Gulf Union Alahlia swings to SAR 125M profit in 2023; Q4 at SAR 36M

24/03/2024 Argaam Exclusive

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Gulf Union Alahlia Cooperative Insurance Co. reported a net profit of SAR 125 million for 2023, versus a net loss of SAR 18.3 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	548.43	690.92	26.0 %
Insurance Revenues	506.77	624.48	23.2 %
Net Profit Before Zakat & Tax	(16.30)	127.04	879.4 %
Net Income	14.78	125.04	746.0 %
Average Shares	45.89	45.89	-
EPS (Riyals)	0.32	2.72	746.0 %

Insurance revenue increased 23% to SAR 117 million during this year compared to the previous year, due to the growth in the volume of operations in all insurance segments.

Other income increased by SAR 35.7 million compared with SAR 14.9 million a year earlier, while net investment income increased by SAR 37.8 million compared with SAR 9.9 million in a year earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	181.87	191.13	5.1 %
Insurance Revenues	127.12	179.50	41.2 %
Net Profit Before Zakat & Tax	7.28	36.51	401.7 %
Net Income	6.78	36.01	431.4 %
Average Shares	45.89	45.89	-
EPS (Riyals)	0.15	0.78	431.4 %

Item	Q3 2023	Q4 2023	Change‬
Insurance Revenues	167.50	179.50	7.2 %
Net Profit Before Zakat & Tax	30.86	36.51	18.3 %
Net Income	30.36	36.01	18.6 %
Average Shares	45.89	45.89	-
EPS (Riyals)	0.66	0.78	18.6 %

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	548.43	690.92	26.0 %
Insurance Revenues	506.77	624.48	23.2 %
Insurance Services Income	1.46	68.67	4603.4 %
Investment Income	9.89	37.88	283.0 %
Net Profit of Insurance Services and Investment	17.05	110.83	550.0 %

Q4 2023 net profit stood at SAR 36 million, surging 431.4%, compared to SAR 6.78 million a year earlier.

On a quarterly basis, net profit grew 18.6% from SAR 30.36 million in Q3 2023.

Total shareholders’ equity, no minority interest, rose to SAR 547.9 million by Dec. 31, 2023, compared to SAR 415.4 million a year earlier.

