Financial Results : MEDGULF profit falls 27% to SAR 26.3M in Q1 2024

MEDGULF profit falls 27% to SAR 26.3M in Q1 2024

13/05/2024 Argaam Exclusive

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The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) reported a net profit of SAR 26.3 million in Q1 2024, a decline of 27%, from SAR 36.2 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Gross Written Premium (GWP) 1,602.52 1,858.43 16.0 %
Insurance Revenues 779.30 833.63 7.0 %
Net Profit Before Zakat & Tax 37.20 27.26 (26.7 %)
Net Income 36.20 26.26 (27.4 %)
Average Shares 105.00 105.00 -
EPS (Riyals) 0.34 0.25 (27.4 %)

On a quarterly basis, net earnings slumped by 56.9% from SAR 60.91 million in Q4 2023.

Insurance Operations

Item 3m 2023 3m 2024 Change‬
Gross Written Premium (GWP) 1,602.52 1,858.43 16.0 %
Insurance Revenues 779.30 833.63 7.0 %
Insurance Services Income (11.79) 23.10 295.9 %
Investment Income 37.72 16.14 (57.2 %)
Net Profit of Insurance Services and Investment 22.05 35.39 60.5 %

Shareholders’ equity, no minority interest, reached SAR 943.68 million by March 31, 2024, compared to SAR 742.91 million in the prior-year period.

 

Accumulated losses reached SAR 230.86 million by March 31, 2024, accounting for 21.9% of the company’s capital.

 

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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 (54.40) (223.4 %) (0.52) - -
Q2 2015 (136.40) (399.1 %) (1.30) - -
Q3 2015 48.74 45.9 % 0.46 - -
Q4 2015 (127.20) (300.8 %) (1.21) - -
Q1 2016 9.49 117.4 % 0.09 - -
Q2 2016 (21.62) 84.1 % (0.21) - -
Q3 2016 51.83 6.4 % 0.49 - -
Q4 2016 8.94 107.0 % 0.09 - -
Q1 2017 (94.86) (1099.9 %) (0.90) (92.97) -
Q2 2017 (440.01) (1,935.2 %) (4.19) (417.32) -
Q3 2017 56.62 9.2 % 0.54 60.12 -
Q4 2017 25.04 180.3 % 0.24 29.07 -
Q1 2018 (25.74) 72.9 % (0.25) (23.27) 75.0 %
Q2 2018 (10.14) 97.7 % (0.10) (8.64) 97.9 %
Q3 2018 (81.17) (243.4 %) (0.77) (79.79) (232.7 %)
Q4 2018 (93.14) (471.9 %) (0.89) (92.82) (419.3 %)
Q1 2019 2.94 111.4 % 0.03 7.04 130.2 %
Q2 2019 0.85 108.4 % 0.01 4.13 147.8 %
Q3 2019 2.79 103.4 % 0.03 5.28 106.6 %
Q4 2019 (3.45) 96.3 % (0.03) 2.73 102.9 %
Q1 2020 4.23 44.0 % 0.04 8.25 17.2 %
Q2 2020 22.99 2604.2 % 0.22 27.00 553.9 %
Q3 2020 3.58 28.6 % 0.03 7.59 43.8 %
Q4 2020 6.07 276.0 % 0.06 12.03 340.1 %
Q1 2021 6.81 60.7 % 0.06 9.05 9.8 %
Q2 2021 6.58 (71.4 %) 0.06 8.84 (67.3 %)
Q3 2021 (25.63) (815.7 %) (0.24) (23.38) (407.9 %)
Q4 2021 (128.84) (2221.1 %) (1.23) (130.59) (1185.8 %)
Q1 2022 (17.21) (352.8 %) (0.16) (15.96) (276.2 %)
Q2 2022 (64.43) (1078.6 %) (0.61) (63.18) (815.1 %)
Q3 2022 (92.04) (259.1 %) (0.88) (104.81) (348.3 %)
Q4 2022 (223.20) (73.2 %) (2.13) (221.91) (69.9 %)
Q1 2023 36.20 310.4 % 0.34 37.20 333.1 %
Q2 2023 64.58 200.2 % 0.62 64.58 202.2 %
Q3 2023 39.79 143.2 % 0.38 43.79 141.8 %
Q4 2023 60.91 127.3 % 0.58 50.11 122.6 %
Q1 2024 26.26 (27.4 %) 0.25 27.26 (26.7 %)

