Gulf General turns to SAR 3.5M profit in 2023; Q4 at SAR 5M

19/03/2024 Argaam Exclusive

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Gulf General Cooperative Insurance Co. reported a net profit of SAR 3.5 million for 2023, against a net loss of SAR 106 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	373.29	330.64	(11.4 %)
Insurance Revenues	315.69	315.65	0.0 %
Net Profit Before Zakat & Tax	(102.00)	6.32	106.2 %
Net Income	(106.02)	3.53	103.3 %
Average Shares	30.00	30.00	-
EPS (Riyals)	(3.53)	0.12	103.3 %

The positive performance is due to a 92.03% year-on-year (YoY) decrease in loss of insurance service results, driven by a 23.53% YoY decline in insurance service expenses and a 21.71% YoY drop in reinsurance contracts expenses.

Meanwhile, the insurer reported an increase in net investment income by SAR 16.92 million YoY and a 20.88% decrease in operating expenses.

This came despite a YoY decrease of SAR 40,000 in insurance revenue and a drop of 11.42% in gross written premiums (GWP).

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	68.92	117.97	71.2 %
Insurance Revenues	85.57	80.96	(5.4 %)
Net Profit Before Zakat & Tax	(47.62)	5.04	110.6 %
Net Income	(48.38)	4.96	110.2 %
Average Shares	30.00	30.00	-
EPS (Riyals)	(1.61)	0.17	110.2 %

Item	Q3 2023	Q4 2023	Change‬
Insurance Revenues	69.41	80.96	16.6 %
Net Profit Before Zakat & Tax	2.39	5.04	110.6 %
Net Income	1.49	4.96	231.7 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.05	0.17	231.7 %

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	373.29	330.64	(11.4 %)
Insurance Revenues	315.69	315.65	0.0 %
Insurance Services Income	(83.30)	3.73	104.5 %
Investment Income	(0.93)	16.00	1820.4 %
Net Profit of Insurance Services and Investment	(84.53)	15.22	118.0 %

The company reported a net profit of SAR 5 million in Q4 2023, versus a net loss of SAR 48.38 million in Q4 2022.

Sequentially, the insurer profit more than tripled from SAR 1.49 million in Q3 2023.

Shareholders’ equity, no minority interest, grew to SAR 300.39 million as of Dec. 31, 2023, compared to SAR 293.65 million a year earlier.

Accumulated losses stood at SAR 244.12 million by the end of 2023, which represents 48.8% of capital.

