MEDGULF makes SAR 201.5M profit in 2023, SAR 60.9M in Q4

20/03/2024 Argaam Exclusive

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Share Price

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF)

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) turned to a net profit of SAR 201.5 million in 2023, from a net loss of SAR 396.9 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	2,854.60	3,135.53	9.8 %
Insurance Revenues	2,643.13	3,332.15	26.1 %
Net Profit Before Zakat & Tax	(405.86)	195.67	148.2 %
Net Income	(396.87)	201.47	150.8 %
Average Shares	105.00	105.00	-
EPS (Riyals)	(3.78)	1.92	150.8 %

Insurance revenue increased by 26.07%, or SAR 689 million, in 2023, compared to a year earlier. This is mainly attributed to the growth in gross written premiums (GWPs) by SAR 280.9 million, or 9.84% year-on-year (YoY), on the strong performance of the health business line that grew by 32.9%, in addition to the motor business performance in 2022.

Insurance services results improved to SAR 672.2 million in 2023. This was driven by an increase of SAR 689.03 million in insurance revenue, accompanied by a lower increase in the insurance service expenses of 3.99% or SAR 115.8 million YoY.

Further, the company reported a rise of SAR 89.7 million YoY in net investment income.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	709.31	-	-
Insurance Revenues	838.57	800.32	(4.6 %)
Net Profit Before Zakat & Tax	(221.91)	50.11	122.6 %
Net Income	(223.20)	60.91	127.3 %
Average Shares	105.00	105.00	-
EPS (Riyals)	(2.13)	0.58	127.3 %

Item	Q3 2023	Q4 2023	Change‬
Gross Written Premium (GWP)	562.40	-	-
Insurance Revenues	878.36	800.32	(8.9 %)
Net Profit Before Zakat & Tax	43.79	50.11	14.4 %
Net Income	39.79	60.91	53.1 %
Average Shares	105.00	105.00	-
EPS (Riyals)	0.38	0.58	53.1 %

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	2,854.60	3,135.53	9.8 %
Insurance Revenues	2,643.13	3,332.15	26.1 %
Insurance Services Income	(585.21)	87.00	114.9 %
Investment Income	16.77	106.44	534.7 %
Net Profit of Insurance Services and Investment	(512.74)	183.58	135.8 %

In the fourth quarter, the insurance services provider swung to a net profit of SAR 60.9 million from a net loss of SAR 223.2 million in Q4 2022.

Total shareholders’ equity, no minority interest, stood at SAR 917.42 million as of Dec. 31, 2023, compared to SAR 706.71 million in the prior-year period.

Accumulated losses reached SAR 257.12 million by the end of the 12-month period, accounting for 24.49% of the company’s capital.

