Financial Results : Gulf General incurs SAR 5.7M loss in Q1 2024

Gulf General incurs SAR 5.7M loss in Q1 2024

13/05/2024 Argaam Exclusive

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Gulf General Cooperative Insurance Co. swung to a net loss of SAR 5.7 million in the first quarter of 2024 from a net profit of SAR 4.1 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Gross Written Premium (GWP) 99.37 174.98 76.1 %
Insurance Revenues 87.68 87.77 0.1 %
Net Profit Before Zakat & Tax 4.97 (3.92) (178.9 %)
Net Income 4.07 (5.74) (240.9 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.14 (0.19) (240.9 %)

Profits from insurance service declined in Q1 2024 by SAR 6.1 million year-on-year (YoY), while insurance service expenses rose by SAR 12.81 million, or 16.92%, compared to Q1 2023.

 

This occurred despite a decrease in reinsurance contract expenses of SAR 5.96 million, or 51.30%, and an increase in net investment income to SAR 4.25 million, or 12.17% YoY.

 

Meanwhile, operating expenses shrank to SAR 2. 52 million, or 33.24% YoY.

 

Sequentially, the insurer turned to losses from a profit of SAR 4.96 million in Q4 2023.

Insurance Operations

Item 3m 2023 3m 2024 Change‬
Gross Written Premium (GWP) 99.37 174.98 76.1 %
Insurance Revenues 87.68 87.77 0.1 %
Insurance Services Income 6.33 (5.20) (182.1 %)
Investment Income 3.80 4.26 12.1 %
Net Profit of Insurance Services and Investment 8.76 (1.40) (116.0 %)

Shareholders' equity, no minority interest, reached SAR 294.65 million at the end of Q1 2024, compared with SAR 299.75 million a year earlier.

 

Accumulated losses stood at SAR 49.86 million as of March 31, 2024, representing 16.62% of capital.

 

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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 (0.09) (101.2 %) 0.00 1.17 (87.3 %)
Q2 2015 (7.20) (64.7 %) (0.35) (5.80) (121.3 %)
Q3 2015 (6.48) (742.3 %) (0.31) (5.27) (870.9 %)
Q4 2015 (18.16) (197.6 %) (0.88) (17.51) (184.7 %)
Q1 2016 (5.10) (5,632.6 %) (0.25) (3.90) (433.0 %)
Q2 2016 8.04 211.8 % 0.39 11.63 300.6 %
Q3 2016 6.70 203.4 % 0.33 6.96 232.1 %
Q4 2016 9.85 154.2 % 0.48 10.22 158.4 %
Q1 2017 (1.73) 66.2 % (0.08) (0.32) 91.7 %
Q2 2017 9.85 22.4 % 0.48 11.29 (2.9 %)
Q3 2017 3.43 (48.8 %) 0.17 4.63 (33.5 %)
Q4 2017 6.20 (37.0 %) 0.30 7.49 (26.7 %)
Q1 2018 (1.16) 32.9 % (0.06) 0.04 111.1 %
Q2 2018 (2.28) (123.1 %) (0.11) (0.81) (107.2 %)
Q3 2018 (7.75) (325.8 %) (0.38) (6.74) (245.6 %)
Q4 2018 (27.17) (538.0 %) (1.32) (21.42) (385.8 %)
Q1 2019 1.64 241.8 % 0.08 2.64 7238.9 %
Q2 2019 3.43 250.4 % 0.17 4.29 630.3 %
Q3 2019 0.53 106.9 % 0.03 1.35 120.0 %
Q4 2019 (7.15) 73.7 % (0.35) (12.36) 42.3 %
Q1 2020 (4.76) (389.6 %) (0.23) (4.26) (261.1 %)
Q2 2020 17.37 407.2 % 0.84 18.75 337.1 %
Q3 2020 (0.41) (177.8 %) (0.02) 0.11 (91.9 %)
Q4 2020 (8.68) (21.4 %) (0.42) (5.97) 51.7 %
Q1 2021 (24.36) (412.2 %) (1.18) (23.41) (450.2 %)
Q2 2021 (19.77) (213.8 %) (0.96) (19.71) (205.1 %)
Q3 2021 (14.43) (3,384.3 %) (0.48) (14.30) (13215.6 %)
Q4 2021 (28.22) (225.2 %) (0.94) (26.65) (346.2 %)
Q1 2022 (19.32) 20.7 % (0.64) (18.20) 22.2 %
Q2 2022 (7.13) 63.9 % (0.24) (5.90) 70.1 %
Q3 2022 (31.18) (116.2 %) (1.04) (30.28) (111.8 %)
Q4 2022 (48.38) (71.4 %) (1.61) (47.62) (78.6 %)
Q1 2023 4.07 121.1 % 0.14 4.97 127.3 %
Q2 2023 (6.99) 2.0 % (0.23) (6.09) (3.2 %)
Q3 2023 1.49 104.8 % 0.05 2.39 107.9 %
Q4 2023 4.96 110.2 % 0.17 5.04 110.6 %
Q1 2024 (5.74) (240.9 %) (0.19) (3.92) (178.9 %)

