GIG net profit up to SAR 128.5M in 2023, Q4 at SAR 22M

GIG net profit up to SAR 128.5M in 2023, Q4 at SAR 22M

18/02/2024 Argaam Exclusive

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Gulf Insurance Group (GIG) reported a net profit of SAR 128.5 million for 2023, from SAR 15.9 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Gross Written Premium (GWP) 1,567.25 1,541.59 (1.6 %)
Insurance Revenues 1,480.64 1,564.75 5.7 %
Net Profit Before Zakat & Tax 33.42 155.37 364.9 %
Net Income 15.91 128.53 707.7 %
Average Shares 52.50 52.50 -
EPS (Riyals) 0.30 2.45 707.7 %

There was an increase in insurance revenue during 2023 by SAR 84 million or 5.7% as compared to 2022, mainly driven by property, casualty and health segments attributable to general business growth.

 

Meanwhile, GIG saw an increase in insurance underwriting results/profits by nearly SAR 250 million driven by motor and health segments. This was partially offset by net underwriting losses of SAR 173 million in property and casualty segments.

 

In 2023, GIG also realized higher investment income by SAR 32.2 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Gross Written Premium (GWP) 321.26 288.77 (10.1 %)
Insurance Revenues 394.38 395.95 0.4 %
Net Profit Before Zakat & Tax (131.49) 26.00 119.8 %
Net Income (128.48) 21.95 117.1 %
Average Shares 52.50 52.50 -
EPS (Riyals) (2.45) 0.42 117.1 %

Insurance Operations

Item 2022 2023 Change‬
Gross Written Premium (GWP) 1,567.25 1,541.59 (1.6 %)
Insurance Revenues 1,480.64 1,564.75 5.7 %
Insurance Services Income (17.20) 110.35 741.6 %
Investment Income 63.42 95.64 50.8 %
Net Profit of Insurance Services and Investment 48.57 166.70 243.2 %

Total shareholders’ equity, no minority interest, grew to SAR 1.06 billion as of Dec. 31, 2023, from SAR 939.03 million a year earlier.

 

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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2014 4.32 27.7 % 0.11 - -
Q2 2014 4.49 0.0 % 0.11 - -
Q3 2014 5.45 65.7 % 0.14 - -
Q4 2014 1.35 (24.1 %) 0.03 - -
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 - -
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 - -
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 -
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 %)
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 %
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 %
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 %
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 %)
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 %

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 313.50 16.0 % - - - -
Q2 2014 184.32 59.4 % - - - -
Q3 2014 263.92 (3.0 %) - - - -
Q4 2014 278.36 137.1 % - - - -
Q1 2015 402.87 28.5 % - - - -
Q2 2015 214.40 16.3 % - - - -
Q3 2015 372.88 41.3 % - - - -
Q4 2015 138.03 (50.4 %) - - - -
Q1 2016 450.75 11.9 % - - - -
Q2 2016 200.54 (6.5 %) - - - -
Q3 2016 387.05 3.8 % - - - -
Q4 2016 115.63 (16.2 %) - - - -
Q1 2017 721.24 60.0 % - - - -
Q2 2017 219.93 9.7 % - - - -
Q3 2017 369.25 (4.6 %) - - - -
Q4 2017 189.05 63.5 % - - - -
Q1 2018 674.94 (6.4 %) - - - -
Q2 2018 183.99 (16.3 %) - - - -
Q3 2018 406.47 10.1 % - - - -
Q4 2018 180.47 (4.5 %) - - - -
Q1 2019 544.63 (19.3 %) - - - -
Q2 2019 250.29 36.0 % - - - -
Q3 2019 378.55 (6.9 %) - - - -
Q4 2019 236.31 30.9 % - - - -
Q1 2020 544.27 (0.1 %) - - - -
Q2 2020 267.51 6.9 % - - - -
Q3 2020 389.65 2.9 % - - - -
Q4 2020 216.39 (8.4 %) - - - -
Q1 2021 541.59 (0.5 %) - - - -
Q2 2021 271.77 1.6 % - - - -
Q3 2021 361.42 (7.2 %) - - - -
Q4 2021 279.69 29.3 % - - - -
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) -
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 39.12 0.35 0.35 5.00
Q2 2014 39.12 0.35 0.35 5.15
Q3 2014 39.12 0.41 0.41 5.33
Q4 2014 39.12 0.40 0.40 5.29
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2014 More than 100 More than 100
Q2 2014 More than 100 More than 100
Q3 2014 More than 100 More than 100
Q4 2014 More than 100 More than 100
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

Business Segments - Gross Premium Written (Million)

Compared With The
Period Vehicles Health Property & casualty Protection Accidents and responsibility Shipping Engineering Property & casualty
Q1 2014 178.05 79.72 13.13 13.69 8.29 11.34 8.07 1.20
Q2 2014 27.41 100.21 14.74 4.18 8.79 14.90 13.37 0.75
Q3 2014 94.71 110.13 28.85 5.19 5.88 13.17 5.33 0.67
Q4 2014 161.65 65.22 19.69 3.65 7.81 13.20 6.82 0.33
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 - - - -


Financial Ratios
Current
Market Cap (M) 1,580.25
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) 20.79
P/E (TTM) 20.79
Price/Book 1.48
Return on Average Assets (%) (TTM) 2.6
Return on Average Equity (%) (TTM) 7.3
Return on Market Cap (%) 4.7
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Share Price

Gulf Insurance Group
30.05
(0.10) (0.33 %)

Gulf Insurance Group (GIG)

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