GIG profit down 67% to SAR 32.2M in H1 2024; Q2 at SAR 52.5M

05/08/2024 Argaam Exclusive

View other reports

Gulf Insurance Group’s (GIG) net profit tumbled 67% to SAR 32.2 million by the end of H1 2024, compared to SAR 96.4 million in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	862.87	830.75	(3.7 %)
Insurance Revenues	778.88	721.78	(7.3 %)
Net Profit Before Zakat & Tax	112.56	43.31	(61.5 %)
Net Income	96.38	32.24	(66.5 %)
Average Shares	52.50	52.50	-
EPS (Riyals)	1.84	0.61	(66.5 %)

The annual decrease of SAR 57 million in insurance revenue in the current period was driven mainly by the motor segment.

In addition, investment income dropped by SAR 5 million year-on-year (YoY) in H1 2024.

In Q2 2024, net income soared 32% to SAR 52.2 million, from SAR 39.69 million in the year before.

Sequentially, the company turned to profit from SAR 20.22 million in losses in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Gross Written Premium (GWP)	318.48	-	-
Insurance Revenues	388.23	359.36	(7.4 %)
Net Profit Before Zakat & Tax	43.63	57.91	32.7 %
Net Income	39.69	52.46	32.2 %
Average Shares	52.50	52.50	-
EPS (Riyals)	0.76	1.00	32.2 %

Item	Q1 2024	Q2 2024	Change‬
Gross Written Premium (GWP)	521.52	-	-
Insurance Revenues	362.42	359.36	(0.8 %)
Net Profit Before Zakat & Tax	(14.61)	57.91	496.5 %
Net Income	(20.22)	52.46	359.5 %
Average Shares	52.50	52.50	-
EPS (Riyals)	(0.39)	1.00	359.5 %

Total shareholders’ equity, no minority interest, amounted to SAR 999.76 million as of June 30, 2024, down from SAR 1.01 billion a year earlier.

Insurance Operations

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	862.87	830.75	(3.7 %)
Insurance Revenues	778.88	721.78	(7.3 %)
Insurance Services Income	114.09	50.03	(56.1 %)
Investment Income	51.04	46.10	(9.7 %)
Net Profit of Insurance Services and Investment	129.94	66.09	(49.1 %)

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.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

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

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.

×