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Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2014	(5.16)	57.9 %	(0.29)	(4.59)	61.3 %
Q2 2014	(1.10)	70.5 %	(0.06)	(0.84)	72.1 %
Q3 2014	0.61	(90.7 %)	0.03	1.03	(85.6 %)
Q4 2014	(2.30)	89.2 %	(0.13)	(1.89)	91.2 %
2014	(7.96)	74.1 %	(0.45)	(6.29)	78.5 %
Q1 2015	1.17	122.6 %	0.07	1.59	134.5 %
Q2 2015	(3.33)	(201.7 %)	(0.19)	(2.79)	(234.1 %)
Q3 2015	6.73	1009.2 %	0.38	7.21	603.2 %
Q4 2015	6.48	381.5 %	0.37	6.96	469.1 %
2015	11.40	243.1 %	0.65	12.36	296.5 %
Q1 2016	0.89	(23.4 %)	0.05	1.42	(10.2 %)
Q2 2016	5.79	274.0 %	0.33	6.42	329.7 %
Q3 2016	(0.86)	(112.8 %)	(0.05)	(0.23)	(103.3 %)
Q4 2016	16.07	147.9 %	0.91	17.36	149.5 %
2016	19.26	69.0 %	1.10	22.33	80.7 %
Q1 2017	5.81	550.3 %	0.33	6.58	362.2 %
Q2 2017	3.98	(31.2 %)	0.23	5.78	(9.9 %)
Q3 2017	0.93	207.6 %	0.05	2.01	956.7 %
Q4 2017	11.16	(30.6 %)	0.63	12.80	(26.2 %)
2017	21.89	13.6 %	1.24	27.18	21.7 %
Q1 2018	3.11	(46.5 %)	0.18	5.47	(16.9 %)
Q2 2018	(10.73)	(369.4 %)	(0.61)	(10.73)	(285.6 %)
Q3 2018	(7.09)	(861.8 %)	(0.40)	(7.09)	(452.7 %)
Q4 2018	16.99	52.2 %	0.97	17.84	39.3 %
2018	2.54	(88.4 %)	0.14	5.75	(78.8 %)
Q1 2019	(37.86)	(1318.6 %)	(2.15)	(36.17)	(761.8 %)
Q2 2019	1.06	109.9 %	0.06	1.06	109.9 %
Q3 2019	8.15	215.0 %	0.46	8.15	215.0 %
Q4 2019	(0.73)	(104.3 %)	(0.04)	(4.01)	(122.5 %)
2019	(29.14)	(1246.6 %)	(1.66)	(30.74)	(634.6 %)
Q1 2020	(6.79)	82.1 %	(0.34)	(6.10)	83.1 %
Q2 2020	8.95	744.3 %	0.45	9.57	801.8 %
Q3 2020	(11.56)	(241.9 %)	(0.58)	(10.18)	(224.9 %)
Q4 2020	(37.20)	(5,002.3 %)	(1.87)	(33.68)	(739.4 %)
2020	(45.58)	(56.4 %)	(2.29)	(39.36)	(28.1 %)
Q1 2021	(57.80)	(750.9 %)	(2.15)	(56.80)	(831.0 %)
Q2 2021	(47.80)	(634.1 %)	(1.78)	(46.80)	(588.9 %)
Q3 2021	(17.06)	(47.5 %)	(0.63)	(17.06)	(67.5 %)
Q4 2021	(18.54)	50.2 %	(0.69)	(18.54)	45.0 %
2021	(141.19)	(209.8 %)	(5.25)	(139.19)	(253.6 %)
Q1 2022	(24.80)	57.1 %	(0.64)	(24.30)	57.2 %
Q2 2022	0.39	100.8 %	0.01	0.89	101.9 %
Q3 2022	(0.66)	96.1 %	(0.02)	(0.16)	99.0 %
Q4 2022	6.78	136.6 %	0.15	7.28	139.3 %
2022	14.78	110.5 %	0.32	(16.30)	88.3 %
Q1 2023	27.92	212.6 %	0.61	28.42	216.9 %
Q2 2023	30.76	7826.0 %	0.67	31.26	3420.0 %
Q3 2023	30.36	4673.0 %	0.66	30.86	18937.4 %
Q4 2023	36.01	431.4 %	0.78	36.51	401.7 %
2023	125.04	746.0 %	2.72	127.04	879.4 %

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	(7.96)	74.1 %	(0.45)	(6.29)	78.5 %
2015	11.40	243.1 %	0.65	12.36	296.5 %
2016	19.26	69.0 %	1.10	22.33	80.7 %
2017	21.89	13.6 %	1.24	27.18	21.7 %
2018	2.54	(88.4 %)	0.14	5.75	(78.8 %)
2019	(29.14)	(1246.6 %)	(1.66)	(30.74)	(634.6 %)
2020	(45.58)	(56.4 %)	(2.29)	(39.36)	(28.1 %)
2021	(141.19)	(209.8 %)	(5.25)	(139.19)	(253.6 %)
2022	14.78	110.5 %	0.32	(16.30)	88.3 %
2023	125.04	746.0 %	2.72	127.04	879.4 %

