MEDGULF's 9M 2024 profits dip 30% to SAR 99M; Q3 at SAR 39.1M

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) posted a 30% fall in its net income for the first nine months of 2024 to SAR 99 million, compared to SAR 140.6 million in the corresponding period of 2023.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Gross Written Premium (GWP)	2,583.83	3,182.01	23.2 %
Insurance Revenues	2,531.84	2,609.95	3.1 %
Net Profit Before Zakat & Tax	145.56	106.81	(26.6 %)
Net Income	140.56	98.99	(29.6 %)
Average Shares	105.00	105.00	-
EPS (Riyals)	1.34	0.94	(29.6 %)

The profit drop was attributed to a decline in net investment results for the current period to SAR 59.4 million, from SAR 80.2 million for the same period last year, mostly due to the decrease in the contribution of investments measured with fair value.

Moreover, net insurance service results in the nine-month period dropped to SAR 32.4 million from SAR 62.1 million in 9M 2023, mainly due to the different portfolio structure in medical insurance and the performance of reinsurance operations.

On the other hand, insurance revenues rose to SAR 2.60 billion from SAR 2.53 billion in the first nine months of 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Gross Written Premium (GWP)	562.40	794.99	41.4 %
Insurance Revenues	878.36	900.42	2.5 %
Net Profit Before Zakat & Tax	43.79	40.42	(7.7 %)
Net Income	39.79	39.12	(1.7 %)
Average Shares	105.00	105.00	-
EPS (Riyals)	0.38	0.37	(1.7 %)

Item	Q2 2024	Q3 2024	Change‬
Gross Written Premium (GWP)	528.59	794.99	50.4 %
Insurance Revenues	875.91	900.42	2.8 %
Net Profit Before Zakat & Tax	39.12	40.42	3.3 %
Net Income	33.61	39.12	16.4 %
Average Shares	105.00	105.00	-
EPS (Riyals)	0.32	0.37	16.4 %

The third-quarter net income after Zakat declined by 2% to SAR 39.1 million from SAR 39.7 million in Q3 2023 as insurance revenues grew to SAR 900.4 million from SAR 878.3 million in the first nine months of 2023.

Net income, however, climbed 16.4% from SAR 33.6 million in the previous quarter, thanks to a 2.8% quarter-on-quarter (QoQ) rise in insurance revenues to SAR 900.4 million. Net investment results also leapt 60.44% QoQ to SAR 26.65 million.

Insurance Operations

Item	9m 2023	9m 2024	Change‬
Gross Written Premium (GWP)	2,583.83	3,182.01	23.2 %
Insurance Revenues	2,531.84	2,609.95	3.1 %
Insurance Services Income	62.12	32.44	(47.8 %)
Investment Income	80.20	59.41	(25.9 %)
Net Profit of Insurance Services and Investment	134.06	87.45	(34.8 %)

Total shareholders’ equity, no minority interest, decreased to SAR 1.01 billion as of Sept. 30, 2024, from SAR 840.7 million a year earlier.

Accumulated losses reached SAR 158.13 million by the end of the nine-month period, representing 15.06% of the insurance service provider’s capital.

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Share Price

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF)

	Current
Market Cap (M)	2,370.90
Shares Outstanding (M)	105.00
EPS ( Riyal) (TTM)	1.52
Book Value (BV) ( Riyal)	9.68
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	14.83
P/E (TTM)	14.83
Price/Book	2.33
Return on Average Assets (%) (TTM)	4.8
Return on Average Equity (%) (TTM)	17.2
Return on Market Cap (%)	6.4

