Gulf General widens losses to SAR 15.2M in 9M 2024, Q3 at SAR 1.8M

04/11/2024 Argaam Exclusive

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Gulf General Cooperative Insurance Co. reported a net loss of SAR 15.2 million in the first nine months of 2024, compared to SAR 1.4 million a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Insurance Revenues	234.69	301.35	28.4 %
Net Profit Before Zakat & Tax	1.28	(10.80)	(945.3 %)
Net Income	(1.42)	(15.21)	(968.9 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	(0.05)	(0.51)	(968.9 %)

The wider losses were attributed to a 29% increase in insurance service expenses, rising by SAR 66.25 million.

The insurer reported lower losses in insurance service results at SAR 410,000.

Reinsurance contract expenses fell by 5.37% to SAR 1.43 million, while the net investment result rose 25.69% to SAR 11.40 million, up from SAR 9.07 million in the same period last year.

The company saw a decrease in operating expenses to SAR 8.01 million compared to SAR 9.08 million in the similar period of last year.

Insurance revenue rose 28.4% for the current period to SAR 301.34 million, compared to SAR 234.68 million during the similar period of the previous year, which was principally driven by business growth and an increase in the motor line of business.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Insurance Revenues	69.41	108.45	56.3 %
Net Profit Before Zakat & Tax	2.39	(0.40)	(116.8 %)
Net Income	1.49	(1.80)	(220.4 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.05	(0.06)	(220.4 %)

Item	Q2 2024	Q3 2024	Change‬
Gross Written Premium (GWP)	85.77	-	-
Insurance Revenues	105.13	108.45	3.2 %
Net Profit Before Zakat & Tax	(6.47)	(0.40)	93.8 %
Net Income	(7.67)	(1.80)	76.6 %
Average Shares	30.00	30.00	-
EPS (Riyals)	(0.26)	(0.06)	76.6 %

The company made a net loss of SAR 1.8 million in Q3 2024, versus a net profit of SAR 1.49 million in Q3 2024.

Sequentially, the insurer losses shrank from SAR 7.67 million in Q2 2024.

Insurance Operations

Item	9m 2023	9m 2024	Change‬
Insurance Revenues	234.69	301.35	28.4 %
Insurance Services Income	(17.54)	(15.69)	10.5 %
Investment Income	9.07	11.40	25.7 %
Net Profit of Insurance Services and Investment	(12.87)	(4.14)	67.8 %

Shareholders’ equity, no minority interest, dropped to SAR 285.18 million as of Sept. 30, 2024, compared to SAR 294.26 million a year earlier.

Accumulated losses stood at SAR 59.34 million as of Sept. 30, 2024, representing 19.78% of capital.

View More Financial Results

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 %)
2015	(31.93)	(240.7 %)	(1.55)	(27.40)	(198.1 %)
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 %
2016	19.49	161.1 %	0.95	24.91	190.9 %
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 %)
2017	14.25	(26.9 %)	0.69	19.58	(21.4 %)
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 %)
2018	(38.35)	(369.2 %)	(1.86)	(28.93)	(247.7 %)
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 %
2019	(1.27)	96.7 %	(0.06)	(3.79)	86.9 %
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 %
2020	3.75	396.7 %	0.18	8.86	333.9 %
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 %)
2021	(86.78)	(2412.2 %)	(2.89)	(84.08)	(1048.7 %)
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 %)
2022	(106.02)	(22.2 %)	(3.53)	(102.00)	(21.3 %)
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 %
2023	3.53	103.3 %	0.12	6.32	106.2 %
Q1 2024	(5.74)	(240.9 %)	(0.19)	(3.92)	(178.9 %)
Q2 2024	(7.67)	(9.8 %)	(0.26)	(6.47)	(6.3 %)
Q3 2024	(1.80)	(220.4 %)	(0.06)	(0.40)	(116.8 %)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	22.69	284.0 %	1.10	27.92	158.3 %
2015	(31.93)	(240.7 %)	(1.55)	(27.40)	(198.1 %)
2016	19.49	161.1 %	0.95	24.91	190.9 %
2017	14.25	(26.9 %)	0.69	19.58	(21.4 %)
2018	(38.35)	(369.2 %)	(1.86)	(28.93)	(247.7 %)
2019	(1.27)	96.7 %	(0.06)	(3.79)	86.9 %
2020	3.75	396.7 %	0.18	8.86	333.9 %
2021	(86.78)	(2412.2 %)	(2.89)	(84.08)	(1048.7 %)
2022	(106.02)	(22.2 %)	(3.53)	(102.00)	(21.3 %)
2023	3.53	103.3 %	0.12	6.32	106.2 %

