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

31/10/2024 Argaam Exclusive

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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 %)

Item	Q2 2024	Q3 2024	Change‬
Gross Written Premium (GWP)	273.59	231.13	(15.5 %)
Insurance Revenues	192.52	210.01	9.1 %
Net Profit Before Zakat & Tax	10.74	13.04	21.4 %
Net Income	7.09	11.54	62.9 %
Average Shares	45.89	45.89	-
EPS (Riyals)	0.15	0.25	62.9 %

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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