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2015	(54.40)	(223.4 %)	(0.52)	-	-
Q2 2015	(136.40)	(399.1 %)	(1.30)	-	-
Q3 2015	48.74	45.9 %	0.46	-	-
Q4 2015	(127.20)	(300.8 %)	(1.21)	-	-
2015	(269.26)	(244.4 %)	(2.56)	-	-
Q1 2016	9.49	117.4 %	0.09	-	-
Q2 2016	(21.62)	84.1 %	(0.21)	-	-
Q3 2016	51.83	6.4 %	0.49	-	-
Q4 2016	8.94	107.0 %	0.09	-	-
2016	50.13	118.6 %	0.48	-	-
Q1 2017	(94.86)	(1099.9 %)	(0.90)	(92.97)	-
Q2 2017	(440.01)	(1,935.2 %)	(4.19)	(417.32)	-
Q3 2017	56.62	9.2 %	0.54	60.12	-
Q4 2017	25.04	180.3 %	0.24	29.07	-
2017	(420.14)	(938.0 %)	(4.00)	(388.03)	-
Q1 2018	(25.74)	72.9 %	(0.25)	(23.27)	75.0 %
Q2 2018	(10.14)	97.7 %	(0.10)	(8.64)	97.9 %
Q3 2018	(81.17)	(243.4 %)	(0.77)	(79.79)	(232.7 %)
Q4 2018	(93.14)	(471.9 %)	(0.89)	(92.82)	(419.3 %)
2018	(209.15)	50.2 %	(1.99)	(204.53)	47.3 %
Q1 2019	2.94	111.4 %	0.03	7.04	130.2 %
Q2 2019	0.85	108.4 %	0.01	4.13	147.8 %
Q3 2019	2.79	103.4 %	0.03	5.28	106.6 %
Q4 2019	(3.45)	96.3 %	(0.03)	2.73	102.9 %
2019	3.12	101.5 %	0.03	19.18	109.4 %
Q1 2020	4.23	44.0 %	0.04	8.25	17.2 %
Q2 2020	22.99	2604.2 %	0.22	27.00	553.9 %
Q3 2020	3.58	28.6 %	0.03	7.59	43.8 %
Q4 2020	6.07	276.0 %	0.06	12.03	340.1 %
2020	36.91	1081.6 %	0.35	54.90	186.3 %
Q1 2021	6.81	60.7 %	0.06	9.05	9.8 %
Q2 2021	6.58	(71.4 %)	0.06	8.84	(67.3 %)
Q3 2021	(25.63)	(815.7 %)	(0.24)	(23.38)	(407.9 %)
Q4 2021	(128.84)	(2221.1 %)	(1.23)	(130.59)	(1185.8 %)
2021	(140.59)	(480.9 %)	(1.34)	(135.59)	(347.0 %)
Q1 2022	(17.21)	(352.8 %)	(0.16)	(15.96)	(276.2 %)
Q2 2022	(64.43)	(1078.6 %)	(0.61)	(63.18)	(815.1 %)
Q3 2022	(92.04)	(259.1 %)	(0.88)	(104.81)	(348.3 %)
Q4 2022	(223.20)	(73.2 %)	(2.13)	(221.91)	(69.9 %)
2022	(396.87)	(182.3 %)	(3.78)	(405.86)	(199.3 %)
Q1 2023	36.20	310.4 %	0.34	37.20	333.1 %
Q2 2023	64.58	200.2 %	0.62	64.58	202.2 %
Q3 2023	39.79	143.2 %	0.38	43.79	141.8 %
Q4 2023	60.91	127.3 %	0.58	50.11	122.6 %
2023	201.47	150.8 %	1.92	195.67	148.2 %
Q1 2024	26.26	(27.4 %)	0.25	27.26	(26.7 %)
Q2 2024	33.61	(48.0 %)	0.32	39.12	(39.4 %)
Q3 2024	39.12	(1.7 %)	0.37	40.42	(7.7 %)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	186.44	194.5 %	1.78	-	-
2015	(269.26)	(244.4 %)	(2.56)	-	-
2016	50.13	118.6 %	0.48	-	-
2017	(420.14)	(938.0 %)	(4.00)	(388.03)	-
2018	(209.15)	50.2 %	(1.99)	(204.53)	47.3 %
2019	3.12	101.5 %	0.03	19.18	109.4 %
2020	36.91	1081.6 %	0.35	54.90	186.3 %
2021	(140.59)	(480.9 %)	(1.34)	(135.59)	(347.0 %)
2022	(396.87)	(182.3 %)	(3.78)	(405.86)	(199.3 %)
2023	201.47	150.8 %	1.92	195.67	148.2 %