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	152.76	10.1 %	-	-	-	-
Q2 2014	75.62	14.8 %	-	-	-	-
Q3 2014	61.05	(48.2 %)	-	-	-	-
Q4 2014	52.40	(19.4 %)	-	-	-	-
2014	341.84	(11.8 %)	-	-	-	-
Q1 2015	98.07	(35.8 %)	-	-	-	-
Q2 2015	52.23	(30.9 %)	-	-	-	-
Q3 2015	27.49	(55.0 %)	-	-	-	-
Q4 2015	47.14	(10.0 %)	-	-	-	-
2015	224.93	(34.2 %)	-	-	-	-
Q1 2016	79.52	(18.9 %)	-	-	-	-
Q2 2016	55.85	6.9 %	-	-	-	-
Q3 2016	46.00	67.3 %	-	-	-	-
Q4 2016	96.00	103.7 %	-	-	-	-
2016	277.38	23.3 %	-	-	-	-
Q1 2017	160.69	102.1 %	-	-	-	-
Q2 2017	78.96	41.4 %	-	-	-	-
Q3 2017	32.48	(29.4 %)	-	-	-	-
Q4 2017	87.50	(8.9 %)	-	-	-	-
2017	359.63	29.7 %	-	-	-	-
Q1 2018	80.23	(50.1 %)	-	-	-	-
Q2 2018	50.17	(36.5 %)	-	-	-	-
Q3 2018	48.49	49.3 %	-	-	-	-
Q4 2018	149.11	70.4 %	-	-	-	-
2018	328.00	(8.8 %)	-	-	-	-
Q1 2019	173.98	116.8 %	-	-	-	-
Q2 2019	99.87	99.1 %	-	-	-	-
Q3 2019	116.39	140.0 %	-	-	-	-
Q4 2019	168.56	13.0 %	-	-	-	-
2019	558.80	70.4 %	-	-	-	-
Q1 2020	133.65	(23.2 %)	-	-	-	-
Q2 2020	92.46	(7.4 %)	-	-	-	-
Q3 2020	156.91	34.8 %	-	-	-	-
Q4 2020	174.10	3.3 %	-	-	-	-
2020	557.12	(0.3 %)	-	-	-	-
Q1 2021	177.08	32.5 %	-	-	-	-
Q2 2021	128.21	38.7 %	-	-	-	-
Q3 2021	116.38	(25.8 %)	-	-	-	-
Q4 2021	150.85	(13.4 %)	-	-	-	-
2021	572.52	2.8 %	-	-	-	-
Q1 2022	135.20	(23.6 %)	(25.11)	-	(18.29)	-
Q2 2022	122.19	(4.7 %)	12.98	-	11.37	-
Q3 2022	109.32	(6.1 %)	(13.67)	-	(6.18)	-
Q4 2022	181.87	20.6 %	27.26	-	30.14	-
2022	548.43	(4.2 %)	1.46	-	17.05	-
Q1 2023	159.41	17.9 %	17.89	171.2 %	20.69	213.1 %
Q2 2023	182.03	49.0 %	19.81	52.6 %	29.06	155.5 %
Q3 2023	-	-	22.03	261.1 %	29.00	569.4 %
Q4 2023	191.13	5.1 %	8.95	(67.2 %)	32.09	6.5 %
2023	690.92	26.0 %	68.67	4597.1 %	110.83	550.1 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	341.84	(11.8 %)	-	-	-	-
2015	224.93	(34.2 %)	-	-	-	-
2016	277.38	23.3 %	-	-	-	-
2017	359.63	29.7 %	-	-	-	-
2018	328.00	(8.8 %)	-	-	-	-
2019	558.80	70.4 %	-	-	-	-
2020	557.12	(0.3 %)	-	-	-	-
2021	572.52	2.8 %	-	-	-	-
2022	548.43	(4.2 %)	1.46	-	17.05	-
2023	690.92	26.0 %	68.67	4597.1 %	110.83	550.1 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	17.58	(1.35)	(1.35)	6.77
Q2 2014	17.58	(1.20)	(1.20)	6.70
Q3 2014	17.58	(1.54)	(1.54)	6.74
Q4 2014	17.58	(0.45)	(0.45)	6.59
Q1 2015	17.58	(0.09)	(0.09)	6.66
Q2 2015	17.58	(0.22)	(0.22)	6.48
Q3 2015	17.58	0.13	0.13	6.84
Q4 2015	17.58	0.63	0.63	7.22
Q1 2016	17.58	0.61	0.61	7.28
Q2 2016	17.58	1.13	1.13	7.62
Q3 2016	17.58	0.70	0.70	7.57
Q4 2016	17.58	1.24	1.24	8.34
Q1 2017	17.58	1.52	1.52	8.67
Q2 2017	17.58	1.42	1.42	8.86
Q3 2017	17.58	1.52	1.52	8.91
Q4 2017	17.58	1.24	1.24	9.55
Q1 2018	17.58	1.09	1.09	9.70
Q2 2018	17.58	0.25	0.25	9.13
Q3 2018	17.58	(0.20)	(0.20)	8.72
Q4 2018	17.58	0.13	0.13	9.67
Q1 2019	17.58	(2.20)	(2.20)	7.55
Q2 2019	17.58	(1.53)	(1.53)	7.62
Q3 2019	17.58	(0.66)	(0.66)	8.10
Q4 2019	17.58	(1.67)	(1.67)	8.26
Q1 2020	19.91	0.08	0.08	7.60
Q2 2020	19.91	0.48	0.48	8.47
Q3 2020	19.91	(0.51)	(0.51)	7.79
Q4 2020	19.91	(2.34)	(2.34)	9.99
Q1 2021	26.90	(3.63)	(3.63)	7.87
Q2 2021	26.90	(5.74)	(5.74)	6.15
Q3 2021	26.90	(5.94)	(5.94)	5.50
Q4 2021	26.90	(5.25)	(5.25)	4.83
Q1 2022	38.54	(2.81)	(2.81)	4.62
Q2 2022	38.54	(1.56)	(1.56)	10.51
Q3 2022	38.54	(1.13)	(1.13)	10.49
Q4 2022	45.89	(0.40)	(0.40)	9.05
Q1 2023	45.89	0.75	0.75	9.66
Q2 2023	45.89	1.41	1.41	10.33
Q3 2023	45.89	2.09	2.09	10.99
Q4 2023	45.89	2.72	2.72	11.94