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 2015 1,515.76 30.3 % - - - -
Q2 2015 1,148.66 (12.9 %) - - - -
Q3 2015 754.04 (30.4 %) - - - -
Q4 2015 583.48 (31.4 %) - - - -
Q1 2016 1,233.58 (18.6 %) - - - -
Q2 2016 891.38 (22.4 %) - - - -
Q3 2016 510.97 (32.2 %) - - - -
Q4 2016 558.41 (4.3 %) - - - -
Q1 2017 784.01 (36.4 %) - - - -
Q2 2017 869.03 (2.5 %) - - - -
Q3 2017 513.18 0.4 % - - - -
Q4 2017 499.62 (10.5 %) - - - -
Q1 2018 413.62 (47.2 %) - - - -
Q2 2018 277.86 (68.0 %) - - - -
Q3 2018 836.28 63.0 % - - - -
Q4 2018 541.71 8.4 % - - - -
Q1 2019 1,077.24 160.4 % - - - -
Q2 2019 290.46 4.5 % - - - -
Q3 2019 747.09 (10.7 %) - - - -
Q4 2019 306.49 (43.4 %) - - - -
Q1 2020 1,260.22 17.0 % - - - -
Q2 2020 251.70 (13.3 %) - - - -
Q3 2020 422.14 (43.5 %) - - - -
Q4 2020 600.45 95.9 % - - - -
Q1 2021 1,028.92 (18.4 %) - - - -
Q2 2021 292.75 16.3 % - - - -
Q3 2021 378.23 (10.4 %) - - - -
Q4 2021 536.33 (10.7 %) - - - -
Q1 2022 1,231.20 19.7 % (79.69) - (16.12) -
Q2 2022 390.90 33.5 % (100.78) - (64.26) -
Q3 2022 523.19 38.3 % (128.27) - (103.49) -
Q4 2022 709.31 32.3 % (276.48) - (328.88) -
Q1 2023 1,602.52 30.2 % (11.79) 85.2 % 22.05 236.8 %
Q2 2023 418.91 7.2 % 34.72 134.5 % 60.30 193.8 %
Q3 2023 562.40 7.5 % 39.19 130.6 % 51.72 150.0 %
Q4 2023 551.69 (22.2 %) 24.88 109.0 % 49.52 115.1 %
Q1 2024 1,858.43 16.0 % 23.10 295.8 % 35.39 60.5 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 105.00 0.84 0.84 10.83
Q2 2015 105.00 (0.90) (0.90) 9.55
Q3 2015 105.00 (0.75) (0.75) 9.93
Q4 2015 105.00 (2.56) (2.56) 8.69
Q1 2016 105.00 (1.96) (1.96) 8.77
Q2 2016 105.00 (0.86) (0.86) 8.51
Q3 2016 105.00 (0.83) (0.83) 9.00
Q4 2016 105.00 0.46 0.46 8.76
Q1 2017 105.00 (0.53) (0.53) 8.16
Q2 2017 105.00 (4.52) (4.52) 3.97
Q3 2017 105.00 (4.47) (4.47) 4.51
Q4 2017 105.00 (4.32) (4.32) 4.75
Q1 2018 105.00 (3.66) (3.66) 4.51
Q2 2018 105.00 0.44 0.44 4.40
Q3 2018 105.00 (0.88) (0.88) 3.58
Q4 2018 105.00 (2.00) (2.00) 6.53
Q1 2019 105.00 (1.73) (1.73) 6.46
Q2 2019 105.00 (1.62) (1.62) 6.62
Q3 2019 105.00 (0.82) (0.82) 6.67
Q4 2019 105.00 0.03 0.03 6.77
Q1 2020 105.00 0.04 0.04 6.64
Q2 2020 105.00 0.25 0.25 6.98
Q3 2020 105.00 0.26 0.26 7.25
Q4 2020 105.00 0.35 0.35 7.28
Q1 2021 105.00 0.38 0.38 7.36
Q2 2021 105.00 0.22 0.22 7.44
Q3 2021 105.00 (0.06) (0.06) 7.15
Q4 2021 105.00 (1.34) (1.34) 9.75
Q1 2022 105.00 (1.57) (1.57) 10.41
Q2 2022 105.00 (2.25) (2.25) 9.80
Q3 2022 105.00 (2.88) (2.88) 8.92
Q4 2022 105.00 (3.78) (3.78) 6.73
Q1 2023 105.00 (3.27) (3.27) 7.08
Q2 2023 105.00 (2.04) (2.04) 7.69
Q3 2023 105.00 (0.79) (0.79) 8.01
Q4 2023 105.00 1.92 1.92 8.74
Q1 2024 105.00 1.82 1.82 8.99

