MEDGULF H1 2024 profit drops 41% to SAR 59.9M; Q2 at SAR 33.6M

05/08/2024 Argaam Exclusive

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The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) posted a 41% fall in its net earnings for H1 2024 to SAR 59.9 million, compared to SAR 100.8 million in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	2,021.43	2,387.02	18.1 %
Insurance Revenues	1,653.48	1,709.53	3.4 %
Net Profit Before Zakat & Tax	101.77	66.39	(34.8 %)
Net Income	100.77	59.87	(40.6 %)
Average Shares	105.00	105.00	-
EPS (Riyals)	0.96	0.57	(40.6 %)

The company’s net investment results shrank 50.45% to SAR 32.7 million from SAR 66.1 million during the similar period of the previous year, due to losses in fair value equity investments, which followed the general trend of the market.

In addition, MEDGULF reported a 40.93% decline in the results of insurance services to SAR 13.5 million due to the more unfavorable performance of the health insurance line.

This was despite an increase in the health business’s revenues by 19.21%. On the other hand, revenues from motor insurance witnessed a significant decrease of 49.29%, while revenues from general property and casualty (P&C) insurance lines recorded a limited increase of 2.16%.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Gross Written Premium (GWP)	418.91	528.59	26.2 %
Insurance Revenues	874.18	875.91	0.2 %
Net Profit Before Zakat & Tax	64.58	39.12	(39.4 %)
Net Income	64.58	33.61	(48.0 %)
Average Shares	105.00	105.00	-
EPS (Riyals)	0.62	0.32	(48.0 %)

Item	Q1 2024	Q2 2024	Change‬
Gross Written Premium (GWP)	1,858.43	528.59	(71.6 %)
Insurance Revenues	833.63	875.91	5.1 %
Net Profit Before Zakat & Tax	27.26	39.12	43.5 %
Net Income	26.26	33.61	28.0 %
Average Shares	105.00	105.00	-
EPS (Riyals)	0.25	0.32	28.0 %

In the second quarter of 2024, the insurance services provider reported a net profit of SAR 33.61 million, 48% down from SAR 64.58 million in Q2 2023, mainly due to a decline in insurance service results that led to a loss of SAR 9.55 million against earnings of SAR 34.72 million a year earlier.

Sequentially, the insurer profit improved by 28% from SAR 26.26 million in Q1 2024.

Insurance Operations

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	2,021.43	2,387.02	18.1 %
Insurance Revenues	1,653.48	1,709.53	3.4 %
Insurance Services Income	22.93	13.54	(41.0 %)
Investment Income	66.11	32.75	(50.5 %)
Net Profit of Insurance Services and Investment	82.35	45.80	(44.4 %)

Total shareholders’ equity, no minority interest, stood at SAR 977.28 million as of June 30, 2024, compared to SAR 807.49 million in the prior-year period.

Accumulated losses reached SAR 197.26 million by the end of the six-month period, accounting for 18.79% 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)	-	-
2015	(269.26)	(244.4 %)	(2.56)	-	-
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	-	-
2016	50.13	118.6 %	0.48	-	-
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	-
2017	(420.14)	(938.0 %)	(4.00)	(388.03)	-
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 %)
2018	(209.15)	50.2 %	(1.99)	(204.53)	47.3 %
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 %
2019	3.12	101.5 %	0.03	19.18	109.4 %
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 %
2020	36.91	1081.6 %	0.35	54.90	186.3 %
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 %)
2021	(140.59)	(480.9 %)	(1.34)	(135.59)	(347.0 %)
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 %)
2022	(396.87)	(182.3 %)	(3.78)	(405.86)	(199.3 %)
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 %
2023	201.47	150.8 %	1.92	195.67	148.2 %
Q1 2024	26.26	(27.4 %)	0.25	27.26	(26.7 %)
Q2 2024	33.61	(48.0 %)	0.32	39.12	(39.4 %)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	186.44	194.5 %	1.78	-	-
2015	(269.26)	(244.4 %)	(2.56)	-	-
2016	50.13	118.6 %	0.48	-	-
2017	(420.14)	(938.0 %)	(4.00)	(388.03)	-
2018	(209.15)	50.2 %	(1.99)	(204.53)	47.3 %
2019	3.12	101.5 %	0.03	19.18	109.4 %
2020	36.91	1081.6 %	0.35	54.90	186.3 %
2021	(140.59)	(480.9 %)	(1.34)	(135.59)	(347.0 %)
2022	(396.87)	(182.3 %)	(3.78)	(405.86)	(199.3 %)
2023	201.47	150.8 %	1.92	195.67	148.2 %

