Gulf Union Alahlia profit falls 57% to SAR 38.2M in 9M 2024; Q3 at SAR 11.5M

31/10/2024 Argaam Exclusive

Gulf Union Alahlia Cooperative Insurance Co. reported a net profit of SAR 38.2 million for the first nine months of 2024, down 57% from SAR 89 million a year before.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Insurance Revenues 444.98 568.48 27.8 %
Net Profit Before Zakat & Tax 90.53 44.08 (51.3 %)
Net Income 89.03 38.17 (57.1 %)
Average Shares 45.89 45.89 -
EPS (Riyals) 1.94 0.83 (57.1 %)

The nine-month profit decline was due to a 55% year-on-year (YoY) decrease in insurance services results to SAR 42.8 million. In addition, the company's net share of surplus from insurance pools fell 89% YoY to SAR 4.1 million.

 

However, revenues increased by 28% YoY to SAR 568.4 million and health insurance sales leapt 72% YoY to SAR 324.7 million for the same period.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Insurance Revenues 167.50 210.01 25.4 %
Net Profit Before Zakat & Tax 30.86 13.04 (57.7 %)
Net Income 30.36 11.54 (62.0 %)
Average Shares 45.89 45.89 -
EPS (Riyals) 0.66 0.25 (62.0 %)

Q3 2024 net profit also slumped 62% to SAR 11.5 million, compared with SAR 30.36 million a year before.

 

Sequentially, however, earnings jumped 62.9% from SAR 7.09 million in Q2 2024, as revenues and net investment income soared on a quarterly basis in Q3 2024.

Insurance Operations

Item 9m 2023 9m 2024 Change‬
Insurance Revenues 444.98 568.48 27.8 %
Insurance Services Income 59.72 38.69 (35.2 %)
Investment Income 18.57 26.30 41.6 %
Net Profit of Insurance Services and Investment 78.74 61.37 (22.1 %)

Total shareholders’ equity, no minority interest, rose to SAR 586.16 million by Sept. 30, 2024, compared to SAR 547.9 million a year earlier.

 

Accumulated losses reached SAR 32.4 million at the end of the current period.

 

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Share Price

Gulf Union Alahlia Cooperative Insurance Co.
15.52
(0.08) (0.51 %)

Gulf Union Alahlia Cooperative Insurance Co. (GULF UNION ALAHLIA)

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Financial Ratios
Current
Market Cap (M) 712.37
Shares Outstanding (M) 45.89
EPS ( Riyal) (TTM) 1.62
Book Value (BV) ( Riyal) 12.77
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 9.60
P/E (TTM) 9.60
Price/Book 1.22
Return on Average Assets (%) (TTM) 7.2
Return on Average Equity (%) (TTM) 13.6
Return on Market Cap (%) 10.2
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