View More Financial Results

Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2014	7.44	137.3 %	0.36	9.19	88.1 %
Q2 2014	(4.37)	25.0 %	(0.21)	(2.62)	35.8 %
Q3 2014	1.01	171.9 %	0.05	0.68	3352.4 %
Q4 2014	18.62	86.0 %	0.90	20.67	106.1 %
2014	22.69	284.0 %	1.10	27.92	158.3 %
Q1 2015	(0.09)	(101.2 %)	0.00	1.17	(87.3 %)
Q2 2015	(7.20)	(64.7 %)	(0.35)	(5.80)	(121.3 %)
Q3 2015	(6.48)	(742.3 %)	(0.31)	(5.27)	(870.9 %)
Q4 2015	(18.16)	(197.6 %)	(0.88)	(17.51)	(184.7 %)
2015	(31.93)	(240.7 %)	(1.55)	(27.40)	(198.1 %)
Q1 2016	(5.10)	(5,632.6 %)	(0.25)	(3.90)	(433.0 %)
Q2 2016	8.04	211.8 %	0.39	11.63	300.6 %
Q3 2016	6.70	203.4 %	0.33	6.96	232.1 %
Q4 2016	9.85	154.2 %	0.48	10.22	158.4 %
2016	19.49	161.1 %	0.95	24.91	190.9 %
Q1 2017	(1.73)	66.2 %	(0.08)	(0.32)	91.7 %
Q2 2017	9.85	22.4 %	0.48	11.29	(2.9 %)
Q3 2017	3.43	(48.8 %)	0.17	4.63	(33.5 %)
Q4 2017	6.20	(37.0 %)	0.30	7.49	(26.7 %)
2017	14.25	(26.9 %)	0.69	19.58	(21.4 %)
Q1 2018	(1.16)	32.9 %	(0.06)	0.04	111.1 %
Q2 2018	(2.28)	(123.1 %)	(0.11)	(0.81)	(107.2 %)
Q3 2018	(7.75)	(325.8 %)	(0.38)	(6.74)	(245.6 %)
Q4 2018	(27.17)	(538.0 %)	(1.32)	(21.42)	(385.8 %)
2018	(38.35)	(369.2 %)	(1.86)	(28.93)	(247.7 %)
Q1 2019	1.64	241.8 %	0.08	2.64	7238.9 %
Q2 2019	3.43	250.4 %	0.17	4.29	630.3 %
Q3 2019	0.53	106.9 %	0.03	1.35	120.0 %
Q4 2019	(7.15)	73.7 %	(0.35)	(12.36)	42.3 %
2019	(1.27)	96.7 %	(0.06)	(3.79)	86.9 %
Q1 2020	(4.76)	(389.6 %)	(0.23)	(4.26)	(261.1 %)
Q2 2020	17.37	407.2 %	0.84	18.75	337.1 %
Q3 2020	(0.41)	(177.8 %)	(0.02)	0.11	(91.9 %)
Q4 2020	(8.68)	(21.4 %)	(0.42)	(5.97)	51.7 %
2020	3.75	396.7 %	0.18	8.86	333.9 %
Q1 2021	(24.36)	(412.2 %)	(1.18)	(23.41)	(450.2 %)
Q2 2021	(19.77)	(213.8 %)	(0.96)	(19.71)	(205.1 %)
Q3 2021	(14.43)	(3,384.3 %)	(0.48)	(14.30)	(13215.6 %)
Q4 2021	(28.22)	(225.2 %)	(0.94)	(26.65)	(346.2 %)
2021	(86.78)	(2412.2 %)	(2.89)	(84.08)	(1048.7 %)
Q1 2022	(19.32)	20.7 %	(0.64)	(18.20)	22.2 %
Q2 2022	(7.13)	63.9 %	(0.24)	(5.90)	70.1 %
Q3 2022	(31.18)	(116.2 %)	(1.04)	(30.28)	(111.8 %)
Q4 2022	(48.38)	(71.4 %)	(1.61)	(47.62)	(78.6 %)
2022	(106.02)	(22.2 %)	(3.53)	(102.00)	(21.3 %)
Q1 2023	4.07	121.1 %	0.14	4.97	127.3 %
Q2 2023	(6.99)	2.0 %	(0.23)	(6.09)	(3.2 %)
Q3 2023	1.49	104.8 %	0.05	2.39	107.9 %
Q4 2023	4.96	110.2 %	0.17	5.04	110.6 %
2023	3.53	103.3 %	0.12	6.32	106.2 %

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	22.69	284.0 %	1.10	27.92	158.3 %
2015	(31.93)	(240.7 %)	(1.55)	(27.40)	(198.1 %)
2016	19.49	161.1 %	0.95	24.91	190.9 %
2017	14.25	(26.9 %)	0.69	19.58	(21.4 %)
2018	(38.35)	(369.2 %)	(1.86)	(28.93)	(247.7 %)
2019	(1.27)	96.7 %	(0.06)	(3.79)	86.9 %
2020	3.75	396.7 %	0.18	8.86	333.9 %
2021	(86.78)	(2412.2 %)	(2.89)	(84.08)	(1048.7 %)
2022	(106.02)	(22.2 %)	(3.53)	(102.00)	(21.3 %)
2023	3.53	103.3 %	0.12	6.32	106.2 %

Insurance Operations Performance (M)