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Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2014	44.09	83.7 %	0.42	-	-
Q2 2014	45.60	234.3 %	0.43	-	-
Q3 2014	33.41	5696.3 %	0.32	-	-
Q4 2014	63.35	127.0 %	0.60	-	-
2014	186.44	194.5 %	1.78	-	-
Q1 2015	(54.40)	(223.4 %)	(0.52)	-	-
Q2 2015	(136.40)	(399.1 %)	(1.30)	-	-
Q3 2015	48.74	45.9 %	0.46	-	-
Q4 2015	(127.20)	(300.8 %)	(1.21)	-	-
2015	(269.26)	(244.4 %)	(2.56)	-	-
Q1 2016	9.49	117.4 %	0.09	-	-
Q2 2016	(21.62)	84.1 %	(0.21)	-	-
Q3 2016	51.83	6.4 %	0.49	-	-
Q4 2016	8.94	107.0 %	0.09	-	-
2016	50.13	118.6 %	0.48	-	-
Q1 2017	(94.86)	(1099.9 %)	(0.90)	(92.97)	-
Q2 2017	(440.01)	(1,935.2 %)	(4.19)	(417.32)	-
Q3 2017	56.62	9.2 %	0.54	60.12	-
Q4 2017	25.04	180.3 %	0.24	29.07	-
2017	(420.14)	(938.0 %)	(4.00)	(388.03)	-
Q1 2018	(25.74)	72.9 %	(0.25)	(23.27)	75.0 %
Q2 2018	(10.14)	97.7 %	(0.10)	(8.64)	97.9 %
Q3 2018	(81.17)	(243.4 %)	(0.77)	(79.79)	(232.7 %)
Q4 2018	(93.14)	(471.9 %)	(0.89)	(92.82)	(419.3 %)
2018	(209.15)	50.2 %	(1.99)	(204.53)	47.3 %
Q1 2019	2.94	111.4 %	0.03	7.04	130.2 %
Q2 2019	0.85	108.4 %	0.01	4.13	147.8 %
Q3 2019	2.79	103.4 %	0.03	5.28	106.6 %
Q4 2019	(3.45)	96.3 %	(0.03)	2.73	102.9 %
2019	3.12	101.5 %	0.03	19.18	109.4 %
Q1 2020	4.23	44.0 %	0.04	8.25	17.2 %
Q2 2020	22.99	2604.2 %	0.22	27.00	553.9 %
Q3 2020	3.58	28.6 %	0.03	7.59	43.8 %
Q4 2020	6.07	276.0 %	0.06	12.03	340.1 %
2020	36.91	1081.6 %	0.35	54.90	186.3 %
Q1 2021	6.81	60.7 %	0.06	9.05	9.8 %
Q2 2021	6.58	(71.4 %)	0.06	8.84	(67.3 %)
Q3 2021	(25.63)	(815.7 %)	(0.24)	(23.38)	(407.9 %)
Q4 2021	(128.84)	(2221.1 %)	(1.23)	(130.59)	(1185.8 %)
2021	(140.59)	(480.9 %)	(1.34)	(135.59)	(347.0 %)
Q1 2022	(17.21)	(352.8 %)	(0.16)	(15.96)	(276.2 %)
Q2 2022	(64.43)	(1078.6 %)	(0.61)	(63.18)	(815.1 %)
Q3 2022	(92.04)	(259.1 %)	(0.88)	(104.81)	(348.3 %)
Q4 2022	(223.20)	(73.2 %)	(2.13)	(221.91)	(69.9 %)
2022	(396.87)	(182.3 %)	(3.78)	(405.86)	(199.3 %)
Q1 2023	36.20	310.4 %	0.34	37.20	333.1 %
Q2 2023	64.58	200.2 %	0.62	64.58	202.2 %
Q3 2023	39.79	143.2 %	0.38	43.79	141.8 %
Q4 2023	60.91	127.3 %	0.58	50.11	122.6 %
2023	201.47	150.8 %	1.92	195.67	148.2 %

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	186.44	194.5 %	1.78	-	-
2015	(269.26)	(244.4 %)	(2.56)	-	-
2016	50.13	118.6 %	0.48	-	-
2017	(420.14)	(938.0 %)	(4.00)	(388.03)	-
2018	(209.15)	50.2 %	(1.99)	(204.53)	47.3 %
2019	3.12	101.5 %	0.03	19.18	109.4 %
2020	36.91	1081.6 %	0.35	54.90	186.3 %
2021	(140.59)	(480.9 %)	(1.34)	(135.59)	(347.0 %)
2022	(396.87)	(182.3 %)	(3.78)	(405.86)	(199.3 %)
2023	201.47	150.8 %	1.92	195.67	148.2 %

