Gulf Union AlAhlia posts 30% profit drop to SAR 19.5M in Q1 2024

09/05/2024 Argaam Exclusive

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Gulf Union Alahlia Cooperative Insurance Co. reported a net profit drop of 30% to SAR 19.5 million for Q1 2024, from SAR 27.9 million in the prior-year period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	159.41	200.24	25.6 %
Insurance Revenues	136.34	165.96	21.7 %
Net Profit Before Zakat & Tax	28.42	20.29	(28.6 %)
Net Income	27.92	19.54	(30.0 %)
Average Shares	45.89	45.89	-
EPS (Riyals)	0.61	0.43	(30.0 %)

Item	Q4 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	191.13	200.24	4.8 %
Insurance Revenues	179.50	165.96	(7.5 %)
Net Profit Before Zakat & Tax	36.51	20.29	(44.4 %)
Net Income	36.01	19.54	(45.7 %)
Average Shares	45.89	45.89	-
EPS (Riyals)	0.78	0.43	(45.7 %)

Insurance service expenses increased by SAR 7.6 million to SAR 129.7 million, from SAR 122.1 million in Q1 2023. Gulf Union Alahlia incurred SAR 16 million losses in the three-month period from reinsurance contracts, compared to a profit of SAR 3 million in Q1 2023.

Insurance Operations

Item	3m 2023	3m 2024	Change‬
Gross Written Premium (GWP)	159.41	200.24	25.6 %
Insurance Revenues	136.34	165.96	21.7 %
Insurance Services Income	17.89	19.91	11.3 %
Investment Income	4.60	10.09	119.3 %
Net Profit of Insurance Services and Investment	20.69	28.29	36.7 %

On the other hand, insurance revenues increased during the current quarter by SAR 29 million compared to Q1 2023, as a result of growth in the company’s core medical, motor, and general insurance business lines.

The insurance services provider’s net income dropped by 45.7% from SAR 36 million in Q4 2023 as insurance revenue decreased by 8% quarter-on-quarter (QoQ). Investment income also fell by 47% QoQ to SAR 10 million from SAR 19 million in Q4 2023.

Total shareholders’ equity, no minority interest, increased to SAR 567.53 million as of March 31, 2024, compared to SAR 433.35 million a year earlier.

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Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
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 %
Q1 2024	19.54	(30.0 %)	0.43	20.29	(28.6 %)

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 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	158.35	44.9 %	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 %
Q1 2024	200.24	25.6 %	19.91	11.3 %	28.29	36.7 %

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 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
Q1 2024	45.89	2.54	2.54	12.37

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 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
Q1 2024	9.48	9.48

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 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	-	-	-
Q1 2024	71.15	89.80	39.29	-	-	-

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)	945.54
Shares Outstanding (M)	45.89
EPS ( Riyal) (TTM)	2.54
Book Value (BV) ( Riyal)	12.37
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	8.10
P/E (TTM)	8.10
Price/Book	1.67
Return on Average Assets (%) (TTM)	11.6
Return on Average Equity (%) (TTM)	23.1
Return on Market Cap (%)	10.5

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

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Gulf Union AlAhlia posts 30% profit drop to SAR 19.5M in Q1 2024

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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 Q1

Financial Ratios

Share Price

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

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Gulf Union AlAhlia posts 30% profit drop to SAR 19.5M in Q1 2024

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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) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

Financial Ratios

Share Price

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

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Business Segments - Gross Premium Written (Million)