MEDGULF makes SAR 201.5M profit in 2023, SAR 60.9M in Q4

20/03/2024 Argaam Exclusive

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) turned to a net profit of SAR 201.5 million in 2023, from a net loss of SAR 396.9 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Gross Written Premium (GWP) 2,854.60 3,135.53 9.8 %
Insurance Revenues 2,643.13 3,332.15 26.1 %
Net Profit Before Zakat & Tax (405.86) 195.67 148.2 %
Net Income (396.87) 201.47 150.8 %
Average Shares 105.00 105.00 -
EPS (Riyals) (3.78) 1.92 150.8 %

Insurance revenue increased by 26.07%, or SAR 689 million, in 2023, compared to a year earlier. This is mainly attributed to the growth in gross written premiums (GWPs) by SAR 280.9 million, or 9.84% year-on-year (YoY), on the strong performance of the health business line that grew by 32.9%, in addition to the motor business performance in 2022.

 

Insurance services results improved to SAR 672.2 million in 2023. This was driven by an increase of SAR 689.03 million in insurance revenue, accompanied by a lower increase in the insurance service expenses of 3.99% or SAR 115.8 million YoY.

 

Further, the company reported a rise of SAR 89.7 million YoY in net investment income.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Gross Written Premium (GWP) 709.31 551.69 (22.2 %)
Insurance Revenues 838.57 800.32 (4.6 %)
Net Profit Before Zakat & Tax (221.91) 50.11 122.6 %
Net Income (223.20) 60.91 127.3 %
Average Shares 105.00 105.00 -
EPS (Riyals) (2.13) 0.58 127.3 %

Insurance Operations

Item 2022 2023 Change‬
Gross Written Premium (GWP) 2,854.60 3,135.53 9.8 %
Insurance Revenues 2,643.13 3,332.15 26.1 %
Insurance Services Income (585.21) 87.00 114.9 %
Investment Income 16.77 106.44 534.7 %
Net Profit of Insurance Services and Investment (512.74) 183.58 135.8 %

In the fourth quarter, the insurance services provider swung to a net profit of SAR 60.9 million from a net loss of SAR 223.2 million in Q4 2022.

 

Total shareholders’ equity, no minority interest, stood at SAR 917.42 million as of Dec. 31, 2023, compared to SAR 706.71 million in the prior-year period.

 

Accumulated losses reached SAR 257.12 million by the end of the 12-month period, accounting for 24.49% of the company’s capital.

 

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Share Price

The Mediterranean and Gulf Insurance and Reinsurance Co.
23.24
(0.28) (1.19 %)

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF)

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Financial Ratios
Current
Market Cap (M) 2,440.20
Shares Outstanding (M) 105.00
EPS ( Riyal) (TTM) 1.52
Book Value (BV) ( Riyal) 9.68
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 15.26
P/E (TTM) 15.26
Price/Book 2.40
Return on Average Assets (%) (TTM) 4.8
Return on Average Equity (%) (TTM) 17.2
Return on Market Cap (%) 6.4
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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2014 44.09 83.7 % 0.42 - -
Q2 2014 45.60 234.3 % 0.43 - -
Q3 2014 33.41 5696.3 % 0.32 - -
Q4 2014 63.35 127.0 % 0.60 - -
Q1 2015 (54.40) (223.4 %) (0.52) - -
Q2 2015 (136.40) (399.1 %) (1.30) - -
Q3 2015 48.74 45.9 % 0.46 - -
Q4 2015 (127.20) (300.8 %) (1.21) - -
Q1 2016 9.49 117.4 % 0.09 - -
Q2 2016 (21.62) 84.1 % (0.21) - -
Q3 2016 51.83 6.4 % 0.49 - -
Q4 2016 8.94 107.0 % 0.09 - -
Q1 2017 (94.86) (1099.9 %) (0.90) (92.97) -
Q2 2017 (440.01) (1,935.2 %) (4.19) (417.32) -
Q3 2017 56.62 9.2 % 0.54 60.12 -
Q4 2017 25.04 180.3 % 0.24 29.07 -
Q1 2018 (25.74) 72.9 % (0.25) (23.27) 75.0 %
Q2 2018 (10.14) 97.7 % (0.10) (8.64) 97.9 %
Q3 2018 (81.17) (243.4 %) (0.77) (79.79) (232.7 %)
Q4 2018 (93.14) (471.9 %) (0.89) (92.82) (419.3 %)
Q1 2019 2.94 111.4 % 0.03 7.04 130.2 %
Q2 2019 0.85 108.4 % 0.01 4.13 147.8 %
Q3 2019 2.79 103.4 % 0.03 5.28 106.6 %
Q4 2019 (3.45) 96.3 % (0.03) 2.73 102.9 %
Q1 2020 4.23 44.0 % 0.04 8.25 17.2 %
Q2 2020 22.99 2604.2 % 0.22 27.00 553.9 %
Q3 2020 3.58 28.6 % 0.03 7.59 43.8 %
Q4 2020 6.07 276.0 % 0.06 12.03 340.1 %
Q1 2021 6.81 60.7 % 0.06 9.05 9.8 %
Q2 2021 6.58 (71.4 %) 0.06 8.84 (67.3 %)
Q3 2021 (25.63) (815.7 %) (0.24) (23.38) (407.9 %)
Q4 2021 (128.84) (2221.1 %) (1.23) (130.59) (1185.8 %)
Q1 2022 (17.21) (352.8 %) (0.16) (15.96) (276.2 %)
Q2 2022 (64.43) (1078.6 %) (0.61) (63.18) (815.1 %)
Q3 2022 (92.04) (259.1 %) (0.88) (104.81) (348.3 %)
Q4 2022 (223.20) (73.2 %) (2.13) (221.91) (69.9 %)
Q1 2023 36.20 310.4 % 0.34 37.20 333.1 %
Q2 2023 64.58 200.2 % 0.62 64.58 202.2 %
Q3 2023 39.79 143.2 % 0.38 43.79 141.8 %
Q4 2023 60.91 127.3 % 0.58 50.11 122.6 %
2023 201.47 150.8 % 1.92 195.67 148.2 %