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	1,515.76	30.3 %	-	-	-	-
Q2 2015	1,148.66	(12.9 %)	-	-	-	-
Q3 2015	754.04	(30.4 %)	-	-	-	-
Q4 2015	583.48	(31.4 %)	-	-	-	-
2015	4,001.93	(9.4 %)	-	-	-	-
Q1 2016	1,233.58	(18.6 %)	-	-	-	-
Q2 2016	891.38	(22.4 %)	-	-	-	-
Q3 2016	510.97	(32.2 %)	-	-	-	-
Q4 2016	558.41	(4.3 %)	-	-	-	-
2016	3,194.33	(20.2 %)	-	-	-	-
Q1 2017	784.01	(36.4 %)	-	-	-	-
Q2 2017	869.03	(2.5 %)	-	-	-	-
Q3 2017	513.18	0.4 %	-	-	-	-
Q4 2017	499.62	(10.5 %)	-	-	-	-
2017	2,665.84	(16.5 %)	-	-	-	-
Q1 2018	413.62	(47.2 %)	-	-	-	-
Q2 2018	277.86	(68.0 %)	-	-	-	-
Q3 2018	836.28	63.0 %	-	-	-	-
Q4 2018	541.71	8.4 %	-	-	-	-
2018	2,069.47	(22.4 %)	-	-	-	-
Q1 2019	1,077.24	160.4 %	-	-	-	-
Q2 2019	290.46	4.5 %	-	-	-	-
Q3 2019	747.09	(10.7 %)	-	-	-	-
Q4 2019	306.49	(43.4 %)	-	-	-	-
2019	2,421.28	17.0 %	-	-	-	-
Q1 2020	1,260.22	17.0 %	-	-	-	-
Q2 2020	251.70	(13.3 %)	-	-	-	-
Q3 2020	422.14	(43.5 %)	-	-	-	-
Q4 2020	600.45	95.9 %	-	-	-	-
2020	2,534.50	4.7 %	-	-	-	-
Q1 2021	1,028.92	(18.4 %)	-	-	-	-
Q2 2021	292.75	16.3 %	-	-	-	-
Q3 2021	378.23	(10.4 %)	-	-	-	-
Q4 2021	536.33	(10.7 %)	-	-	-	-
2021	2,236.22	(11.8 %)	-	-	-	-
Q1 2022	1,231.20	19.7 %	(79.69)	-	(16.12)	-
Q2 2022	390.90	33.5 %	(100.78)	-	(64.26)	-
Q3 2022	523.19	38.3 %	(128.27)	-	(103.49)	-
Q4 2022	709.31	32.3 %	(276.48)	-	(328.88)	-
2022	2,854.60	27.7 %	(585.21)	-	(512.74)	-
Q1 2023	1,602.52	30.2 %	(11.79)	85.2 %	22.05	236.8 %
Q2 2023	418.91	7.2 %	34.72	134.5 %	60.30	193.8 %
Q3 2023	562.40	7.5 %	39.19	130.6 %	51.72	150.0 %
Q4 2023	551.69	(22.2 %)	24.88	109.0 %	49.52	115.1 %
2023	3,135.53	9.8 %	87.00	114.9 %	183.58	135.8 %
Q1 2024	1,858.43	16.0 %	23.10	295.8 %	35.39	60.5 %
Q2 2024	528.59	26.2 %	(9.55)	(127.5 %)	10.41	(82.7 %)
Q3 2024	794.99	41.4 %	18.90	(51.8 %)	41.66	(19.5 %)

