Gulf Union Alahlia swings to SAR 125M profit in 2023; Q4 at SAR 36M

24/03/2024 Argaam Exclusive

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Gulf Union Alahlia Cooperative Insurance Co. reported a net profit of SAR 125 million for 2023, versus a net loss of SAR 18.3 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	548.43	690.92	26.0 %
Insurance Revenues	506.77	624.48	23.2 %
Net Profit Before Zakat & Tax	(16.30)	127.04	879.4 %
Net Income	14.78	125.04	746.0 %
Average Shares	45.89	45.89	-
EPS (Riyals)	0.32	2.72	746.0 %

Insurance revenue increased 23% to SAR 117 million during this year compared to the previous year, due to the growth in the volume of operations in all insurance segments.

Other income increased by SAR 35.7 million compared with SAR 14.9 million a year earlier, while net investment income increased by SAR 37.8 million compared with SAR 9.9 million in a year earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	181.87	191.13	5.1 %
Insurance Revenues	127.12	179.50	41.2 %
Net Profit Before Zakat & Tax	7.28	36.51	401.7 %
Net Income	6.78	36.01	431.4 %
Average Shares	45.89	45.89	-
EPS (Riyals)	0.15	0.78	431.4 %

Item	Q3 2023	Q4 2023	Change‬
Insurance Revenues	167.50	179.50	7.2 %
Net Profit Before Zakat & Tax	30.86	36.51	18.3 %
Net Income	30.36	36.01	18.6 %
Average Shares	45.89	45.89	-
EPS (Riyals)	0.66	0.78	18.6 %

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	548.43	690.92	26.0 %
Insurance Revenues	506.77	624.48	23.2 %
Insurance Services Income	1.46	68.67	4603.4 %
Investment Income	9.89	37.88	283.0 %
Net Profit of Insurance Services and Investment	17.05	110.83	550.0 %

Q4 2023 net profit stood at SAR 36 million, surging 431.4%, compared to SAR 6.78 million a year earlier.

On a quarterly basis, net profit grew 18.6% from SAR 30.36 million in Q3 2023.

Total shareholders’ equity, no minority interest, rose to SAR 547.9 million by Dec. 31, 2023, compared to SAR 415.4 million a year earlier.

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