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	1,163.60	27.7 %	-	-	-	-
Q2 2014	1,318.89	32.4 %	-	-	-	-
Q3 2014	1,083.07	(16.4 %)	-	-	-	-
Q4 2014	850.44	(9.0 %)	-	-	-	-
2014	4,415.99	6.7 %	-	-	-	-
Q1 2015	1,515.76	30.3 %	-	-	-	-
Q2 2015	1,148.66	(12.9 %)	-	-	-	-
Q3 2015	754.04	(30.4 %)	-	-	-	-
Q4 2015	583.48	(31.4 %)	-	-	-	-
2015	4,001.93	(9.4 %)	-	-	-	-
Q1 2016	1,233.58	(18.6 %)	-	-	-	-
Q2 2016	891.38	(22.4 %)	-	-	-	-
Q3 2016	510.97	(32.2 %)	-	-	-	-
Q4 2016	558.41	(4.3 %)	-	-	-	-
2016	3,194.33	(20.2 %)	-	-	-	-
Q1 2017	784.01	(36.4 %)	-	-	-	-
Q2 2017	869.03	(2.5 %)	-	-	-	-
Q3 2017	513.18	0.4 %	-	-	-	-
Q4 2017	499.62	(10.5 %)	-	-	-	-
2017	2,665.84	(16.5 %)	-	-	-	-
Q1 2018	413.62	(47.2 %)	-	-	-	-
Q2 2018	277.86	(68.0 %)	-	-	-	-
Q3 2018	836.28	63.0 %	-	-	-	-
Q4 2018	541.71	8.4 %	-	-	-	-
2018	2,069.47	(22.4 %)	-	-	-	-
Q1 2019	1,077.24	160.4 %	-	-	-	-
Q2 2019	290.46	4.5 %	-	-	-	-
Q3 2019	747.09	(10.7 %)	-	-	-	-
Q4 2019	306.49	(43.4 %)	-	-	-	-
2019	2,421.28	17.0 %	-	-	-	-
Q1 2020	1,260.22	17.0 %	-	-	-	-
Q2 2020	251.70	(13.3 %)	-	-	-	-
Q3 2020	422.14	(43.5 %)	-	-	-	-
Q4 2020	600.45	95.9 %	-	-	-	-
2020	2,534.50	4.7 %	-	-	-	-
Q1 2021	1,028.92	(18.4 %)	-	-	-	-
Q2 2021	292.75	16.3 %	-	-	-	-
Q3 2021	378.23	(10.4 %)	-	-	-	-
Q4 2021	536.33	(10.7 %)	-	-	-	-
2021	2,236.22	(11.8 %)	-	-	-	-
Q1 2022	1,231.20	19.7 %	(79.69)	-	(16.12)	-
Q2 2022	390.90	33.5 %	(100.78)	-	(64.26)	-
Q3 2022	523.19	38.3 %	(128.27)	-	(103.49)	-
Q4 2022	709.31	32.3 %	(276.48)	-	(328.88)	-
2022	2,854.60	27.7 %	(585.21)	-	(512.74)	-
Q1 2023	-	-	(11.79)	85.2 %	22.05	236.8 %
Q2 2023	418.91	7.2 %	34.72	134.5 %	60.30	193.8 %
Q3 2023	562.40	7.5 %	39.19	130.6 %	51.72	150.0 %
Q4 2023	-	-	24.88	109.0 %	49.52	115.1 %
2023	3,135.53	9.8 %	87.00	114.9 %	183.58	135.8 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	4,415.99	6.7 %	-	-	-	-
2015	4,001.93	(9.4 %)	-	-	-	-
2016	3,194.33	(20.2 %)	-	-	-	-
2017	2,665.84	(16.5 %)	-	-	-	-
2018	2,069.47	(22.4 %)	-	-	-	-
2019	2,421.28	17.0 %	-	-	-	-
2020	2,534.50	4.7 %	-	-	-	-
2021	2,236.22	(11.8 %)	-	-	-	-
2022	2,854.60	27.7 %	(585.21)	-	(512.74)	-
2023	3,135.53	9.8 %	87.00	114.9 %	183.58	135.8 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	105.00	(1.69)	(1.69)	9.94
Q2 2014	105.00	(1.38)	(1.38)	10.39
Q3 2014	105.00	(1.06)	(1.06)	10.77
Q4 2014	105.00	1.78	1.78	11.20
Q1 2015	105.00	0.84	0.84	10.83
Q2 2015	105.00	(0.90)	(0.90)	9.55
Q3 2015	105.00	(0.75)	(0.75)	9.93
Q4 2015	105.00	(2.56)	(2.56)	8.69
Q1 2016	105.00	(1.96)	(1.96)	8.77
Q2 2016	105.00	(0.86)	(0.86)	8.51
Q3 2016	105.00	(0.83)	(0.83)	9.00
Q4 2016	105.00	0.46	0.46	8.76
Q1 2017	105.00	(0.53)	(0.53)	8.16
Q2 2017	105.00	(4.52)	(4.52)	3.97
Q3 2017	105.00	(4.47)	(4.47)	4.51
Q4 2017	105.00	(4.32)	(4.32)	4.75
Q1 2018	105.00	(3.66)	(3.66)	4.51
Q2 2018	105.00	0.44	0.44	4.40
Q3 2018	105.00	(0.88)	(0.88)	3.58
Q4 2018	105.00	(2.00)	(2.00)	6.53
Q1 2019	105.00	(1.73)	(1.73)	6.46
Q2 2019	105.00	(1.62)	(1.62)	6.62
Q3 2019	105.00	(0.82)	(0.82)	6.67
Q4 2019	105.00	0.03	0.03	6.77
Q1 2020	105.00	0.04	0.04	6.64
Q2 2020	105.00	0.25	0.25	6.98
Q3 2020	105.00	0.26	0.26	7.25
Q4 2020	105.00	0.35	0.35	7.28
Q1 2021	105.00	0.38	0.38	7.36
Q2 2021	105.00	0.22	0.22	7.44
Q3 2021	105.00	(0.06)	(0.06)	7.15
Q4 2021	105.00	(1.34)	(1.34)	9.75
Q1 2022	105.00	(1.57)	(1.57)	10.41
Q2 2022	105.00	(2.25)	(2.25)	9.80
Q3 2022	105.00	(2.88)	(2.88)	8.92
Q4 2022	105.00	(3.78)	(3.78)	6.73
Q1 2023	105.00	(3.27)	(3.27)	7.08
Q2 2023	105.00	(2.04)	(2.04)	7.69
Q3 2023	105.00	(0.79)	(0.79)	8.01
Q4 2023	105.00	1.92	1.92	8.74