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 142.43 (8.7 %) - - - -
Q2 2015 102.17 6.5 % - - - -
Q3 2015 49.21 (17.6 %) - - - -
Q4 2015 58.13 5.2 % - - - -
Q1 2016 117.57 (17.5 %) - - - -
Q2 2016 60.99 (40.3 %) - - - -
Q3 2016 36.52 (25.8 %) - - - -
Q4 2016 40.08 (31.1 %) - - - -
Q1 2017 81.69 (30.5 %) - - - -
Q2 2017 46.15 (24.3 %) - - - -
Q3 2017 25.62 (29.9 %) - - - -
Q4 2017 32.17 (19.7 %) - - - -
Q1 2018 94.45 15.6 % - - - -
Q2 2018 72.58 57.3 % - - - -
Q3 2018 48.12 87.8 % - - - -
Q4 2018 49.54 54.0 % - - - -
Q1 2019 85.37 (9.6 %) - - - -
Q2 2019 51.08 (29.6 %) - - - -
Q3 2019 82.85 72.2 % - - - -
Q4 2019 60.40 21.9 % - - - -
Q1 2020 129.87 52.1 % - - - -
Q2 2020 46.87 (8.2 %) - - - -
Q3 2020 64.66 (22.0 %) - - - -
Q4 2020 79.56 31.7 % - - - -
Q1 2021 130.06 0.2 % - - - -
Q2 2021 67.08 43.1 % - - - -
Q3 2021 54.94 (15.0 %) - - - -
Q4 2021 44.66 (43.9 %) - - - -
Q1 2022 147.92 13.7 % (16.68) - (13.20) -
Q2 2022 83.57 24.6 % 4.37 - (2.37) -
Q3 2022 72.78 32.5 % (27.43) - (25.79) -
Q4 2022 68.92 54.3 % (43.56) - (43.16) -
Q1 2023 99.37 (32.8 %) 6.33 137.9 % 8.76 166.3 %
Q2 2023 40.97 (51.0 %) (7.74) (277.1 %) (5.26) (121.5 %)
Q3 2023 - - 2.86 110.4 % 2.62 110.2 %
Q4 2023 117.97 71.2 % (1.96) 95.5 % 4.87 111.3 %
Q1 2024 174.98 76.1 % (5.20) (182.2 %) (1.40) (116.0 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 20.63 0.74 0.74 10.09
Q2 2015 20.63 0.60 0.60 9.74
Q3 2015 20.63 0.24 0.24 9.43
Q4 2015 20.63 (1.55) (1.55) 8.55
Q1 2016 20.63 (1.79) (1.79) 8.30
Q2 2016 20.63 (1.05) (1.05) 8.69
Q3 2016 20.63 (0.41) (0.41) 9.01
Q4 2016 20.63 0.95 0.95 9.49
Q1 2017 20.63 1.11 1.11 9.41
Q2 2017 20.63 1.20 1.20 9.89
Q3 2017 20.63 1.04 1.04 10.05
Q4 2017 20.63 0.86 0.86 9.57
Q1 2018 20.63 0.89 0.89 9.59
Q2 2018 20.63 0.30 0.30 9.48
Q3 2018 20.63 (0.24) (0.24) 9.03
Q4 2018 20.63 (1.86) (1.86) 7.72
Q1 2019 20.63 (1.72) (1.72) 7.79
Q2 2019 20.63 (1.45) (1.45) 7.97
Q3 2019 20.63 (1.05) (1.05) 8.00
Q4 2019 20.63 (0.08) (0.08) 7.67
Q1 2020 20.63 (0.39) (0.39) 7.44
Q2 2020 20.63 0.29 0.29 8.30
Q3 2020 20.63 0.24 0.24 8.29
Q4 2020 20.63 0.17 0.17 7.86
Q1 2021 20.63 (0.78) (0.78) 6.67
Q2 2021 20.63 (2.58) (2.58) 5.72
Q3 2021 30.00 (2.24) (2.24) 13.29
Q4 2021 30.00 (2.89) (2.89) 12.35
Q1 2022 30.00 (2.72) (2.72) 12.66
Q2 2022 30.00 (2.30) (2.30) 12.42
Q3 2022 30.00 (2.86) (2.86) 11.38
Q4 2022 30.00 (3.53) (3.53) 9.79
Q1 2023 30.00 (2.75) (2.75) 9.99
Q2 2023 30.00 (2.75) (2.75) 9.76
Q3 2023 30.00 (1.66) (1.66) 9.81
Q4 2023 30.00 0.12 0.12 10.01
Q1 2024 30.00 (0.21) (0.21) 9.82