Compared With The

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
Q1 2014	156.01	6.2 %	-	-	-	-
Q2 2014	95.90	4.7 %	-	-	-	-
Q3 2014	59.74	(19.9 %)	-	-	-	-
Q4 2014	55.25	(3.2 %)	-	-	-	-
2014	366.90	(0.9 %)	-	-	-	-
Q1 2015	142.43	(8.7 %)	-	-	-	-
Q2 2015	102.17	6.5 %	-	-	-	-
Q3 2015	49.21	(17.6 %)	-	-	-	-
Q4 2015	58.13	5.2 %	-	-	-	-
2015	351.95	(4.1 %)	-	-	-	-
Q1 2016	117.57	(17.5 %)	-	-	-	-
Q2 2016	60.99	(40.3 %)	-	-	-	-
Q3 2016	36.52	(25.8 %)	-	-	-	-
Q4 2016	40.08	(31.1 %)	-	-	-	-
2016	255.15	(27.5 %)	-	-	-	-
Q1 2017	81.69	(30.5 %)	-	-	-	-
Q2 2017	46.15	(24.3 %)	-	-	-	-
Q3 2017	25.62	(29.9 %)	-	-	-	-
Q4 2017	32.17	(19.7 %)	-	-	-	-
2017	185.63	(27.2 %)	-	-	-	-
Q1 2018	94.45	15.6 %	-	-	-	-
Q2 2018	72.58	57.3 %	-	-	-	-
Q3 2018	48.12	87.8 %	-	-	-	-
Q4 2018	49.54	54.0 %	-	-	-	-
2018	264.68	42.6 %	-	-	-	-
Q1 2019	85.37	(9.6 %)	-	-	-	-
Q2 2019	51.08	(29.6 %)	-	-	-	-
Q3 2019	82.85	72.2 %	-	-	-	-
Q4 2019	60.40	21.9 %	-	-	-	-
2019	279.69	5.7 %	-	-	-	-
Q1 2020	129.87	52.1 %	-	-	-	-
Q2 2020	46.87	(8.2 %)	-	-	-	-
Q3 2020	64.66	(22.0 %)	-	-	-	-
Q4 2020	79.56	31.7 %	-	-	-	-
2020	320.96	14.8 %	-	-	-	-
Q1 2021	130.06	0.2 %	-	-	-	-
Q2 2021	67.08	43.1 %	-	-	-	-
Q3 2021	54.94	(15.0 %)	-	-	-	-
Q4 2021	44.66	(43.9 %)	-	-	-	-
2021	296.75	(7.5 %)	-	-	-	-
Q1 2022	147.92	13.7 %	(16.68)	-	(13.20)	-
Q2 2022	83.57	24.6 %	4.37	-	(2.37)	-
Q3 2022	72.78	32.5 %	(27.43)	-	(25.79)	-
Q4 2022	68.92	54.3 %	(43.56)	-	(43.16)	-
2022	373.29	25.8 %	(83.30)	-	(84.53)	-
Q1 2023	99.37	(32.8 %)	6.33	137.9 %	8.76	166.3 %
Q2 2023	40.97	(51.0 %)	(7.74)	(277.1 %)	(5.26)	(121.5 %)
Q3 2023	-	-	2.86	110.4 %	2.62	110.2 %
Q4 2023	117.97	71.2 %	(1.96)	95.5 %	4.87	111.3 %
2023	330.64	(11.4 %)	3.73	104.5 %	15.22	118.0 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	366.90	(0.9 %)	-	-	-	-
2015	351.95	(4.1 %)	-	-	-	-
2016	255.15	(27.5 %)	-	-	-	-
2017	185.63	(27.2 %)	-	-	-	-
2018	264.68	42.6 %	-	-	-	-
2019	279.69	5.7 %	-	-	-	-
2020	320.96	14.8 %	-	-	-	-
2021	296.75	(7.5 %)	-	-	-	-
2022	373.29	25.8 %	(83.30)	-	(84.53)	-
2023	330.64	(11.4 %)	3.73	104.5 %	15.22	118.0 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	20.63	0.50	0.50	9.36
Q2 2014	20.63	0.57	0.57	9.14
Q3 2014	20.63	0.68	0.68	9.19
Q4 2014	20.63	1.10	1.10	10.10
Q1 2015	20.63	0.74	0.74	10.09
Q2 2015	20.63	0.60	0.60	9.74
Q3 2015	20.63	0.24	0.24	9.43
Q4 2015	20.63	(1.55)	(1.55)	8.55
Q1 2016	20.63	(1.79)	(1.79)	8.30
Q2 2016	20.63	(1.05)	(1.05)	8.69
Q3 2016	20.63	(0.41)	(0.41)	9.01
Q4 2016	20.63	0.95	0.95	9.49
Q1 2017	20.63	1.11	1.11	9.41
Q2 2017	20.63	1.20	1.20	9.89
Q3 2017	20.63	1.04	1.04	10.05
Q4 2017	20.63	0.86	0.86	9.57
Q1 2018	20.63	0.89	0.89	9.59
Q2 2018	20.63	0.30	0.30	9.48
Q3 2018	20.63	(0.24)	(0.24)	9.03
Q4 2018	20.63	(1.86)	(1.86)	7.72
Q1 2019	20.63	(1.72)	(1.72)	7.79
Q2 2019	20.63	(1.45)	(1.45)	7.97
Q3 2019	20.63	(1.05)	(1.05)	8.00
Q4 2019	20.63	(0.08)	(0.08)	7.67
Q1 2020	20.63	(0.39)	(0.39)	7.44
Q2 2020	20.63	0.29	0.29	8.30
Q3 2020	20.63	0.24	0.24	8.29
Q4 2020	20.63	0.17	0.17	7.86
Q1 2021	20.63	(0.78)	(0.78)	6.67
Q2 2021	20.63	(2.58)	(2.58)	5.72
Q3 2021	30.00	(2.24)	(2.24)	13.29
Q4 2021	30.00	(2.89)	(2.89)	12.35
Q1 2022	30.00	(2.72)	(2.72)	12.66
Q2 2022	30.00	(2.30)	(2.30)	12.42
Q3 2022	30.00	(2.86)	(2.86)	11.38
Q4 2022	30.00	(3.53)	(3.53)	9.79
Q1 2023	30.00	(2.75)	(2.75)	9.99
Q2 2023	30.00	(2.75)	(2.75)	9.76
Q3 2023	30.00	(1.66)	(1.66)	9.81
Q4 2023	30.00	0.12	0.12	10.01