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 2015	142.43	(8.7 %)	-	-	-	-
Q2 2015	102.17	6.5 %	-	-	-	-
Q3 2015	49.21	(17.6 %)	-	-	-	-
Q4 2015	58.13	5.2 %	-	-	-	-
2015	351.95	(4.1 %)	-	-	-	-
Q1 2016	117.57	(17.5 %)	-	-	-	-
Q2 2016	60.99	(40.3 %)	-	-	-	-
Q3 2016	36.52	(25.8 %)	-	-	-	-
Q4 2016	40.08	(31.1 %)	-	-	-	-
2016	255.15	(27.5 %)	-	-	-	-
Q1 2017	81.69	(30.5 %)	-	-	-	-
Q2 2017	46.15	(24.3 %)	-	-	-	-
Q3 2017	25.62	(29.9 %)	-	-	-	-
Q4 2017	32.17	(19.7 %)	-	-	-	-
2017	185.63	(27.2 %)	-	-	-	-
Q1 2018	94.45	15.6 %	-	-	-	-
Q2 2018	72.58	57.3 %	-	-	-	-
Q3 2018	48.12	87.8 %	-	-	-	-
Q4 2018	49.54	54.0 %	-	-	-	-
2018	264.68	42.6 %	-	-	-	-
Q1 2019	85.37	(9.6 %)	-	-	-	-
Q2 2019	51.08	(29.6 %)	-	-	-	-
Q3 2019	82.85	72.2 %	-	-	-	-
Q4 2019	60.40	21.9 %	-	-	-	-
2019	279.69	5.7 %	-	-	-	-
Q1 2020	129.87	52.1 %	-	-	-	-
Q2 2020	46.87	(8.2 %)	-	-	-	-
Q3 2020	64.66	(22.0 %)	-	-	-	-
Q4 2020	79.56	31.7 %	-	-	-	-
2020	320.96	14.8 %	-	-	-	-
Q1 2021	130.06	0.2 %	-	-	-	-
Q2 2021	67.08	43.1 %	-	-	-	-
Q3 2021	54.94	(15.0 %)	-	-	-	-
Q4 2021	44.66	(43.9 %)	-	-	-	-
2021	296.75	(7.5 %)	-	-	-	-
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)	-
2022	373.29	25.8 %	(83.30)	-	(84.53)	-
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 %
2023	330.64	(11.4 %)	3.73	104.5 %	15.22	118.0 %
Q1 2024	174.98	76.1 %	(5.20)	(182.2 %)	(1.40)	(116.0 %)
Q2 2024	85.77	109.4 %	(6.27)	19.0 %	(4.12)	21.6 %
Q3 2024	-	-	(2.98)	(204.3 %)	2.61	(0.3 %)

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	366.90	(0.9 %)	-	-	-	-
2015	351.95	(4.1 %)	-	-	-	-
2016	255.15	(27.5 %)	-	-	-	-
2017	185.63	(27.2 %)	-	-	-	-
2018	264.68	42.6 %	-	-	-	-
2019	279.69	5.7 %	-	-	-	-
2020	320.96	14.8 %	-	-	-	-
2021	296.75	(7.5 %)	-	-	-	-
2022	373.29	25.8 %	(83.30)	-	(84.53)	-
2023	330.64	(11.4 %)	3.73	104.5 %	15.22	118.0 %

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
Q2 2024	30.00	(0.23)	(0.23)	9.57
Q3 2024	30.00	(0.34)	(0.34)	9.51

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	20.63	1.10	1.10	10.10
2015	20.63	(1.55)	(1.55)	8.55
2016	20.63	0.95	0.95	9.49
2017	20.63	0.69	0.69	9.57
2018	20.63	(1.86)	(1.86)	7.72
2019	20.63	(0.06)	(0.06)	7.67
2020	20.63	0.18	0.18	7.86
2021	30.00	(2.89)	(2.89)	12.35
2022	30.00	(3.53)	(3.53)	9.79
2023	30.00	0.12	0.12	10.01

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
Q2 2024	NEG	NEG
Q3 2024	NEG	NEG

Period	P/E	Adjusted P/E
2014	33.80	33.80
2015	NEG	NEG
2016	24.08	24.08
2017	33.88	33.88
2018	NEG	NEG
2019	NEG	NEG
2020	More than 100	More than 100
2021	NEG	NEG
2022	NEG	NEG
2023	More than 100	More than 100

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	-
Q2 2024	9.22	12.19	-	-	-	-	64.36	-
Q3 2024	0.41	5.42	-	-	-	-	72.98	-

Period	Medical Insurance	Property & casualty	Insurance - Engineering	Marine Insurance	Accidents & Liabilities	Other classes	Motors	Comprehensive Motor Insurance
2014	66.94	52.94	26.53	46.70	24.46	-	-	149.33
2015	72.09	49.88	29.39	38.28	20.90	-	-	141.41
2016	31.49	42.33	15.82	22.47	20.30	-	-	122.75
2017	24.14	37.13	11.63	19.77	21.69	-	-	71.28
2018	45.47	31.78	9.43	19.82	33.26	-	-	124.91
2019	70.86	32.72	5.70	15.72	23.30	-	-	131.39
2020	62.41	32.77	4.87	15.63	15.44	-	-	189.84
2021	60.22	28.91	4.17	14.12	12.46	-	-	176.87
2022	60.04	58.36	-	-	-	-	254.90	-
2023	42.74	48.78	-	-	-	-	239.12	-

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 )

Gulf General Cooperative Insurance Co. (GULF GENERAL)

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Gulf General widens losses to SAR 15.2M in 9M 2024, Q3 at SAR 1.8M

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Financials (M)

Current Quarter Comparison (M)

Insurance Operations

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

Financial Ratios

Share Price

Gulf General Cooperative Insurance Co. (GULF GENERAL)

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Gulf General widens losses to SAR 15.2M in 9M 2024, Q3 at SAR 1.8M

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Financials (M)

Current Quarter Comparison (M)

Insurance Operations

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

Financial Ratios

Share Price

Gulf General Cooperative Insurance Co. (GULF GENERAL)

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Business Segments - Gross Premium Written (Million)