Gulf General turns to SAR 94.2M loss in 2024; Q4 at SAR 79M

20/03/2025 Argaam Exclusive

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Gulf General Cooperative Insurance Co. reported a net loss of SAR 94.2million for 2024, against a net profit of SAR 3.5 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Insurance Revenues 315.65 414.35 31.3 %
Net Income 3.53 (94.21) (2767.2 %)
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items 0.12 (3.14) (2767.2 %)
EPS (Riyals) 0.12 (3.14) (2767.2 %)

Losses from insurance service results deepened 587% year-on-year (YoY), and insurance service expenses increased 54.39% YoY, while investment income declined 5.84%.

 

Meanwhile, insurance revenue grew 31.27% YoY, driven by business growth, increase in motor segment and a decline in reinsurance contracts expenses.

 

The insurer also reported a 22.7% decrease in operating expenses by SAR 3.13 million. During the year the company recorded the impairment of goodwill amounting to SAR 36.2 million (fully impaired). This is a one-off event.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Insurance Revenues 80.96 113.00 39.6 %
Net Income 4.96 (79.00) (1694.3 %)
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items 0.17 (2.63) (1694.3 %)
EPS (Riyals) 0.17 (2.63) (1694.3 %)

Insurance Operations

Item 2023 2024 Change‬
Insurance Revenues 315.65 414.35 31.3 %
Insurance Services Income (8.53) (58.62) (587.2 %)
Investment Income 16.00 15.07 (5.8 %)
Net Profit of Insurance Services and Investment 2.97 (43.23) (1555.6 %)

The company reported a net loss of SAR 79 million in Q4 2024, versus a net profit of SAR 4.96 million in Q4 2023.

 

Sequentially, the insurer widened losses from SAR 1.8 million in Q3 2024.

 

Shareholders’ equity, no minority interest, fell to SAR 223.90 million as of Dec. 31, 2024, compared to SAR 300.39 million a year earlier.

 

Accumulated losses stood at SAR 138.33 million by the end of 2024, which represents 46.11% of capital.

 

View more financial results

 

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Share Price

Gulf General Cooperative Insurance Co.
9.55
(0.63) (6.19 %)

Gulf General Cooperative Insurance Co. (GULF GENERAL)

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Financial Ratios
Current
Market Cap (M) 286.50
Shares Outstanding (M) 30.00
EPS ( Riyal) (TTM) (3.14)
Book Value (BV) ( Riyal) 7.46
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/Book 1.28
Return on Average Assets (%) (TTM) (19.18 )
Return on Average Equity (%) (TTM) (35.94 )
Return on Market Cap (%) (30.25 )
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