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	105.00	1.78	1.78	11.20
2015	105.00	(2.56)	(2.56)	8.69
2016	105.00	0.48	0.48	8.76
2017	105.00	(4.00)	(4.00)	4.75
2018	105.00	(1.99)	(1.99)	6.53
2019	105.00	0.03	0.03	6.77
2020	105.00	0.35	0.35	7.28
2021	105.00	(1.34)	(1.34)	9.75
2022	105.00	(3.78)	(3.78)	6.73
2023	105.00	1.92	1.92	8.74

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E
Q1 2014	NEG	NEG
Q2 2014	NEG	NEG
Q3 2014	NEG	NEG
Q4 2014	More than 50	More than 50
Q1 2015	More than 50	More than 50
Q2 2015	NEG	NEG
Q3 2015	NEG	NEG
Q4 2015	NEG	NEG
Q1 2016	NEG	NEG
Q2 2016	NEG	NEG
Q3 2016	NEG	NEG
Q4 2016	More than 50	More than 50
Q1 2017	NEG	NEG
Q2 2017	NEG	NEG
Q3 2017	NEG	NEG
Q4 2017	NEG	NEG
Q1 2018	NEG	NEG
Q2 2018	37.85	37.85
Q3 2018	NEG	NEG
Q4 2018	NEG	NEG
Q1 2019	NEG	NEG
Q2 2019	NEG	NEG
Q3 2019	NEG	NEG
Q4 2019	More than 50	More than 50
Q1 2020	More than 50	More than 50
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	More than 50	More than 50
Q2 2021	More than 50	More than 50
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	7.50	7.50