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	20.63	1.10	1.10	10.10
2015	20.63	(1.55)	(1.55)	8.55
2016	20.63	0.95	0.95	9.49
2017	20.63	0.69	0.69	9.57
2018	20.63	(1.86)	(1.86)	7.72
2019	20.63	(0.06)	(0.06)	7.67
2020	20.63	0.18	0.18	7.86
2021	30.00	(2.89)	(2.89)	12.35
2022	30.00	(3.53)	(3.53)	9.79
2023	30.00	0.12	0.12	10.01

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E
Q1 2014	More than 100	More than 100
Q2 2014	More than 100	More than 100
Q3 2014	More than 100	More than 100
Q4 2014	33.80	33.80
Q1 2015	More than 100	More than 100
Q2 2015	More than 100	More than 100
Q3 2015	More than 100	More than 100
Q4 2015	NEG	NEG
Q1 2016	NEG	NEG
Q2 2016	NEG	NEG
Q3 2016	NEG	NEG
Q4 2016	24.08	24.08
Q1 2017	22.80	22.80
Q2 2017	17.07	17.07
Q3 2017	26.21	26.21
Q4 2017	27.19	27.19
Q1 2018	26.52	26.52
Q2 2018	More than 100	More than 100
Q3 2018	NEG	NEG
Q4 2018	NEG	NEG
Q1 2019	NEG	NEG
Q2 2019	NEG	NEG
Q3 2019	NEG	NEG
Q4 2019	NEG	NEG
Q1 2020	NEG	NEG
Q2 2020	More than 100	More than 100
Q3 2020	More than 100	More than 100
Q4 2020	More than 100	More than 100
Q1 2021	NEG	NEG
Q2 2021	NEG	NEG
Q3 2021	NEG	NEG
Q4 2021	NEG	NEG
Q1 2022	NEG	NEG
Q2 2022	NEG	NEG
Q3 2022	NEG	NEG
Q4 2022	NEG	NEG
Q1 2023	NEG	NEG
Q2 2023	NEG	NEG
Q3 2023	NEG	NEG
Q4 2023	More than 100	More than 100

Period	P/E	Adjusted P/E
2014	33.80	33.80
2015	NEG	NEG
2016	24.08	24.08
2017	33.88	33.88
2018	NEG	NEG
2019	NEG	NEG
2020	More than 100	More than 100
2021	NEG	NEG
2022	NEG	NEG
2023	More than 100	More than 100

