Gulf General shifts to profits in Q3, 9M-23; accumulated losses reach $66mln

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Riyadh – Gulf General Cooperative Insurance Company turned to a net profit before Zakat of SAR 1.27 million in the first nine months (9M) of 2023, versus a net loss of SAR 54.38 million in 9M-22.

The loss per share edged down to SAR 0.03 in 9M-23 from SAR 1.15 in 9M-22, according to the financial results.

In addition, the gross written premiums (GWP) decreased by 30.11% year-on-year (YoY) to SAR 212.66 million during January-September 2023 from SAR 304.26 million.

Accumulated Losses

Gulf General noted that its accumulated losses stood at SAR 247.05 million, which accounted for SAR 49.41% of the SAR 500 million capital, as of 30 September 2023.

Financial Results for July-September Period

In the third quarter (Q3) of 2023, the company also swung to a net profit before Zakat of SAR 2.39 million, compared with a net loss of SAR 30.28 million in Q3-22.

The GWP dropped by 0.61% to SAR 72.33 million during July-September 2023, versus SAR 72.78 million in the same quarter of the prior year.

On a quarterly basis, the net profit before Zakat in Q3-23 was against a net loss of SAR 6.09 million in Q2-23, while the GWP increased by 76.58% from SAR 40.96 million.

In Q1-23, the company reported net profits before Zakat of SAR 4.97 million, GWP of SAR 99.36 million, and insurance revenues of SAR 88.67 million.