GIG profit falls 49% to SAR 54.1M in 9M 2024; Q3 at SAR 21.8M

Gulf Insurance Group (GIG) reported a net profit of SAR 54.1 million for the first nine months of 2024, dropping 49% from SAR 106.6 million a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Insurance Revenues	1,168.80	1,101.05	(5.8 %)
Net Profit Before Zakat & Tax	129.37	72.83	(43.7 %)
Net Income	106.58	54.05	(49.3 %)
Average Shares	52.50	52.50	-
EPS (Riyals)	2.03	1.03	(49.3 %)

The company attributed the profit decline to lower insurance revenue by SAR 68 million, mainly hurt by the motor segment.

It also cited a lower share of surplus from insurance pool income by SAR 21 million, as well as a reduction in net insurance service expenses by SAR 38 million, mainly driven by the property and casualty segment.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Insurance Revenues	389.92	379.27	(2.7 %)
Net Profit Before Zakat & Tax	16.80	29.52	75.7 %
Net Income	10.20	21.81	113.9 %
Average Shares	52.50	52.50	-
EPS (Riyals)	0.19	0.42	113.9 %

Item	Q2 2024	Q3 2024	Change‬
Gross Written Premium (GWP)	309.23	373.93	20.9 %
Insurance Revenues	359.36	379.27	5.5 %
Net Profit Before Zakat & Tax	57.91	29.52	(49.0 %)
Net Income	52.46	21.81	(58.4 %)
Average Shares	52.50	52.50	-
EPS (Riyals)	1.00	0.42	(58.4 %)

In Q3 2024, net earnings reached SAR 21.8 million, soaring from SAR 10.20 million a year before, spurred by positive development in net reinsurance recoveries, which led to a reduction in reinsurance costs by SAR 32 million.

Meanwhile, the third-quarter net earnings fell 58.4% from SAR 52.46 million in Q2 2024.

Insurance Operations

Item	9m 2023	9m 2024	Change‬
Insurance Revenues	1,168.80	1,101.05	(5.8 %)
Insurance Services Income	119.90	69.17	(42.3 %)
Investment Income	70.71	70.39	(0.5 %)
Net Profit of Insurance Services and Investment	155.48	107.94	(30.6 %)

Total shareholders’ equity, no minority interest, grew to SAR 1.06 billion as of Sept. 30, 2024, from SAR 1.01 billion a year earlier.

View more financial results

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Share Price

Gulf Insurance Group (GIG)

	Current
Market Cap (M)	1,582.88
Shares Outstanding (M)	52.50
EPS ( Riyal) (TTM)	1.45
Book Value (BV) ( Riyal)	20.27
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	20.83
P/E (TTM)	20.83
Price/Book	1.49
Return on Average Assets (%) (TTM)	2.6
Return on Average Equity (%) (TTM)	7.3
Return on Market Cap (%)	4.7