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	4,415.99	6.7 %	-	-	-	-
2015	4,001.93	(9.4 %)	-	-	-	-
2016	3,194.33	(20.2 %)	-	-	-	-
2017	2,665.84	(16.5 %)	-	-	-	-
2018	2,069.47	(22.4 %)	-	-	-	-
2019	2,421.28	17.0 %	-	-	-	-
2020	2,534.50	4.7 %	-	-	-	-
2021	2,236.22	(11.8 %)	-	-	-	-
2022	2,854.60	27.7 %	(585.21)	-	(512.74)	-
2023	3,135.53	9.8 %	87.00	114.9 %	183.58	135.8 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2015	105.00	0.84	0.84	10.83
Q2 2015	105.00	(0.90)	(0.90)	9.55
Q3 2015	105.00	(0.75)	(0.75)	9.93
Q4 2015	105.00	(2.56)	(2.56)	8.69
Q1 2016	105.00	(1.96)	(1.96)	8.77
Q2 2016	105.00	(0.86)	(0.86)	8.51
Q3 2016	105.00	(0.83)	(0.83)	9.00
Q4 2016	105.00	0.46	0.46	8.76
Q1 2017	105.00	(0.53)	(0.53)	8.16
Q2 2017	105.00	(4.52)	(4.52)	3.97
Q3 2017	105.00	(4.47)	(4.47)	4.51
Q4 2017	105.00	(4.32)	(4.32)	4.75
Q1 2018	105.00	(3.66)	(3.66)	4.51
Q2 2018	105.00	0.44	0.44	4.40
Q3 2018	105.00	(0.88)	(0.88)	3.58
Q4 2018	105.00	(2.00)	(2.00)	6.53
Q1 2019	105.00	(1.73)	(1.73)	6.46
Q2 2019	105.00	(1.62)	(1.62)	6.62
Q3 2019	105.00	(0.82)	(0.82)	6.67
Q4 2019	105.00	0.03	0.03	6.77
Q1 2020	105.00	0.04	0.04	6.64
Q2 2020	105.00	0.25	0.25	6.98
Q3 2020	105.00	0.26	0.26	7.25
Q4 2020	105.00	0.35	0.35	7.28
Q1 2021	105.00	0.38	0.38	7.36
Q2 2021	105.00	0.22	0.22	7.44
Q3 2021	105.00	(0.06)	(0.06)	7.15
Q4 2021	105.00	(1.34)	(1.34)	9.75
Q1 2022	105.00	(1.57)	(1.57)	10.41
Q2 2022	105.00	(2.25)	(2.25)	9.80
Q3 2022	105.00	(2.88)	(2.88)	8.92
Q4 2022	105.00	(3.78)	(3.78)	6.73
Q1 2023	105.00	(3.27)	(3.27)	7.08
Q2 2023	105.00	(2.04)	(2.04)	7.69
Q3 2023	105.00	(0.79)	(0.79)	8.01
Q4 2023	105.00	1.92	1.92	8.74
Q1 2024	105.00	1.82	1.82	8.99
Q2 2024	105.00	1.53	1.53	9.31
Q3 2024	105.00	1.52	1.52	9.68

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	105.00	1.78	1.78	11.20
2015	105.00	(2.56)	(2.56)	8.69
2016	105.00	0.48	0.48	8.76
2017	105.00	(4.00)	(4.00)	4.75
2018	105.00	(1.99)	(1.99)	6.53
2019	105.00	0.03	0.03	6.77
2020	105.00	0.35	0.35	7.28
2021	105.00	(1.34)	(1.34)	9.75
2022	105.00	(3.78)	(3.78)	6.73
2023	105.00	1.92	1.92	8.74