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	17.58	(0.45)	(0.45)	6.59
2015	17.58	0.65	0.65	7.22
2016	17.58	1.10	1.10	8.34
2017	17.58	1.24	1.24	9.55
2018	17.58	0.14	0.14	9.67
2019	17.58	(1.66)	(1.66)	8.26
2020	19.91	(2.29)	(2.29)	9.99
2021	26.90	(5.25)	(5.25)	4.83
2022	45.89	0.32	(0.40)	9.05
2023	45.89	2.72	2.72	11.94

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E
Q1 2014	NEG	NEG
Q2 2014	NEG	NEG
Q3 2014	NEG	NEG
Q4 2014	NEG	NEG
Q1 2015	NEG	NEG
Q2 2015	NEG	NEG
Q3 2015	More than 100	More than 100
Q4 2015	More than 100	More than 100
Q1 2016	More than 100	More than 100
Q2 2016	31.74	31.74
Q3 2016	39.35	39.35
Q4 2016	29.59	29.59
Q1 2017	26.06	26.06
Q2 2017	26.33	26.33
Q3 2017	27.65	27.65
Q4 2017	30.24	30.24
Q1 2018	35.87	35.87
Q2 2018	More than 100	More than 100
Q3 2018	NEG	NEG
Q4 2018	More than 100	More than 100
Q1 2019	NEG	NEG
Q2 2019	NEG	NEG
Q3 2019	NEG	NEG
Q4 2019	NEG	NEG
Q1 2020	More than 100	More than 100
Q2 2020	More than 100	More than 100
Q3 2020	NEG	NEG
Q4 2020	NEG	NEG
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	12.99	12.99
Q2 2023	7.78	7.78
Q3 2023	6.53	6.53
Q4 2023	5.96	5.96

Period	P/E	Adjusted P/E
2014	NEG	NEG
2015	More than 100	More than 100
2016	33.63	33.63
2017	30.24	30.24
2018	More than 100	More than 100
2019	NEG	NEG
2020	NEG	NEG
2021	NEG	NEG
2022	26.46	NEG
2023	5.96	5.96