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2015	8.90	106.2 %	0.23	-	-
Q2 2015	5.59	24.4 %	0.14	-	-
Q3 2015	2.87	(47.3 %)	0.07	-	-
Q4 2015	3.70	173.8 %	0.09	-	-
2015	21.06	34.9 %	0.54	-	-
Q1 2016	10.04	12.8 %	0.19	-	-
Q2 2016	6.50	16.4 %	0.12	-	-
Q3 2016	7.54	163.0 %	0.14	-	-
Q4 2016	6.01	62.1 %	0.11	-	-
2016	30.09	42.9 %	0.57	-	-
Q1 2017	12.54	24.9 %	0.24	16.27	-
Q2 2017	10.79	65.9 %	0.21	14.83	-
Q3 2017	8.81	16.8 %	0.17	12.59	-
Q4 2017	12.93	115.3 %	0.25	16.50	-
2017	45.06	49.8 %	0.86	60.19	-
Q1 2018	14.35	14.5 %	0.27	18.24	12.1 %
Q2 2018	16.97	57.2 %	0.32	24.11	62.6 %
Q3 2018	14.68	66.6 %	0.28	19.03	51.2 %
Q4 2018	13.00	0.5 %	0.25	15.04	(8.8 %)
2018	58.99	30.9 %	1.12	76.43	27.0 %
Q1 2019	21.69	51.1 %	0.41	26.83	47.1 %
Q2 2019	24.82	46.3 %	0.47	30.47	26.4 %
Q3 2019	17.31	18.0 %	0.33	22.55	18.5 %
Q4 2019	22.87	76.0 %	0.44	28.62	90.3 %
2019	86.69	46.9 %	1.65	108.47	41.9 %
Q1 2020	29.27	34.9 %	0.56	35.31	31.6 %
Q2 2020	28.70	15.7 %	0.55	34.99	14.8 %
Q3 2020	47.17	172.5 %	0.90	55.65	146.8 %
Q4 2020	33.37	45.9 %	0.64	40.88	42.8 %
2020	138.50	59.8 %	2.64	166.84	53.8 %
Q1 2021	36.56	24.9 %	0.70	43.78	24.0 %
Q2 2021	28.08	(2.1 %)	0.53	34.96	(0.1 %)
Q3 2021	41.52	(12.0 %)	0.79	45.44	(18.3 %)
Q4 2021	32.36	(3.0 %)	0.62	42.55	4.1 %
2021	138.52	0.0 %	2.64	166.73	(0.1 %)
Q1 2022	167.94	359.4 %	3.20	177.73	306.0 %
Q2 2022	(15.75)	(156.1 %)	(0.30)	(9.34)	(126.7 %)
Q3 2022	(7.79)	(118.8 %)	(0.15)	(3.47)	(107.6 %)
Q4 2022	(128.48)	(497.1 %)	(2.45)	(131.49)	(409.0 %)
2022	15.91	(88.5 %)	0.30	33.42	(80.0 %)
Q1 2023	56.69	(66.2 %)	1.08	68.93	(61.2 %)
Q2 2023	39.69	351.9 %	0.76	43.63	567.2 %
Q3 2023	10.20	230.9 %	0.19	16.80	583.6 %
Q4 2023	21.95	117.1 %	0.42	26.00	119.8 %
2023	128.53	707.7 %	2.45	155.37	364.9 %
Q1 2024	(20.22)	(135.7 %)	(0.39)	(14.61)	(121.2 %)
Q2 2024	52.46	32.2 %	1.00	57.91	32.7 %
Q3 2024	21.81	113.9 %	0.42	29.52	75.7 %

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	15.61	20.6 %	0.40	-	-
2015	21.06	34.9 %	0.54	-	-
2016	30.09	42.9 %	0.57	-	-
2017	45.06	49.8 %	0.86	60.19	-
2018	58.99	30.9 %	1.12	76.43	27.0 %
2019	86.69	46.9 %	1.65	108.47	41.9 %
2020	138.50	59.8 %	2.64	166.84	53.8 %
2021	138.52	0.0 %	2.64	166.73	(0.1 %)
2022	15.91	(88.5 %)	0.30	33.42	(80.0 %)
2023	128.53	707.7 %	2.45	155.37	364.9 %

