Gulf Union AlAhlia posts 30% profit drop to SAR 19.5M in Q1 2024

09/05/2024 Argaam Exclusive

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Gulf Union Alahlia Cooperative Insurance Co. reported a net profit drop of 30% to SAR 19.5 million for Q1 2024, from SAR 27.9 million in the prior-year period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	159.41	200.24	25.6 %
Insurance Revenues	136.34	165.96	21.7 %
Net Profit Before Zakat & Tax	28.42	20.29	(28.6 %)
Net Income	27.92	19.54	(30.0 %)
Average Shares	45.89	45.89	-
EPS (Riyals)	0.61	0.43	(30.0 %)

Item	Q4 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	191.13	200.24	4.8 %
Insurance Revenues	179.50	165.96	(7.5 %)
Net Profit Before Zakat & Tax	36.51	20.29	(44.4 %)
Net Income	36.01	19.54	(45.7 %)
Average Shares	45.89	45.89	-
EPS (Riyals)	0.78	0.43	(45.7 %)

Insurance service expenses increased by SAR 7.6 million to SAR 129.7 million, from SAR 122.1 million in Q1 2023. Gulf Union Alahlia incurred SAR 16 million losses in the three-month period from reinsurance contracts, compared to a profit of SAR 3 million in Q1 2023.

Insurance Operations

Item	3m 2023	3m 2024	Change‬
Gross Written Premium (GWP)	159.41	200.24	25.6 %
Insurance Revenues	136.34	165.96	21.7 %
Insurance Services Income	17.89	19.91	11.3 %
Investment Income	4.60	10.09	119.3 %
Net Profit of Insurance Services and Investment	20.69	28.29	36.7 %

On the other hand, insurance revenues increased during the current quarter by SAR 29 million compared to Q1 2023, as a result of growth in the company’s core medical, motor, and general insurance business lines.

The insurance services provider’s net income dropped by 45.7% from SAR 36 million in Q4 2023 as insurance revenue decreased by 8% quarter-on-quarter (QoQ). Investment income also fell by 47% QoQ to SAR 10 million from SAR 19 million in Q4 2023.

Total shareholders’ equity, no minority interest, increased to SAR 567.53 million as of March 31, 2024, compared to SAR 433.35 million a year earlier.

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