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Medical Insurance	Comprehensive Motor Insurance	Property and casualty	Insurance - Engineering	Marine Insurance	Fire insurance
Q1 2014	60.89	37.02	20.10	-	19.76	14.99
Q2 2014	27.15	12.53	(2.99)	4.74	20.43	6.63
Q3 2014	28.94	10.35	17.95	-	9.82	5.87
Q4 2014	13.32	14.88	(12.20)	3.92	10.56	6.72
Q1 2015	3.46	42.73	19.59	-	16.44	15.85
Q2 2015	14.41	14.98	(3.40)	9.57	9.50	7.18
Q3 2015	5.36	9.20	1.25	2.24	6.04	3.40
Q4 2015	6.81	15.12	4.06	3.78	6.81	10.55
Q1 2016	3.28	34.48	10.92	5.00	12.73	13.11
Q2 2016	18.56	16.53	2.55	2.32	11.39	4.51
Q3 2016	17.93	19.54	1.40	1.21	3.78	2.16
Q4 2016	19.52	57.94	3.26	2.43	7.44	5.41
Q1 2017	26.50	104.04	7.62	4.25	8.86	9.42
Q2 2017	54.25	10.97	2.94	2.13	6.28	2.37
Q3 2017	9.12	13.45	1.46	1.27	4.50	2.67
Q4 2017	42.98	30.58	3.04	2.45	4.68	3.78
Q1 2018	23.28	35.03	5.71	2.96	5.30	7.95
Q2 2018	27.68	15.14	2.02	1.72	2.20	1.41
Q3 2018	18.91	20.77	1.76	2.64	2.56	1.85
Q4 2018	50.47	85.49	-	2.20	5.28	2.66
Q1 2019	44.12	101.45	28.41	-	-	-
Q2 2019	62.95	26.87	10.05	-	-	-
Q3 2019	78.81	26.92	10.66	-	-	-
Q4 2019	125.31	22.73	20.51	-	-	-
Q1 2020	69.79	36.45	27.41	-	-	-
Q2 2020	59.09	21.36	12.01	-	-	-
Q3 2020	128.03	19.51	9.37	-	-	-
Q4 2020	134.44	21.92	17.74	-	-	-
Q1 2021	77.27	65.74	34.07	-	-	-
Q2 2021	58.97	53.66	15.58	-	-	-
Q3 2021	52.76	49.91	13.70	-	-	-
Q4 2021	71.25	60.38	19.22	-	-	-
Q1 2022	39.19	63.43	32.58	-	-	-
Q2 2022	52.44	50.08	19.52	-	-	-
Q3 2022	51.87	38.49	18.96	-	-	-
Q4 2022	86.84	72.16	22.87	-	-	-
Q1 2023	59.34	66.24	33.83	-	-	-
Q2 2023	68.07	83.67	30.29	-	-	-
Q3 2023	61.63	67.97	28.76	-	-	-
Q4 2023	72.23	84.16	34.74	-	-	-

Period	Medical Insurance	Comprehensive Motor Insurance	Property and casualty	Insurance - Engineering	Marine Insurance	Fire insurance
2014	130.30	74.78	22.86	19.13	60.56	34.21
2015	30.04	82.02	21.50	15.59	38.79	36.98
2016	59.29	128.49	18.13	10.95	35.34	25.18
2017	132.85	159.05	15.06	10.10	24.33	18.24
2018	120.35	156.42	9.49	9.53	15.34	13.87
2019	311.20	177.97	69.63	-	-	-
2020	391.35	99.23	66.54	-	-	-
2021	260.26	229.69	82.57	-	-	-
2022	230.35	224.16	93.93	-	-	-
2023	261.27	302.03	127.62	-	-	-

Financial Ratios

	Current
Market Cap (M)	708.70
Shares Outstanding (M)	45.89
EPS ( Riyal) (TTM)	1.62
Book Value (BV) ( Riyal)	12.77
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	9.55
P/E (TTM)	9.55
Price/Book	1.21
Return on Average Assets (%) (TTM)	7.2
Return on Average Equity (%) (TTM)	13.6
Return on Market Cap (%)	10.2

Gulf Union Alahlia Cooperative Insurance Co. (GULF UNION ALAHLIA)

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Gulf Union Alahlia swings to SAR 125M profit in 2023; Q4 at SAR 36M

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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 Union Alahlia Cooperative Insurance Co. (GULF UNION ALAHLIA)

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Gulf Union Alahlia swings to SAR 125M profit in 2023; Q4 at SAR 36M

View other reports

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 Union Alahlia Cooperative Insurance Co. (GULF UNION ALAHLIA)

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Business Segments - Gross Premium Written (Million)