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

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 (Million Riyal)

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 -
Earnings Per Share before unusual items (Riyal) 0.61 0.43 (30.0 %)
EPS (Riyal) 0.61 0.43 (30.0 %)

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 32.57 23.45 (28.0 %)
Investment Income 4.60 10.09 119.3 %
Net Profit of Insurance Services and Investment 35.37 31.82 (10.0 %)

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 Riyal)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2007 - - - - -
Q2 2007 - - - - -
Q3 2007 - - - - -
Q4 2007 - - - - -
Q1 2008 0.56 - 0.03 0.56 -
Q2 2008 (0.23) - (0.01) (0.23) -
Q3 2008 0.96 - 0.05 0.96 -
Q4 2008 (21.31) - (1.21) (21.31) -
Q1 2009 0.03 (94.3 %) 0.00 0.03 (94.3 %)
Q2 2009 3.38 1596.5 % 0.19 5.69 2615.5 %
Q3 2009 2.04 112.2 % 0.12 3.19 231.9 %
Q4 2009 4.92 123.1 % 0.28 6.07 128.5 %
Q1 2010 4.05 12559.4 % 0.23 5.20 16156.3 %
Q2 2010 4.30 27.1 % 0.24 3.76 (33.8 %)
Q3 2010 1.38 (32.5 %) 0.08 2.25 (29.6 %)
Q4 2010 (3.19) (164.7 %) (0.18) (0.32) (105.2 %)
Q1 2011 (3.39) (183.7 %) (0.19) (2.02) (138.9 %)
Q2 2011 2.36 (45.0 %) 0.13 1.22 (67.6 %)
Q3 2011 (32.11) (2429.9 %) (1.83) (31.07) (1481.5 %)
Q4 2011 (29.87) (837.9 %) (1.70) (28.84) (9,054.6 %)
Q1 2012 (5.61) (65.4 %) (0.32) (4.58) (126.3 %)
Q2 2012 1.71 (27.7 %) 0.10 1.33 8.8 %
Q3 2012 1.05 103.3 % 0.06 1.42 104.6 %
Q4 2012 8.07 127.0 % 0.46 8.45 129.3 %
Q1 2013 (12.26) (118.4 %) (0.70) (11.86) (159.1 %)
Q2 2013 (3.73) (318.2 %) (0.21) (3.00) (326.2 %)
Q3 2013 6.56 526.1 % 0.37 7.13 401.1 %
Q4 2013 (21.37) (364.7 %) (1.22) (21.51) (354.6 %)
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 % (0.92) (24.30) 57.2 %
Q2 2022 0.39 100.8 % 0.01 0.89 101.9 %
Q3 2022 (0.66) 96.1 % (0.01) (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 %
Q1 2024 19.54 (30.0 %) 0.43 20.29 (28.6 %)

Insurance Operations Performance (Million)

