Financial Results : Gulf General incurs SAR 13.4M loss in H1 2024, Q2 at SAR 7.7M

Gulf General incurs SAR 13.4M loss in H1 2024, Q2 at SAR 7.7M

05/08/2024 Argaam Exclusive

View other reports

Gulf General Cooperative Insurance Co. reported a net loss of SAR 13.4 million in the first half of 2024 compared to a net loss of SAR 2.9 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 140.33 260.75 85.8 %
Insurance Revenues 163.45 192.90 18.0 %
Net Profit Before Zakat & Tax (1.12) (10.39) (830.5 %)
Net Income (2.92) (13.41) (359.8 %)
Average Shares 30.00 30.00 -
EPS (Riyals) (0.10) (0.45) (359.8 %)

The company incurred a net loss of SAR 7.7 million in Q2 2024, versus a net loss of SAR 7 million in Q2 2023.

 

Sequentially, the insurer losses widened from SAR 5.74 million in Q1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 40.97 85.77 109.4 %
Insurance Revenues 75.77 105.13 38.7 %
Net Profit Before Zakat & Tax (6.09) (6.47) (6.3 %)
Net Income (6.99) (7.67) (9.8 %)
Average Shares 30.00 30.00 -
EPS (Riyals) (0.23) (0.26) (9.8 %)

Shareholders’ equity, no minority interest, dropped to SAR 287 million as of June. 30, 2024, compared to SAR 293 million a year earlier.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 140.33 260.75 85.8 %
Insurance Revenues 163.45 192.90 18.0 %
Insurance Services Income (1.41) (11.35) (705.0 %)
Investment Income 8.78 6.26 (28.7 %)
Net Profit of Insurance Services and Investment 3.50 (5.39) (254.0 %)

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

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.