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Medical Insurance	Property & casualty	Insurance - Engineering	Marine Insurance	Accidents & Liabilities	Other classes	Motors	Comprehensive Motor Insurance
Q1 2014	14.57	30.36	6.34	13.67	7.78	-	-	83.28
Q2 2014	39.42	6.44	7.56	11.34	7.09	-	-	24.06
Q3 2014	7.58	9.13	6.18	11.81	3.46	-	-	21.59
Q4 2014	5.38	7.02	6.46	9.87	6.13	-	-	20.40
Q1 2015	16.47	23.75	8.63	14.64	8.04	-	-	70.91
Q2 2015	45.03	10.14	7.25	9.00	6.20	-	-	24.55
Q3 2015	2.84	8.89	5.94	7.47	3.84	-	-	20.22
Q4 2015	7.75	7.11	7.57	7.17	2.81	-	-	25.72
Q1 2016	15.60	21.05	5.25	9.53	7.61	-	-	58.52
Q2 2016	9.63	8.10	4.01	5.63	5.91	-	-	27.71
Q3 2016	3.09	5.40	3.75	4.06	2.54	-	-	17.68
Q4 2016	3.16	7.79	2.81	3.25	4.23	-	-	18.85
Q1 2017	9.52	16.19	4.43	7.19	9.46	-	-	34.89
Q2 2017	6.54	10.20	3.33	3.68	4.70	-	-	17.70
Q3 2017	2.93	6.41	0.88	4.27	3.21	-	-	7.92
Q4 2017	5.16	4.33	2.98	4.62	4.32	-	-	10.76
Q1 2018	25.34	14.87	3.32	5.99	11.26	-	-	33.67
Q2 2018	10.02	6.56	3.08	4.38	10.49	-	-	38.06
Q3 2018	7.55	4.81	0.95	5.03	6.54	-	-	23.25
Q4 2018	2.57	5.55	2.08	4.43	4.98	-	-	29.93
Q1 2019	16.17	13.83	2.41	6.07	9.45	-	-	37.43
Q2 2019	17.98	8.28	0.66	2.82	4.18	-	-	17.15
Q3 2019	26.01	6.22	0.84	4.08	5.44	-	-	40.26
Q4 2019	10.71	4.39	1.79	2.74	4.22	-	-	36.54
Q1 2020	37.18	13.17	1.97	5.45	6.40	-	-	65.70
Q2 2020	10.14	8.82	0.45	3.80	5.19	-	-	18.48
Q3 2020	5.31	7.11	1.13	3.86	1.97	-	-	45.28
Q4 2020	9.79	3.66	1.33	2.51	1.88	-	-	60.40
Q1 2021	32.38	10.47	1.37	3.05	4.97	-	-	77.83
Q2 2021	16.81	10.35	0.37	3.05	4.68	-	-	31.83
Q3 2021	4.07	4.06	0.82	5.41	0.99	-	-	39.59
Q4 2021	6.97	4.04	1.61	2.61	1.83	-	-	27.61
Q1 2022	24.21	24.45	-	-	-	-	99.26	-
Q2 2022	9.17	13.07	-	-	-	-	61.33	-
Q3 2022	19.77	11.44	-	-	-	-	41.57	-
Q4 2022	6.90	9.39	-	-	-	-	52.74	-
Q1 2023	9.45	19.55	-	-	-	-	70.36	-
Q2 2023	2.04	11.72	-	-	-	-	27.21	-
Q4 2023	8.07	8.24	-	-	-	-	101.66	-

Period	Medical Insurance	Property & casualty	Insurance - Engineering	Marine Insurance	Accidents & Liabilities	Other classes	Motors	Comprehensive Motor Insurance
2014	66.94	52.94	26.53	46.70	24.46	-	-	149.33
2015	72.09	49.88	29.39	38.28	20.90	-	-	141.41
2016	31.49	42.33	15.82	22.47	20.30	-	-	122.75
2017	24.14	37.13	11.63	19.77	21.69	-	-	71.28
2018	45.47	31.78	9.43	19.82	33.26	-	-	124.91
2019	70.86	32.72	5.70	15.72	23.30	-	-	131.39
2020	62.41	32.77	4.87	15.63	15.44	-	-	189.84
2021	60.22	28.91	4.17	14.12	12.46	-	-	176.87
2022	60.04	58.36	-	-	-	-	254.90	-
2023	42.74	48.78	-	-	-	-	239.12	-

Financial Ratios

	Current
Market Cap (M)	322.20
Shares Outstanding (M)	30.00
EPS ( Riyal) (TTM)	(0.34)
Book Value (BV) ( Riyal)	9.51
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/Book	1.13
Return on Average Assets (%) (TTM)	(2.11 )
Return on Average Equity (%) (TTM)	(3.54 )
Return on Market Cap (%)	(2.82 )

Gulf General Cooperative Insurance Co. (GULF GENERAL)

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Gulf General turns to SAR 3.5M profit in 2023; Q4 at SAR 5M

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Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million)

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Gulf General Cooperative Insurance Co. (GULF GENERAL)

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Gulf General turns to SAR 3.5M profit in 2023; Q4 at SAR 5M

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Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Gulf General Cooperative Insurance Co. (GULF GENERAL)

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Business Segments - Gross Premium Written (Million)