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 2014 1,163.60 27.7 % - - - -
Q2 2014 1,318.89 32.4 % - - - -
Q3 2014 1,083.07 (16.4 %) - - - -
Q4 2014 850.44 (9.0 %) - - - -
Q1 2015 1,515.76 30.3 % - - - -
Q2 2015 1,148.66 (12.9 %) - - - -
Q3 2015 754.04 (30.4 %) - - - -
Q4 2015 583.48 (31.4 %) - - - -
Q1 2016 1,233.58 (18.6 %) - - - -
Q2 2016 891.38 (22.4 %) - - - -
Q3 2016 510.97 (32.2 %) - - - -
Q4 2016 558.41 (4.3 %) - - - -
Q1 2017 784.01 (36.4 %) - - - -
Q2 2017 869.03 (2.5 %) - - - -
Q3 2017 513.18 0.4 % - - - -
Q4 2017 499.62 (10.5 %) - - - -
Q1 2018 413.62 (47.2 %) - - - -
Q2 2018 277.86 (68.0 %) - - - -
Q3 2018 836.28 63.0 % - - - -
Q4 2018 541.71 8.4 % - - - -
Q1 2019 1,077.24 160.4 % - - - -
Q2 2019 290.46 4.5 % - - - -
Q3 2019 747.09 (10.7 %) - - - -
Q4 2019 306.49 (43.4 %) - - - -
Q1 2020 1,260.22 17.0 % - - - -
Q2 2020 251.70 (13.3 %) - - - -
Q3 2020 422.14 (43.5 %) - - - -
Q4 2020 600.45 95.9 % - - - -
Q1 2021 1,028.92 (18.4 %) - - - -
Q2 2021 292.75 16.3 % - - - -
Q3 2021 378.23 (10.4 %) - - - -
Q4 2021 536.33 (10.7 %) - - - -
Q1 2022 1,231.20 19.7 % (79.69) - (16.12) -
Q2 2022 390.90 33.5 % (100.78) - (64.26) -
Q3 2022 523.19 38.3 % (128.27) - (103.49) -
Q4 2022 709.31 32.3 % (276.48) - (328.88) -
Q1 2023 1,602.52 30.2 % (11.79) 85.2 % 22.05 236.8 %
Q2 2023 418.91 7.2 % 34.72 134.5 % 60.30 193.8 %
Q3 2023 562.40 7.5 % 39.19 130.6 % 51.72 150.0 %
Q4 2023 551.69 (22.2 %) 24.88 109.0 % 49.52 115.1 %
2023 3,135.53 9.8 % 87.00 114.9 % 183.58 135.8 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 105.00 (1.69) (1.69) 9.94
Q2 2014 105.00 (1.38) (1.38) 10.39
Q3 2014 105.00 (1.06) (1.06) 10.77
Q4 2014 105.00 1.78 1.78 11.20
Q1 2015 105.00 0.84 0.84 10.83
Q2 2015 105.00 (0.90) (0.90) 9.55
Q3 2015 105.00 (0.75) (0.75) 9.93
Q4 2015 105.00 (2.56) (2.56) 8.69
Q1 2016 105.00 (1.96) (1.96) 8.77
Q2 2016 105.00 (0.86) (0.86) 8.51
Q3 2016 105.00 (0.83) (0.83) 9.00
Q4 2016 105.00 0.46 0.46 8.76
Q1 2017 105.00 (0.53) (0.53) 8.16
Q2 2017 105.00 (4.52) (4.52) 3.97
Q3 2017 105.00 (4.47) (4.47) 4.51
Q4 2017 105.00 (4.32) (4.32) 4.75
Q1 2018 105.00 (3.66) (3.66) 4.51
Q2 2018 105.00 0.44 0.44 4.40
Q3 2018 105.00 (0.88) (0.88) 3.58
Q4 2018 105.00 (2.00) (2.00) 6.53
Q1 2019 105.00 (1.73) (1.73) 6.46
Q2 2019 105.00 (1.62) (1.62) 6.62
Q3 2019 105.00 (0.82) (0.82) 6.67
Q4 2019 105.00 0.03 0.03 6.77
Q1 2020 105.00 0.04 0.04 6.64
Q2 2020 105.00 0.25 0.25 6.98
Q3 2020 105.00 0.26 0.26 7.25
Q4 2020 105.00 0.35 0.35 7.28
Q1 2021 105.00 0.38 0.38 7.36
Q2 2021 105.00 0.22 0.22 7.44
Q3 2021 105.00 (0.06) (0.06) 7.15
Q4 2021 105.00 (1.34) (1.34) 9.75
Q1 2022 105.00 (1.57) (1.57) 10.41
Q2 2022 105.00 (2.25) (2.25) 9.80
Q3 2022 105.00 (2.88) (2.88) 8.92
Q4 2022 105.00 (3.78) (3.78) 6.73
Q1 2023 105.00 (3.27) (3.27) 7.08
Q2 2023 105.00 (2.04) (2.04) 7.69
Q3 2023 105.00 (0.79) (0.79) 8.01
Q4 2023 105.00 1.92 1.92 8.74