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	402.87	28.5 %	-	-	-	-
Q2 2015	214.40	16.3 %	-	-	-	-
Q3 2015	372.88	41.3 %	-	-	-	-
Q4 2015	138.03	(50.4 %)	-	-	-	-
2015	1,128.18	8.5 %	-	-	-	-
Q1 2016	450.75	11.9 %	-	-	-	-
Q2 2016	200.54	(6.5 %)	-	-	-	-
Q3 2016	387.05	3.8 %	-	-	-	-
Q4 2016	115.63	(16.2 %)	-	-	-	-
2016	1,153.97	2.3 %	-	-	-	-
Q1 2017	721.24	60.0 %	-	-	-	-
Q2 2017	219.93	9.7 %	-	-	-	-
Q3 2017	369.25	(4.6 %)	-	-	-	-
Q4 2017	189.05	63.5 %	-	-	-	-
2017	1,499.48	29.9 %	-	-	-	-
Q1 2018	674.94	(6.4 %)	-	-	-	-
Q2 2018	183.99	(16.3 %)	-	-	-	-
Q3 2018	406.47	10.1 %	-	-	-	-
Q4 2018	180.47	(4.5 %)	-	-	-	-
2018	1,445.86	(3.6 %)	-	-	-	-
Q1 2019	544.63	(19.3 %)	-	-	-	-
Q2 2019	250.29	36.0 %	-	-	-	-
Q3 2019	378.55	(6.9 %)	-	-	-	-
Q4 2019	236.31	30.9 %	-	-	-	-
2019	1,409.78	(2.5 %)	-	-	-	-
Q1 2020	544.27	(0.1 %)	-	-	-	-
Q2 2020	267.51	6.9 %	-	-	-	-
Q3 2020	389.65	2.9 %	-	-	-	-
Q4 2020	216.39	(8.4 %)	-	-	-	-
2020	1,417.83	0.6 %	-	-	-	-
Q1 2021	541.59	(0.5 %)	-	-	-	-
Q2 2021	271.77	1.6 %	-	-	-	-
Q3 2021	361.42	(7.2 %)	-	-	-	-
Q4 2021	279.69	29.3 %	-	-	-	-
2021	1,454.47	2.6 %	-	-	-	-
Q1 2022	538.78	(0.5 %)	166.81	-	186.12	-
Q2 2022	326.72	20.2 %	(20.86)	-	(5.61)	-
Q3 2022	380.50	5.3 %	(19.12)	-	(2.02)	-
Q4 2022	321.26	14.9 %	(144.04)	-	(129.92)	-
2022	1,567.25	7.8 %	(17.20)	-	48.57	-
Q1 2023	544.38	1.0 %	95.13	(43.0 %)	78.07	(58.1 %)
Q2 2023	318.48	(2.5 %)	18.97	190.9 %	51.87	1025.3 %
Q3 2023	-	-	5.81	130.4 %	25.54	1362.9 %
Q4 2023	288.77	(10.1 %)	14.85	110.3 %	35.62	127.4 %
2023	1,541.59	(1.6 %)	110.35	741.4 %	166.70	243.2 %
Q1 2024	521.52	(4.2 %)	1.91	(98.0 %)	(1.53)	(102.0 %)
Q2 2024	309.23	(2.9 %)	48.12	153.7 %	67.62	30.4 %
Q3 2024	373.93	-	19.14	229.6 %	41.85	63.9 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	1,040.11	34.1 %	-	-	-	-
2015	1,128.18	8.5 %	-	-	-	-
2016	1,153.97	2.3 %	-	-	-	-
2017	1,499.48	29.9 %	-	-	-	-
2018	1,445.86	(3.6 %)	-	-	-	-
2019	1,409.78	(2.5 %)	-	-	-	-
2020	1,417.83	0.6 %	-	-	-	-
2021	1,454.47	2.6 %	-	-	-	-
2022	1,567.25	7.8 %	(17.20)	-	48.57	-
2023	1,541.59	(1.6 %)	110.35	741.4 %	166.70	243.2 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2015	39.12	0.52	0.52	11.76
Q2 2015	39.12	0.54	0.54	11.91
Q3 2015	39.12	0.48	0.48	11.89
Q4 2015	39.12	0.54	0.54	11.97
Q1 2016	52.50	0.42	0.42	9.08
Q2 2016	52.50	0.44	0.44	9.27
Q3 2016	52.50	0.53	0.53	9.37
Q4 2016	52.50	0.57	0.57	9.52
Q1 2017	52.50	0.62	0.62	9.75
Q2 2017	52.50	0.70	0.70	9.97
Q3 2017	52.50	0.73	0.73	10.13
Q4 2017	52.50	0.86	0.86	10.36
Q1 2018	52.50	0.89	0.89	10.59
Q2 2018	52.50	1.01	1.01	10.90
Q3 2018	52.50	1.12	1.12	11.11
Q4 2018	52.50	1.12	1.12	11.36
Q1 2019	52.50	1.26	1.26	11.88
Q2 2019	52.50	1.41	1.41	12.40
Q3 2019	52.50	1.46	1.46	12.77
Q4 2019	52.50	1.65	1.65	13.26
Q1 2020	52.50	1.80	1.80	13.52
Q2 2020	52.50	1.87	1.87	14.30
Q3 2020	52.50	2.44	2.44	15.39
Q4 2020	52.50	2.64	2.64	16.08
Q1 2021	52.50	2.78	2.78	16.85
Q2 2021	52.50	2.77	2.77	17.50
Q3 2021	52.50	2.66	2.66	18.31
Q4 2021	52.50	2.64	2.64	18.76
Q1 2022	52.50	5.14	5.14	22.54
Q2 2022	52.50	4.31	4.31	20.72
Q3 2022	52.50	3.37	3.37	19.28
Q4 2022	52.50	0.30	0.30	17.89
Q1 2023	52.50	(1.82)	(1.82)	19.61
Q2 2023	52.50	(0.76)	(0.76)	19.32
Q3 2023	52.50	(0.42)	(0.42)	19.27
Q4 2023	52.50	2.45	2.45	20.28
Q1 2024	52.50	0.98	0.98	19.63
Q2 2024	52.50	1.23	1.23	19.04
Q3 2024	52.50	1.45	1.45	20.27