Compared With The
Period Gross Written Premium (GWP) Change Insurance Services Income Change Net Profit of Insurance Services and Investment Change
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 - - - - - -
Q2 2009 246.21 - - - - -
Q3 2009 122.32 - - - - -
Q4 2009 126.14 - - - - -
Q1 2010 123.55 - - - - -
Q2 2010 71.40 (71.0 %) - - - -
Q3 2010 93.53 (23.5 %) - - - -
Q4 2010 101.10 (19.9 %) - - - -
Q1 2011 92.71 (25.0 %) - - - -
Q2 2011 66.61 (6.7 %) - - - -
Q3 2011 86.12 (7.9 %) - - - -
Q4 2011 83.34 (17.6 %) - - - -
Q1 2012 148.45 60.1 % - - - -
Q2 2012 89.05 33.7 % - - - -
Q3 2012 100.63 16.9 % - - - -
Q4 2012 79.37 (4.8 %) - - - -
Q1 2013 138.73 (6.5 %) - - - -
Q2 2013 65.87 (26.0 %) - - - -
Q3 2013 117.92 17.2 % - - - -
Q4 2013 65.02 (18.1 %) - - - -
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 % 32.57 229.7 % 35.37 293.4 %
Q2 2023 182.03 49.0 % 31.85 145.4 % 29.06 155.5 %
Q3 2023 158.35 44.9 % 31.03 326.9 % 29.00 569.4 %
Q4 2023 191.13 5.1 % 8.95 (67.2 %) 32.09 6.5 %
Q1 2024 200.24 25.6 % 23.45 (28.0 %) 31.82 (10.0 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 17.58 - - 11.30
Q2 2008 17.58 - - 11.29
Q3 2008 17.58 - - 11.08
Q4 2008 17.58 (1.14) (1.14) 11.10
Q1 2009 17.58 (1.17) (1.17) 11.04
Q2 2009 17.58 (0.96) (0.96) 10.94
Q3 2009 17.58 (0.90) (0.90) 10.84
Q4 2009 17.58 0.59 0.59 11.69
Q1 2010 17.58 0.82 0.82 10.63
Q2 2010 17.58 0.87 0.87 12.17
Q3 2010 17.58 0.83 0.83 12.24
Q4 2010 17.58 0.37 0.37 12.06
Q1 2011 17.58 (0.05) (0.05) 11.87
Q2 2011 17.58 (0.16) (0.16) 12.00
Q3 2011 17.58 (2.07) (2.07) 10.18
Q4 2011 17.58 (3.58) (3.58) 8.48
Q1 2012 17.58 (3.71) (3.71) 8.16
Q2 2012 17.58 (3.75) (3.75) 8.25
Q3 2012 17.58 (1.86) (1.86) 8.35
Q4 2012 17.58 0.30 0.30 8.81
Q1 2013 17.58 (0.08) (0.08) 8.13
Q2 2013 17.58 (0.39) (0.39) 7.94
Q3 2013 17.58 (0.08) (0.08) 8.34
Q4 2013 17.58 (1.75) (1.75) 7.15
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 26.90 (4.02) (4.02) 6.62
Q2 2022 45.89 (1.31) (1.31) 8.83
Q3 2022 45.89 (0.95) (0.95) 8.81
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E
Q1 2007 - -
Q2 2007 - -
Q3 2007 - -
Q4 2007 - -
Q1 2008 - -
Q2 2008 - -
Q3 2008 - -
Q4 2008 NEG NEG
Q1 2009 NEG NEG
Q2 2009 NEG NEG
Q3 2009 NEG NEG
Q4 2009 More than 100 More than 100
Q1 2010 More than 100 More than 100
Q2 2010 More than 100 More than 100
Q3 2010 More than 100 More than 100
Q4 2010 More than 100 More than 100
Q1 2011 NEG NEG
Q2 2011 NEG NEG
Q3 2011 NEG NEG
Q4 2011 NEG NEG
Q1 2012 NEG NEG
Q2 2012 NEG NEG
Q3 2012 NEG NEG
Q4 2012 More than 100 More than 100
Q1 2013 NEG NEG
Q2 2013 NEG NEG
Q3 2013 NEG NEG
Q4 2013 NEG NEG
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
Q1 2024 9.48 9.48

Business Segments - Gross Premium Written (Million Riyal)

Compared With The
Period Medical Insurance Comprehensive Motor Insurance Property and casualty Insurance - Engineering Marine Insurance Fire insurance
Q1 2009 - - - - - -
Q2 2009 - - 91.86 - - -
Q3 2009 54.41 42.39 (11.40) - - -
Q4 2009 52.28 31.04 28.37 - 14.46 -
Q1 2011 9.25 35.93 14.91 - 16.67 15.95
Q2 2011 27.18 12.08 8.87 - 12.40 5.84
Q3 2011 34.77 32.32 2.25 - 9.51 7.28
Q4 2011 24.39 18.87 24.71 - 12.21 3.17
Q1 2012 46.93 47.98 20.62 - 17.91 15.01
Q2 2012 32.39 29.30 11.99 - 10.21 5.16
Q3 2012 46.19 32.52 6.39 - 10.57 4.96
Q4 2012 36.78 31.13 7.44 - 15.44 6.58
Q1 2013 56.98 34.57 17.39 - 16.43 13.36
Q2 2013 28.88 5.14 9.88 - 14.56 7.42
Q3 2013 41.11 48.14 11.90 - 11.51 5.26
Q4 2013 23.86 17.76 2.25 - 14.55 6.60
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 - - -
Q1 2024 71.15 89.80 39.29 - - -


Financial Ratios
Current
Market Cap (M Riyal) 599.00
Shares Outstanding (M) 45.89
Recurring EPS ( Riyal) (TTM) (0.29)
Book Value (BV) ( Riyal) 12.43
Par Value ( Riyal) 10.00
Recurring P/E (TTM) Neg
P/E (TTM) NEG
Price/Book 1.05
Dividend Yield (%) (Last Year) -
Return on Average Assets (%) (TTM) (1.16 )
Return on Average Equity (%) (TTM) (2.33 )
Return on Market Cap (%) (2.16 )
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Share Price

Gulf Union Alahlia Cooperative Insurance Co.
13.05
(0.25) (1.88 %)

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

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