Gulf Union Alahlia Cooperative Insurance Co. announces its Interim Financial Results for the period ending on 2025-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 248,011 | 165,955 | 49.444 | 236,273 | 4.967 |
| Result of Insurance Services | -24,091 | 36,157 | - | 7,499 | - |
| Net Profit (Loss) of The Insurance Results | -40,730 | 19,913 | - | -15,591 | 161.24 |
| Net Profit (Loss) of The Investment Results | 9,165 | 10,090 | -9.167 | 5,365 | 70.829 |
| Net Insurance Financing Expenses | 599 | -1,717 | - | 4,041 | -85.176 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | -39,948 | 19,543 | - | 5,472 | - |
| Total Comprehensive Income | -34,869 | 19,543 | - | 40,534 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 591,830.689 | 567,535.211 | 4.28 |
| Profit (Loss) per Share | -0.87 | 0.43 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | 3,183.029 | 0.69 | |
| 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 insurance revenue for the current quarter amounted to SAR 248M compared to SAR 166M in the same qaurter previous year, an increase of 49%. This is due to increase in gross written premium during the current qaurter, which amounted to SAR 252.7M compared to SAR 200.2M in the same qaurter previous year, an increase of 26%, as a result of the growth in the company's main sectors (Health insurance premium amounted to SAR 89.6M for the current qaurter compared to SAR 71.1M in the same qaurter previous year, an increase of 26%, while Motor insurance premium amounted to SAR 114.9M for the current quarter compared to SAR 89.8M in the same qaurter previous year, an increase of 28%, and P&C insurance premium for the current quarter amounted to SAR 48.2M compared to SAR 39.3M in the same qaurter previous year, an increase of 23%). |
| 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 after zakat in the current quarter, amounting to SAR 39.9M, compared to a profit of SAR 19.5M in the same quarter of the previous year, is due to losses from insurance services amounting to SAR 40.7M, compared to a surplus from insurance services of SAR 19.9M in the same quarter previous year. This is primarily as a result of the increase in insurance service expense in curent quarter of SAR 272M, compared to SAR 129M in the same quarter previous year—an increase of approximately 110%. Additionally, the net share of surplus in insurance pools decreased to SAR 672K in the current quarter, compared to SAR 3.5M in the current quarter of the previous year, representing a decline of SAR 2.86M or 81%. Moreover, investment income declined to SAR 9.2M, compared to SAR 10.1M in the current quarter of the previous year—a decrease of SAR 900K or 9%. During the current quarter, the company incurred merger expenses with the Gulf General Company amounting to SAR 6.4M, in addition to an increase in the zakat expense provision for the current quarter of SAR 2.7M compared to SAR 750K for the same quarter of the previous year, i.e. an increase of SAR 1.95M, or 260%. |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | The insurance revenue for the current quarter amounted to SAR 248M compared to SAR 236M in the previous qaurter, increased by 5% due to increase in net earned premium in the current quarter. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | The loss in the current quarter after zakat, amounting to SAR 39.9M, compared to a profit of SAR 5.5M in the previous quarter, is due to losses from insurance services amounting to SAR 40.7M, compared to a surplus of SAR 7.5M in insurance services in the previous quarter. This is primarily a result of the increase in insurance service expenses to SAR 272M, compared to SAR 228M in the previous quarter—an increase of approximately 19%. Additionally, the net share of surplus in insurance pools decreased to SAR 672K in the current quarter, compared to SAR 4.2M in the previous quarter, representing a decline of SAR 3.5M or 84%. During the current quarter, the company incurred merger expenses with the Gulf General Company amounting to SAR 6.4M, in addition to an increase in the zakat expense provision for the current quarter of SAR 2.7M compared to SAR 2M for the previous quarter, i.e. an increase of 700K, or 35%. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| 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 |
| Reclassification of Comparison Items | None |
| Additional Information | Total Equity at end of current quarter is SAR 591.8M, while same quarter previous year was SAR 567.5M, an increase of 4%.
Net loss before zakat for the current quarter amounted to SAR 37.2M, compared to the net profit before zakat amounting to SAR 20.3M for the same quarter previous year.
Earning per share was calculated based on net losses after zakat amounted to SAR 39.9M for current quarter compared net profit to SAR 19.5M for the same quarter previous year based on the number of the company's shares amounting to 45.9 M shares.
Accumulated losses at the end of the period amounted to SAR 3.183M which is 0.69% of the company share capital of SAR 458M. |
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