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Gulf Insurance Group announces its Interim Financial Results for the period ending on 2024-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 362,419 | 390,650 | -7.226 | 395,949 | -8.468 |
| Result of Insurance Services | 65,118 | 84,159 | -22.625 | 271,378 | -76.004 |
| Net Profit (Loss) of The Insurance Results | -155 | 81,247 | - | 14,851 | - |
| Net Profit (Loss) of The Investment Results | 27,610 | 22,436 | 23.061 | 24,935 | 10.727 |
| Net Insurance Financing Expenses | -31,048 | -39,490 | -21.377 | -4,162 | 645.987 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | -20,218 | 56,691 | - | 21,951 | - |
| Total Comprehensive Income | -34,469 | 89,812 | - | 48,853 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 1,030,371 | 1,029,571 | 0.077 |
| Profit (Loss) per Share | -0.39 | 1.08 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the revenues during the current quarter compared to the same quarter of last year is | The decrease in insurance revenue in current quarter as compared to the same quarter of last year by SR 28 million is driven mainly by Motor segment. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The loss in current quarter of SR 20 million, compared to net income of SR 57 million in the same quarter of the last year is mainly driven by: 1. Reduction in insurance revenue by SR 28 million mainly due to motor segment. 2.Negative movement in reinsurance contract held by SR 62 million driven by lower recoveries compared tothe same quarter of the last year primarily related to Property and casualty (P&C) segment. There are offsetting movement which are as follows: 1.Reduction in insurance cost by SR 9 million mainly due to P&C and motor segments. 2.Increase in investment income by SR 5 million. 3. Reduction in net finance expense by SR 8 million. |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | The decrease in insurance revenue in current quarter as compared to previous quarter by SR 33 million is driven mainly by Motor and P&C segments. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | There is loss in current quarter of SR 20 million compared to net income of SR 22 million in previous quarter driven by: 1. Reduction in insurance revenue by SR 33 million mainly due to motor segment 2.Increase in insurance service expenses by SR 173 million mainly lead by P&C segment. 3.Increase in net finance expenses by SR 27 million There are offsetting movement which are as follows: 1.Movement in reinsurance cost of 191 million mainly in P&C segment. 2.Increase in investment income by SR 3 million . |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | None |
| Additional Information | The loss per share (LPS) for the current period is SR 0.39 per share versus SR 1.08 earnings per share (EPS) for the same period of the previous year which is calculated by dividing the net loss of SR 20,218 thousand for current period over the weighted average number of ordinary outstanding shares of 52,500 thousand for the current period and the net income of SR 56,691 thousand over 52,500 thousand weighted average number of ordinary shares outstanding for the same period of the previous year. During the last year 2023, the Company has issued bonus shares which resulted in increase in number of shares by 2.5 million. This resulted in increase in number of shares from 50 million to 52.5 million during 2023. Total comprehensive loss for the current period is SR 34,469 thousand compared to total comprehensive income of SR 89,812 thousand for the same period of the previous year, a decrease of 138.38%. Total Shareholder Equity as at the end of the current period is SR 1,030,371 thousand versus SR 1,029,571 thousand as at the end of the same period in the previous year, an increase of 0.1%. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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