Gulf Union Alahlia profit down 55% to SAR 26.6M profit in H1 2024; Q2 at SAR 7.1M

01/08/2024 Argaam Exclusive

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Gulf Union Alahlia Cooperative Insurance Co. reported a net profit of SAR 26.6 million for H1 2024, down from SAR 58.7 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	341.44	473.83	38.8 %
Insurance Revenues	277.48	358.48	29.2 %
Net Profit Before Zakat & Tax	59.68	31.04	(48.0 %)
Net Income	58.68	26.63	(54.6 %)
Average Shares	45.89	45.89	-
EPS (Riyals)	1.28	0.58	(54.6 %)

The profit drop was attributed to lower insurance services results, which amounted to SAR 35.5 million for the current period compared to SAR 64.4 million a year earlier.

In addition, the company reported a decrease of 44.8% year-on-year (YoY), as a result of the increase in insurance services expenses by SAR 76.7 million, up 35% YoY. The insurer also reported a decrease in net investment returns to SAR 13.6 million in H1 2024, compared to SAR 14.1 million for the same period of the previous year, down 3.2% YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Gross Written Premium (GWP)	182.03	273.59	50.3 %
Insurance Revenues	141.14	192.52	36.4 %
Net Profit Before Zakat & Tax	31.26	10.74	(65.6 %)
Net Income	30.76	7.09	(77.0 %)
Average Shares	45.89	45.89	-
EPS (Riyals)	0.67	0.15	(77.0 %)

Item	Q1 2024	Q2 2024	Change‬
Gross Written Premium (GWP)	200.24	273.59	36.6 %
Insurance Revenues	165.96	192.52	16.0 %
Net Profit Before Zakat & Tax	20.29	10.74	(47.1 %)
Net Income	19.54	7.09	(63.7 %)
Average Shares	45.89	45.89	-
EPS (Riyals)	0.43	0.15	(63.7 %)

Q2 2024 net profit stood at SAR 7.1 million, falling 77%, from SAR 30.76 million a year earlier.

On a quarterly basis, net profit retreated 63.7% from SAR 19.54 million in Q1 2024.

Insurance Operations

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	341.44	473.83	38.8 %
Insurance Revenues	277.48	358.48	29.2 %
Insurance Services Income	37.70	31.50	(16.4 %)
Investment Income	14.10	13.66	(3.1 %)
Net Profit of Insurance Services and Investment	49.74	43.36	(12.8 %)

Total shareholders’ equity, no minority interest, rose to SAR 547.62 million as of June 30, 2024, compared to SAR 474.11 million a year earlier.

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