MEDGULF profit falls 27% to SAR 26.3M in Q1 2024

13/05/2024 Argaam Exclusive

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The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) reported a net profit of SAR 26.3 million in Q1 2024, a decline of 27%, from SAR 36.2 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	1,602.52	1,858.43	16.0 %
Insurance Revenues	779.30	833.63	7.0 %
Net Profit Before Zakat & Tax	37.20	27.26	(26.7 %)
Net Income	36.20	26.26	(27.4 %)
Average Shares	105.00	105.00	-
EPS (Riyals)	0.34	0.25	(27.4 %)

Item	Q4 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	551.69	1,858.43	236.9 %
Insurance Revenues	800.32	833.63	4.2 %
Net Profit Before Zakat & Tax	50.11	27.26	(45.6 %)
Net Income	60.91	26.26	(56.9 %)
Average Shares	105.00	105.00	-
EPS (Riyals)	0.58	0.25	(56.9 %)

On a quarterly basis, net earnings slumped by 56.9% from SAR 60.91 million in Q4 2023.

Insurance Operations

Item	3m 2023	3m 2024	Change‬
Gross Written Premium (GWP)	1,602.52	1,858.43	16.0 %
Insurance Revenues	779.30	833.63	7.0 %
Insurance Services Income	(11.79)	23.10	295.9 %
Investment Income	37.72	16.14	(57.2 %)
Net Profit of Insurance Services and Investment	22.05	35.39	60.5 %

Shareholders’ equity, no minority interest, reached SAR 943.68 million by March 31, 2024, compared to SAR 742.91 million in the prior-year period.

Accumulated losses reached SAR 230.86 million by March 31, 2024, accounting for 21.9% of the company’s capital.

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