Financial Results : GIG profit falls 24% to SAR 98.2M in 2024; Q4 at SAR 44.1M

GIG profit falls 24% to SAR 98.2M in 2024; Q4 at SAR 44.1M

27/02/2025 Argaam Exclusive

View other reports

Gulf Insurance Group (GIG) reported a net profit of SAR 98.2 million in 2024, a decline of 24% from SAR 128.5 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Insurance Revenues 1,564.75 1,463.52 (6.5 %)
Net Income 128.53 98.20 (23.6 %)
Average Shares 52.50 52.50 -
Earnings Per Share before unusual items (Riyals) 2.45 1.87 (23.6 %)
EPS (Riyals) 2.45 1.87 (23.6 %)

This was due to a reduction in insurance revenue by SAR 101 million, lower share of surplus from insurance pool by SAR 19 million, and an increase in other operating expenses by SAR 13 million.

 

However, the company reported a decline in net insurance service expense by SAR 96 million, and a fall in net insurance finance expense by SAR 9 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Insurance Revenues 395.95 362.47 (8.5 %)
Net Income 21.95 44.14 101.1 %
Average Shares 52.50 52.50 -
Earnings Per Share before unusual items 0.42 0.84 101.1 %
EPS (Riyals) 0.42 0.84 101.1 %

Insurance Operations

Item 2023 2024 Change‬
Insurance Revenues 1,564.75 1,463.52 (6.5 %)
Insurance Services Income 134.33 110.74 (17.6 %)
Investment Income 95.64 92.35 (3.4 %)
Net Profit of Insurance Services and Investment 190.68 172.51 (9.5 %)

Q4 2024 net earnings reached SAR 44.1 million, a more than two-fold increase, from SAR 21.9 million in Q4 2023.

 

On a sequential basis, Q4 2024 net profit surged from SAR 21.8 million.

 

Total shareholders’ equity, no minority interest, stood at SAR 1.08 billion by Dec. 31, 2024, compared to SAR 1.06 billion a year earlier.

 

 

View More Financial Results

 

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Contact Us (+966)-92000-7759

Quarterly Actuals vs Estimates 27/02/2025

more

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.