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2014 NEG NEG
Q2 2014 NEG NEG
Q3 2014 NEG NEG
Q4 2014 More than 100 More than 100
Q1 2015 More than 100 More than 100
Q2 2015 NEG NEG
Q3 2015 NEG NEG
Q4 2015 NEG NEG
Q1 2016 NEG NEG
Q2 2016 NEG NEG
Q3 2016 NEG NEG
Q4 2016 More than 100 More than 100
Q1 2017 NEG NEG
Q2 2017 NEG NEG
Q3 2017 NEG NEG
Q4 2017 NEG NEG
Q1 2018 NEG NEG
Q2 2018 37.85 37.85
Q3 2018 NEG NEG
Q4 2018 NEG NEG
Q1 2019 NEG NEG
Q2 2019 NEG NEG
Q3 2019 NEG NEG
Q4 2019 More than 100 More than 100
Q1 2020 More than 100 More than 100
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 More than 100 More than 100
Q2 2021 More than 100 More than 100
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 7.50 7.50

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Comprehensive Motor Insurance Property & Casualty Other classes
Q1 2014 843.30 175.15 145.15 -
Q2 2014 888.24 183.79 246.86 -
Q3 2014 803.17 202.98 76.92 -
Q4 2014 439.23 124.02 287.19 -
Q1 2015 1,060.51 288.77 166.49 -
Q2 2015 858.08 151.19 139.39 -
Q3 2015 515.41 140.54 98.08 -
Q4 2015 377.48 85.55 120.46 -
Q1 2016 883.11 238.98 111.50 -
Q2 2016 633.96 143.14 114.28 -
Q3 2016 326.24 116.93 67.79 -
Q4 2016 423.68 30.94 103.78 -
Q1 2017 604.73 86.30 92.99 -
Q2 2017 580.03 151.52 137.48 -
Q3 2017 302.63 153.43 57.12 -
Q4 2017 231.27 155.20 113.15 -
Q1 2018 282.66 77.77 53.19 -
Q2 2018 163.33 105.15 9.39 -
Q3 2018 638.41 115.05 82.82 -
Q4 2018 349.70 145.36 46.66 -
Q1 2019 855.86 90.56 130.82 -
Q2 2019 153.80 101.89 34.76 -
Q3 2019 616.78 57.45 72.86 -
Q4 2019 179.38 86.47 40.64 -
Q1 2020 898.76 218.47 142.99 -
Q2 2020 141.35 69.48 40.86 -
Q3 2020 311.21 53.77 57.16 -
Q4 2020 470.01 85.21 45.24 -
Q1 2021 748.92 173.21 106.78 -
Q2 2021 134.92 70.32 87.51 -
Q3 2021 213.98 69.76 94.49 -
Q4 2021 390.03 118.25 28.06 -
Q1 2022 954.30 175.42 101.49 -
Q2 2022 124.90 213.18 52.82 -
Q3 2022 221.23 200.12 101.83 -
Q4 2022 501.14 152.92 55.24 -
Q1 2023 1,310.90 134.23 157.40 -
Q2 2023 303.44 57.14 58.33 -
Q3 2023 375.69 111.50 75.21 -
Q4 2023 401.48 86.97 63.25 -

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