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2015 More than 100 More than 100
Q2 2015 NEG NEG
Q3 2015 NEG NEG
Q4 2015 NEG NEG
Q1 2016 NEG NEG
Q2 2016 NEG NEG
Q3 2016 NEG NEG
Q4 2016 More than 100 More than 100
Q1 2017 NEG NEG
Q2 2017 NEG NEG
Q3 2017 NEG NEG
Q4 2017 NEG NEG
Q1 2018 NEG NEG
Q2 2018 37.85 37.85
Q3 2018 NEG NEG
Q4 2018 NEG NEG
Q1 2019 NEG NEG
Q2 2019 NEG NEG
Q3 2019 NEG NEG
Q4 2019 More than 100 More than 100
Q1 2020 More than 100 More than 100
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 More than 100 More than 100
Q2 2021 More than 100 More than 100
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 7.50 7.50
Q1 2024 13.46 13.46

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Comprehensive Motor Insurance Property & Casualty Other classes
Q1 2015 1,060.51 288.77 166.49 -
Q2 2015 858.08 151.19 139.39 -
Q3 2015 515.41 140.54 98.08 -
Q4 2015 377.48 85.55 120.46 -
Q1 2016 883.11 238.98 111.50 -
Q2 2016 633.96 143.14 114.28 -
Q3 2016 326.24 116.93 67.79 -
Q4 2016 423.68 30.94 103.78 -
Q1 2017 604.73 86.30 92.99 -
Q2 2017 580.03 151.52 137.48 -
Q3 2017 302.63 153.43 57.12 -
Q4 2017 231.27 155.20 113.15 -
Q1 2018 282.66 77.77 53.19 -
Q2 2018 163.33 105.15 9.39 -
Q3 2018 638.41 115.05 82.82 -
Q4 2018 349.70 145.36 46.66 -
Q1 2019 855.86 90.56 130.82 -
Q2 2019 153.80 101.89 34.76 -
Q3 2019 616.78 57.45 72.86 -
Q4 2019 179.38 86.47 40.64 -
Q1 2020 898.76 218.47 142.99 -
Q2 2020 141.35 69.48 40.86 -
Q3 2020 311.21 53.77 57.16 -
Q4 2020 470.01 85.21 45.24 -
Q1 2021 748.92 173.21 106.78 -
Q2 2021 134.92 70.32 87.51 -
Q3 2021 213.98 69.76 94.49 -
Q4 2021 390.03 118.25 28.06 -
Q1 2022 954.30 175.42 101.49 -
Q2 2022 124.90 213.18 52.82 -
Q3 2022 221.23 200.12 101.83 -
Q4 2022 501.14 152.92 55.24 -
Q1 2023 1,310.90 134.23 157.40 -
Q2 2023 303.44 57.14 58.33 -
Q3 2023 375.69 111.50 75.21 -
Q4 2023 401.48 86.97 63.25 -
Q1 2024 1,674.56 84.05 99.82 -


Financial Ratios
Current
Market Cap (M) 2,440.20
Shares Outstanding (M) 105.00
EPS ( Riyal) (TTM) 1.52
Book Value (BV) ( Riyal) 9.68
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 15.26
P/E (TTM) 15.26
Price/Book 2.40
Return on Average Assets (%) (TTM) 4.8
Return on Average Equity (%) (TTM) 17.2
Return on Market Cap (%) 6.4
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Share Price

The Mediterranean and Gulf Insurance and Reinsurance Co.
23.24
1.10 4.97 %

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF)

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