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	39.12	0.40	0.40	5.29
2015	39.12	0.54	0.54	11.97
2016	52.50	0.57	0.57	9.52
2017	52.50	0.86	0.86	10.36
2018	52.50	1.12	1.12	11.36
2019	52.50	1.65	1.65	13.26
2020	52.50	2.64	2.64	16.08
2021	52.50	2.64	2.64	18.76
2022	52.50	0.30	0.30	17.89
2023	52.50	2.45	2.45	20.28

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E
Q1 2015	42.67	42.67
Q2 2015	More than 100	More than 100
Q3 2015	40.87	40.87
Q4 2015	35.71	35.71
Q1 2016	30.47	30.47
Q2 2016	30.17	30.17
Q3 2016	18.15	18.15
Q4 2016	25.78	25.78
Q1 2017	29.53	29.53
Q2 2017	27.77	27.77
Q3 2017	25.07	25.07
Q4 2017	19.84	19.84
Q1 2018	25.60	25.60
Q2 2018	19.87	19.87
Q3 2018	15.97	15.97
Q4 2018	17.54	17.54
Q1 2019	15.12	15.12
Q2 2019	15.00	15.00
Q3 2019	14.45	14.45
Q4 2019	15.35	15.35
Q1 2020	13.51	13.51
Q2 2020	15.21	15.21
Q3 2020	15.50	15.50
Q4 2020	12.89	12.89
Q1 2021	13.49	13.49
Q2 2021	13.49	13.49
Q3 2021	13.01	13.01
Q4 2021	11.92	11.92
Q1 2022	6.97	6.97
Q2 2022	5.52	5.52
Q3 2022	6.87	6.87
Q4 2022	More than 100	More than 100
Q1 2023	NEG	NEG
Q2 2023	NEG	NEG
Q3 2023	NEG	NEG
Q4 2023	10.74	10.74
Q1 2024	38.65	38.65
Q2 2024	25.48	25.48
Q3 2024	21.38	21.38

Period	P/E	Adjusted P/E
2014	More than 100	More than 100
2015	35.71	35.71
2016	25.78	25.78
2017	19.84	19.84
2018	17.54	17.54
2019	15.35	15.35
2020	12.90	12.90
2021	11.92	11.92
2022	More than 100	More than 100
2023	10.74	10.74