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 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 %)	-	-	-	-
2015	4,001.93	(9.4 %)	-	-	-	-
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 %)	-	-	-	-
2016	3,194.33	(20.2 %)	-	-	-	-
Q1 2017	784.01	(36.4 %)	-	-	-	-
Q2 2017	869.03	(2.5 %)	-	-	-	-
Q3 2017	513.18	0.4 %	-	-	-	-
Q4 2017	499.62	(10.5 %)	-	-	-	-
2017	2,665.84	(16.5 %)	-	-	-	-
Q1 2018	413.62	(47.2 %)	-	-	-	-
Q2 2018	277.86	(68.0 %)	-	-	-	-
Q3 2018	836.28	63.0 %	-	-	-	-
Q4 2018	541.71	8.4 %	-	-	-	-
2018	2,069.47	(22.4 %)	-	-	-	-
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 %)	-	-	-	-
2019	2,421.28	17.0 %	-	-	-	-
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 %	-	-	-	-
2020	2,534.50	4.7 %	-	-	-	-
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 %)	-	-	-	-
2021	2,236.22	(11.8 %)	-	-	-	-
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)	-
2022	2,854.60	27.7 %	(585.21)	-	(512.74)	-
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 %
2023	3,135.53	9.8 %	87.00	114.9 %	183.58	135.8 %
Q1 2024	1,858.43	16.0 %	23.10	295.8 %	35.39	60.5 %
Q2 2024	528.59	26.2 %	(9.55)	(127.5 %)	10.41	(82.7 %)

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	4,415.99	6.7 %	-	-	-	-
2015	4,001.93	(9.4 %)	-	-	-	-
2016	3,194.33	(20.2 %)	-	-	-	-
2017	2,665.84	(16.5 %)	-	-	-	-
2018	2,069.47	(22.4 %)	-	-	-	-
2019	2,421.28	17.0 %	-	-	-	-
2020	2,534.50	4.7 %	-	-	-	-
2021	2,236.22	(11.8 %)	-	-	-	-
2022	2,854.60	27.7 %	(585.21)	-	(512.74)	-
2023	3,135.53	9.8 %	87.00	114.9 %	183.58	135.8 %

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
Q2 2024	105.00	1.53	1.53	9.31

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	105.00	1.78	1.78	11.20
2015	105.00	(2.56)	(2.56)	8.69
2016	105.00	0.48	0.48	8.76
2017	105.00	(4.00)	(4.00)	4.75
2018	105.00	(1.99)	(1.99)	6.53
2019	105.00	0.03	0.03	6.77
2020	105.00	0.35	0.35	7.28
2021	105.00	(1.34)	(1.34)	9.75
2022	105.00	(3.78)	(3.78)	6.73
2023	105.00	1.92	1.92	8.74

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
Q2 2024	17.79	17.79

Period	P/E	Adjusted P/E
2014	More than 100	More than 100
2015	NEG	NEG
2016	More than 100	More than 100
2017	NEG	NEG
2018	NEG	NEG
2019	More than 100	More than 100
2020	More than 100	More than 100
2021	NEG	NEG
2022	NEG	NEG
2023	7.50	7.50

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	-
Q2 2024	396.93	77.95	53.72	-

Period	Medical Insurance	Comprehensive Motor Insurance	Property & Casualty	Other classes
2014	2,973.95	685.94	756.11	-
2015	2,811.47	666.05	524.42	-
2016	2,266.99	530.00	397.35	-
2017	1,718.66	546.45	400.73	-
2018	1,434.09	443.33	192.05	-
2019	1,805.83	336.37	279.08	-
2020	1,821.32	426.93	286.25	-
2021	1,487.85	431.54	316.84	-
2022	1,801.57	741.64	311.39	-
2023	2,391.50	389.84	354.19	-

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

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

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MEDGULF H1 2024 profit drops 41% to SAR 59.9M; Q2 at SAR 33.6M

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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) 2024 Q2

Financial Ratios

Share Price

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

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MEDGULF H1 2024 profit drops 41% to SAR 59.9M; Q2 at SAR 33.6M

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) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

Financial Ratios

Share Price

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

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Business Segments - Gross Premium Written (Million)