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 More than 100 More than 100
Q3 2015 More than 100 More than 100
Q4 2015 NEG NEG
Q1 2016 NEG NEG
Q2 2016 NEG NEG
Q3 2016 NEG NEG
Q4 2016 24.08 24.08
Q1 2017 22.80 22.80
Q2 2017 17.07 17.07
Q3 2017 26.21 26.21
Q4 2017 27.19 27.19
Q1 2018 26.52 26.52
Q2 2018 More than 100 More than 100
Q3 2018 NEG NEG
Q4 2018 NEG NEG
Q1 2019 NEG NEG
Q2 2019 NEG NEG
Q3 2019 NEG NEG
Q4 2019 NEG NEG
Q1 2020 NEG NEG
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 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 NEG NEG
Q2 2023 NEG NEG
Q3 2023 NEG NEG
Q4 2023 More than 100 More than 100
Q1 2024 NEG NEG

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Property & casualty Insurance - Engineering Marine Insurance Accidents & Liabilities Other classes Motors Comprehensive Motor Insurance
Q1 2015 16.47 23.75 8.63 14.64 8.04 - - 70.91
Q2 2015 45.03 10.14 7.25 9.00 6.20 - - 24.55
Q3 2015 2.84 8.89 5.94 7.47 3.84 - - 20.22
Q4 2015 7.75 7.11 7.57 7.17 2.81 - - 25.72
Q1 2016 15.60 21.05 5.25 9.53 7.61 - - 58.52
Q2 2016 9.63 8.10 4.01 5.63 5.91 - - 27.71
Q3 2016 3.09 5.40 3.75 4.06 2.54 - - 17.68
Q4 2016 3.16 7.79 2.81 3.25 4.23 - - 18.85
Q1 2017 9.52 16.19 4.43 7.19 9.46 - - 34.89
Q2 2017 6.54 10.20 3.33 3.68 4.70 - - 17.70
Q3 2017 2.93 6.41 0.88 4.27 3.21 - - 7.92
Q4 2017 5.16 4.33 2.98 4.62 4.32 - - 10.76
Q1 2018 25.34 14.87 3.32 5.99 11.26 - - 33.67
Q2 2018 10.02 6.56 3.08 4.38 10.49 - - 38.06
Q3 2018 7.55 4.81 0.95 5.03 6.54 - - 23.25
Q4 2018 2.57 5.55 2.08 4.43 4.98 - - 29.93
Q1 2019 16.17 13.83 2.41 6.07 9.45 - - 37.43
Q2 2019 17.98 8.28 0.66 2.82 4.18 - - 17.15
Q3 2019 26.01 6.22 0.84 4.08 5.44 - - 40.26
Q4 2019 10.71 4.39 1.79 2.74 4.22 - - 36.54
Q1 2020 37.18 13.17 1.97 5.45 6.40 - - 65.70
Q2 2020 10.14 8.82 0.45 3.80 5.19 - - 18.48
Q3 2020 5.31 7.11 1.13 3.86 1.97 - - 45.28
Q4 2020 9.79 3.66 1.33 2.51 1.88 - - 60.40
Q1 2021 32.38 10.47 1.37 3.05 4.97 - - 77.83
Q2 2021 16.81 10.35 0.37 3.05 4.68 - - 31.83
Q3 2021 4.07 4.06 0.82 5.41 0.99 - - 39.59
Q4 2021 6.97 4.04 1.61 2.61 1.83 - - 27.61
Q1 2022 24.21 24.45 - - - - 99.26 -
Q2 2022 9.17 13.07 - - - - 61.33 -
Q3 2022 19.77 11.44 - - - - 41.57 -
Q4 2022 6.90 9.39 - - - - 52.74 -
Q1 2023 9.45 19.55 - - - - 70.36 -
Q2 2023 2.04 11.72 - - - - 27.21 -
Q4 2023 8.07 8.24 - - - - 101.66 -
Q1 2024 10.19 20.49 - - - - 144.31 -


Financial Ratios
Current
Market Cap (M) 322.20
Shares Outstanding (M) 30.00
EPS ( Riyal) (TTM) (0.34)
Book Value (BV) ( Riyal) 9.51
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/Book 1.13
Return on Average Assets (%) (TTM) (2.11 )
Return on Average Equity (%) (TTM) (3.54 )
Return on Market Cap (%) (2.82 )
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Share Price

Gulf General Cooperative Insurance Co.
10.74
0.06 0.56 %

Gulf General Cooperative Insurance Co. (GULF GENERAL)

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