Period	P/E	Adjusted P/E
2014	More than 50	More than 50
2015	NEG	NEG
2016	More than 50	More than 50
2017	NEG	NEG
2018	NEG	NEG
2019	More than 50	More than 50
2020	More than 50	More than 50
2021	NEG	NEG
2022	NEG	NEG
2023	7.50	7.50

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Medical Insurance	Comprehensive Motor Insurance	Property & Casualty	Other classes
Q1 2014	843.30	175.15	145.15	-
Q2 2014	888.24	183.79	246.86	-
Q3 2014	803.17	202.98	76.92	-
Q4 2014	439.23	124.02	287.19	-
Q1 2015	1,060.51	288.77	166.49	-
Q2 2015	858.08	151.19	139.39	-
Q3 2015	515.41	140.54	98.08	-
Q4 2015	377.48	85.55	120.46	-
Q1 2016	883.11	238.98	111.50	-
Q2 2016	633.96	143.14	114.28	-
Q3 2016	326.24	116.93	67.79	-
Q4 2016	423.68	30.94	103.78	-
Q1 2017	604.73	86.30	92.99	-
Q2 2017	580.03	151.52	137.48	-
Q3 2017	302.63	153.43	57.12	-
Q4 2017	231.27	155.20	113.15	-
Q1 2018	282.66	77.77	53.19	-
Q2 2018	163.33	105.15	9.39	-
Q3 2018	638.41	115.05	82.82	-
Q4 2018	349.70	145.36	46.66	-
Q1 2019	855.86	90.56	130.82	-
Q2 2019	153.80	101.89	34.76	-
Q3 2019	616.78	57.45	72.86	-
Q4 2019	179.38	86.47	40.64	-
Q1 2020	898.76	218.47	142.99	-
Q2 2020	141.35	69.48	40.86	-
Q3 2020	311.21	53.77	57.16	-
Q4 2020	470.01	85.21	45.24	-
Q1 2021	748.92	173.21	106.78	-
Q2 2021	134.92	70.32	87.51	-
Q3 2021	213.98	69.76	94.49	-
Q4 2021	390.03	118.25	28.06	-
Q1 2022	954.30	175.42	101.49	-
Q2 2022	124.90	213.18	52.82	-
Q3 2022	221.23	200.12	101.83	-
Q4 2022	501.14	152.92	55.24	-
Q1 2023	1,310.90	134.23	157.40	-
Q2 2023	303.44	57.14	58.33	-
Q3 2023	375.69	111.50	75.21	-
Q4 2023	401.48	86.97	63.25	-

Period	Medical Insurance	Comprehensive Motor Insurance	Property & Casualty	Other classes
2014	2,973.95	685.94	756.11	-
2015	2,811.47	666.05	524.42	-
2016	2,266.99	530.00	397.35	-
2017	1,718.66	546.45	400.73	-
2018	1,434.09	443.33	192.05	-
2019	1,805.83	336.37	279.08	-
2020	1,821.32	426.93	286.25	-
2021	1,487.85	431.54	316.84	-
2022	1,801.57	741.64	311.39	-
2023	2,391.50	389.84	354.19	-

Financial Ratios

	Current
Market Cap (M)	2,574.60
EPS ( Riyal) (TTM)	1.82
Book Value (BV) ( Riyal)	8.99
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	13.44
P/E (TTM)	13.44
Price/Book	2.73
Return on Average Assets (%) (TTM)	5.9
Return on Average Equity (%) (TTM)	22.7
Shares Outstanding (M)	105.00
Return on Market Cap (%)	7.4

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MEDGULF makes SAR 201.5M profit in 2023, SAR 60.9M in Q4

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Share Price

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF)

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million)

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

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MEDGULF makes SAR 201.5M profit in 2023, SAR 60.9M in Q4

View other reports

Share Price

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF)

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

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Business Segments - Gross Premium Written (Million)