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Vehicles	Health	Property & casualty	Protection	Accidents and responsibility	Shipping	Engineering	Property & casualty
Q1 2015	228.92	111.82	13.72	14.57	9.13	13.50	9.96	1.24
Q2 2015	72.83	82.93	14.88	4.32	7.22	16.64	14.53	1.04
Q3 2015	199.27	106.95	33.51	2.51	7.29	10.53	11.80	1.02
Q4 2015	39.93	51.29	21.20	2.71	5.34	12.10	4.94	0.52
Q1 2016	280.61	115.29	11.03	11.62	9.78	12.01	9.43	0.98
Q2 2016	80.52	72.54	10.89	3.82	7.52	15.83	8.26	1.17
Q3 2016	238.19	88.69	35.33	1.69	5.77	8.09	8.04	1.27
Q4 2016	47.24	43.21	2.64	3.21	3.77	9.62	5.00	0.74
Q1 2017	583.68	80.97	19.51	5.97	9.62	10.08	9.89	1.53
Q2 2017	83.79	72.92	14.54	10.61	6.87	20.64	8.98	1.59
Q4 2017	115.91	39.85	7.84	-	-	-	-	25.45
Q1 2018	502.87	126.79	40.20	-	-	-	-	5.08
Q2 2018	69.26	66.37	45.36	-	-	-	-	3.01
Q3 2018	208.05	122.18	74.03	-	-	-	-	2.22
Q4 2018	119.05	42.29	6.36	-	-	-	-	12.78
Q1 2019	376.45	115.66	47.07	-	-	-	-	5.45
Q2 2019	99.50	83.63	63.90	-	-	-	-	3.25
Q3 2019	198.16	119.72	58.09	-	-	-	-	2.58
Q4 2019	129.56	70.51	31.93	-	-	-	-	4.30
Q1 2020	333.61	135.84	62.49	-	-	-	-	12.34
Q2 2020	102.68	78.97	76.06	-	-	-	-	9.81
Q3 2020	200.11	115.79	62.92	-	-	-	-	10.83
Q4 2020	110.37	62.23	30.84	-	-	-	-	12.96
Q1 2021	307.16	135.47	78.09	-	-	-	-	20.87
Q2 2021	107.56	81.40	69.59	-	-	-	-	13.22
Q3 2021	183.32	85.81	74.70	-	-	-	-	17.59
Q4 2021	139.56	78.74	45.33	-	-	-	-	16.07
Q1 2022	272.78	147.53	97.57	20.89	-	-	-	-
Q2 2022	143.05	104.26	69.23	10.18	-	-	-	-
Q3 2022	190.16	94.28	75.75	20.31	-	-	-	-
Q4 2022	193.15	48.48	63.68	15.95	-	-	-	-
Q1 2023	229.87	144.70	151.74	18.07	-	-	-	-
Q2 2023	112.59	123.93	62.24	19.72	-	-	-	-
Q3 2023	157.56	141.87	76.43	14.09	-	-	-	-
Q4 2023	150.68	50.44	69.00	18.65	-	-	-	-
Q1 2024	206.86	141.11	142.99	30.57	-	-	-	-
Q2 2024	134.42	104.30	63.22	7.28	-	-	-	-
Q3 2024	150.02	91.24	111.99	20.68	-	-	-	-

Period	Vehicles	Health	Property & casualty	Protection	Accidents and responsibility	Shipping	Engineering	Property & casualty
2014	461.81	355.27	76.41	26.71	30.76	52.61	33.59	2.95
2015	540.95	352.99	82.31	24.11	29.99	52.77	41.23	3.82
2016	646.56	319.72	59.89	20.33	26.84	45.55	30.93	4.16
2017	1,022.65	265.87	71.31	-	-	-	-	139.65
2018	899.23	357.62	62.80	-	-	-	-	126.21
2019	803.68	389.53	200.99	-	-	-	-	15.59
2020	746.76	392.82	232.30	-	-	-	-	45.94
2021	737.60	381.42	267.70	-	-	-	-	67.75
2022	799.14	394.55	306.23	67.34	-	-	-	-
2023	650.71	460.94	359.41	70.53	-	-	-	-

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GIG profit falls 49% to SAR 54.1M in 9M 2024; Q3 at SAR 21.8M

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

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Share Price

Gulf Insurance Group (GIG)

Financial Ratios

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 Q3

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GIG profit falls 49% to SAR 54.1M in 9M 2024; Q3 at SAR 21.8M

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

View other reports

Share Price

Gulf Insurance Group (GIG)

Financial Ratios

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) Q3 2024

Revenue by Business Segment (Latest) 2024 Q3

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Business Segments - Gross Premium Written (Million)