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

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 %

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 %
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 %
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 %
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 %)
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 %
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 %)
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 %)
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 %
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 %
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 %

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 %) - - - -
Q1 2015 98.07 (35.8 %) - - - -
Q2 2015 52.23 (30.9 %) - - - -
Q3 2015 27.49 (55.0 %) - - - -
Q4 2015 47.14 (10.0 %) - - - -
Q1 2016 79.52 (18.9 %) - - - -
Q2 2016 55.85 6.9 % - - - -
Q3 2016 46.00 67.3 % - - - -
Q4 2016 96.00 103.7 % - - - -
Q1 2017 160.69 102.1 % - - - -
Q2 2017 78.96 41.4 % - - - -
Q3 2017 32.48 (29.4 %) - - - -
Q4 2017 87.50 (8.9 %) - - - -
Q1 2018 80.23 (50.1 %) - - - -
Q2 2018 50.17 (36.5 %) - - - -
Q3 2018 48.49 49.3 % - - - -
Q4 2018 149.11 70.4 % - - - -
Q1 2019 173.98 116.8 % - - - -
Q2 2019 99.87 99.1 % - - - -
Q3 2019 116.39 140.0 % - - - -
Q4 2019 168.56 13.0 % - - - -
Q1 2020 133.65 (23.2 %) - - - -
Q2 2020 92.46 (7.4 %) - - - -
Q3 2020 156.91 34.8 % - - - -
Q4 2020 174.10 3.3 % - - - -
Q1 2021 177.08 32.5 % - - - -
Q2 2021 128.21 38.7 % - - - -
Q3 2021 116.38 (25.8 %) - - - -
Q4 2021 150.85 (13.4 %) - - - -
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 -
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 %


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

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

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 - - -


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
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Share Price

Gulf Union Alahlia Cooperative Insurance Co.
15.44
0.14 0.92 %

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

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