 13.67 7.78 - 83.28
Q2 2014 39.42 6.44 7.56 11.34 7.09 - 24.06
Q3 2014 7.58 9.13 6.18 11.81 3.46 - 21.59
Q4 2014 5.38 7.02 6.46 9.87 6.13 - 20.40
Q1 2015 16.47 23.75 8.63 14.64 8.04 - 70.91
Q2 2015 45.03 10.14 7.25 9.00 6.20 - 24.55
Q3 2015 2.84 8.89 5.94 7.47 3.84 - 20.22
Q4 2015 7.75 7.11 7.57 7.17 2.81 - 25.72
Q1 2016 15.60 21.05 5.25 9.53 7.61 - 58.52
Q2 2016 9.63 8.10 4.01 5.63 5.91 - 27.71
Q3 2016 3.09 5.40 3.75 4.06 2.54 - 17.68
Q4 2016 3.16 7.79 2.81 3.25 4.23 - 18.85
Q1 2017 9.52 16.19 4.43 7.19 9.46 - 34.89
Q2 2017 6.54 10.20 3.33 3.68 4.70 - 17.70
Q3 2017 2.93 6.41 0.88 4.27 3.21 - 7.92
Q4 2017 5.16 4.33 2.98 4.62 4.32 - 10.76
Q1 2018 25.34 14.87 3.32 5.99 11.26 - 33.67
Q2 2018 10.02 6.56 3.08 4.38 10.49 - 38.06
Q3 2018 7.55 4.81 0.95 5.03 6.54 - 23.25
Q4 2018 2.57 5.55 2.08 4.43 4.98 - 29.93
Q1 2019 16.17 13.83 2.41 6.07 9.45 - 37.43
Q2 2019 17.98 8.28 0.66 2.82 4.18 - 17.15
Q3 2019 26.01 6.22 0.84 4.08 5.44 - 40.26
Q4 2019 10.71 4.39 1.79 2.74 4.22 - 36.54
Q1 2020 37.18 13.17 1.97 5.45 6.40 - 65.70
Q2 2020 10.14 8.82 0.45 3.80 5.19 - 18.48
Q3 2020 5.31 7.11 1.13 3.86 1.97 - 45.28
Q4 2020 9.79 3.66 1.33 2.51 1.88 - 60.40
Q1 2021 32.38 10.47 1.37 3.05 4.97 - 77.83
Q2 2021 16.81 10.35 0.37 3.05 4.68 - 31.83
Q3 2021 4.07 4.06 0.82 5.41 0.99 - 39.59
Q4 2021 6.97 4.04 1.61 2.61 1.83 - 27.61
Q1 2022 24.21 24.45 - - - - -
Q2 2022 9.17 13.07 - - - - -
Q3 2022 19.77 11.44 - - - - -
Q4 2022 6.90 9.39 - - - - -

Current
Market Cap (M) 425.40
EPS ( Riyal) (TTM) (0.21)
Book Value (BV) ( Riyal) 9.82
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/Book 1.44
Return on Average Assets (%) (TTM) (1.27 )
Return on Average Equity (%) (TTM) (2.11 )
Shares Outstanding (M) 30.00
Return on Market Cap (%) (1.51 )

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