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	NEG	NEG
Q3 2015	NEG	NEG
Q4 2015	NEG	NEG
Q1 2016	NEG	NEG
Q2 2016	NEG	NEG
Q3 2016	NEG	NEG
Q4 2016	More than 100	More than 100
Q1 2017	NEG	NEG
Q2 2017	NEG	NEG
Q3 2017	NEG	NEG
Q4 2017	NEG	NEG
Q1 2018	NEG	NEG
Q2 2018	37.85	37.85
Q3 2018	NEG	NEG
Q4 2018	NEG	NEG
Q1 2019	NEG	NEG
Q2 2019	NEG	NEG
Q3 2019	NEG	NEG
Q4 2019	More than 100	More than 100
Q1 2020	More than 100	More than 100
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	More than 100	More than 100
Q2 2021	More than 100	More than 100
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	7.50	7.50
Q1 2024	13.46	13.46
Q2 2024	17.79	17.79
Q3 2024	15.62	15.62

Period	P/E	Adjusted P/E
2014	More than 100	More than 100
2015	NEG	NEG
2016	More than 100	More than 100
2017	NEG	NEG
2018	NEG	NEG
2019	More than 100	More than 100
2020	More than 100	More than 100
2021	NEG	NEG
2022	NEG	NEG
2023	7.50	7.50

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Medical Insurance	Comprehensive Motor Insurance	Property & Casualty	Other classes
Q1 2015	1,060.51	288.77	166.49	-
Q2 2015	858.08	151.19	139.39	-
Q3 2015	515.41	140.54	98.08	-
Q4 2015	377.48	85.55	120.46	-
Q1 2016	883.11	238.98	111.50	-
Q2 2016	633.96	143.14	114.28	-
Q3 2016	326.24	116.93	67.79	-
Q4 2016	423.68	30.94	103.78	-
Q1 2017	604.73	86.30	92.99	-
Q2 2017	580.03	151.52	137.48	-
Q3 2017	302.63	153.43	57.12	-
Q4 2017	231.27	155.20	113.15	-
Q1 2018	282.66	77.77	53.19	-
Q2 2018	163.33	105.15	9.39	-
Q3 2018	638.41	115.05	82.82	-
Q4 2018	349.70	145.36	46.66	-
Q1 2019	855.86	90.56	130.82	-
Q2 2019	153.80	101.89	34.76	-
Q3 2019	616.78	57.45	72.86	-
Q4 2019	179.38	86.47	40.64	-
Q1 2020	898.76	218.47	142.99	-
Q2 2020	141.35	69.48	40.86	-
Q3 2020	311.21	53.77	57.16	-
Q4 2020	470.01	85.21	45.24	-
Q1 2021	748.92	173.21	106.78	-
Q2 2021	134.92	70.32	87.51	-
Q3 2021	213.98	69.76	94.49	-
Q4 2021	390.03	118.25	28.06	-
Q1 2022	954.30	175.42	101.49	-
Q2 2022	124.90	213.18	52.82	-
Q3 2022	221.23	200.12	101.83	-
Q4 2022	501.14	152.92	55.24	-
Q1 2023	1,310.90	134.23	157.40	-
Q2 2023	303.44	57.14	58.33	-
Q3 2023	375.69	111.50	75.21	-
Q4 2023	401.48	86.97	63.25	-
Q1 2024	1,674.56	84.05	99.82	-
Q2 2024	396.93	77.95	53.72	-
Q3 2024	473.06	179.07	142.86	-

Period	Medical Insurance	Comprehensive Motor Insurance	Property & Casualty	Other classes
2014	2,973.95	685.94	756.11	-
2015	2,811.47	666.05	524.42	-
2016	2,266.99	530.00	397.35	-
2017	1,718.66	546.45	400.73	-
2018	1,434.09	443.33	192.05	-
2019	1,805.83	336.37	279.08	-
2020	1,821.32	426.93	286.25	-
2021	1,487.85	431.54	316.84	-
2022	1,801.57	741.64	311.39	-
2023	2,391.50	389.84	354.19	-

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MEDGULF's 9M 2024 profits dip 30% to SAR 99M; Q3 at SAR 39.1M

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

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Share Price

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF)

Financial Ratios

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

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MEDGULF's 9M 2024 profits dip 30% to SAR 99M; Q3 at SAR 39.1M

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

View other reports

Share Price

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF)

Financial Ratios

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

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Business Segments - Gross Premium Written (Million)