The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) turned profitable at SAR 101.77 million in the first half (H1) of 2023, against net losses before Zakat of SAR 79.13 million in H1-22.

Earnings per share (EPS) reached SAR 0.96 during January-June 2023, versus a loss per share of SAR 0.78 in the year-ago period, according to the initial income statements.

The gross written premiums (GWP) jumped by 24.62% year-on-year (YoY) to SAR 2.02 billion in H1-23 from SAR 1.62 billion.

Accumulated Losses

The accumulated losses hit SAR 357.82 million as of 30 June 2023, equivalent to 34.10% of the SAR 1.05 billion capital.

In the first three months (3M) of 2023, MedGulf shifted to net profits before Zakat valued at SAR 37.19 million, versus net losses worth SAR 15.95 million in Q1-22.

The profit per share stood at SAR 0.34 in Q1-23, compared to a loss per share of SAR 0.16 a year earlier.

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