Financial Results : Gulf Union Alahlia profit down 55% to SAR 26.6M profit in H1 2024; Q2 at SAR 7.1M

Gulf Union Alahlia profit down 55% to SAR 26.6M profit in H1 2024; Q2 at SAR 7.1M

01/08/2024 Argaam Exclusive

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Gulf Union Alahlia Cooperative Insurance Co. reported a net profit of SAR 26.6 million for H1 2024, down from SAR 58.7 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 341.44 473.83 38.8 %
Insurance Revenues 277.48 358.48 29.2 %
Net Profit Before Zakat & Tax 59.68 31.04 (48.0 %)
Net Income 58.68 26.63 (54.6 %)
Average Shares 45.89 45.89 -
EPS (Riyals) 1.28 0.58 (54.6 %)

The profit drop was attributed to lower insurance services results, which amounted to SAR 35.5 million for the current period compared to SAR 64.4 million a year earlier.

 

In addition, the company reported a decrease of 44.8% year-on-year (YoY), as a result of the increase in insurance services expenses by SAR 76.7 million, up 35% YoY. The insurer also reported a decrease in net investment returns to SAR 13.6 million in H1 2024, compared to SAR 14.1 million for the same period of the previous year, down 3.2% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 182.03 273.59 50.3 %
Insurance Revenues 141.14 192.52 36.4 %
Net Profit Before Zakat & Tax 31.26 10.74 (65.6 %)
Net Income 30.76 7.09 (77.0 %)
Average Shares 45.89 45.89 -
EPS (Riyals) 0.67 0.15 (77.0 %)

Q2 2024 net profit stood at SAR 7.1 million, falling 77%, from SAR 30.76 million a year earlier.

 

On a quarterly basis, net profit retreated 63.7% from SAR 19.54 million in Q1 2024.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 341.44 473.83 38.8 %
Insurance Revenues 277.48 358.48 29.2 %
Insurance Services Income 37.70 31.50 (16.4 %)
Investment Income 14.10 13.66 (3.1 %)
Net Profit of Insurance Services and Investment 49.74 43.36 (12.8 %)

Total shareholders’ equity, no minority interest, rose to SAR 547.62 million as of June 30, 2024, compared to SAR 474.11 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 %
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 %
Q1 2024 19.54 (30.0 %) 0.43 20.29 (28.6 %)
Q2 2024 7.09 (77.0 %) 0.15 10.74 (65.6 %)

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 %) - - - -
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 %
Q1 2024 200.24 25.6 % 19.91 11.3 % 28.29 36.7 %
Q2 2024 273.59 50.3 % 11.59 (41.5 %) 15.08 (48.1 %)


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
Q2 2024 45.89 2.03 2.03 12.52

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
Q2 2024 9.39 9.39

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 - - -
Q2 2024 130.65 91.45 51.48 - - -


Financial Ratios
Current
Market Cap (M) 719.71
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) 9.70
P/E (TTM) 9.70
Price/Book 1.23
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.
15.68
0.22 1.42 %

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

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