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Gulf General Cooperative Insurance Co. announces its Interim Financial Results for the period ending on 2026-03-31 ( Three Months ) | premargin

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Insurance Revenues	81,056	94,109	-13.87	71,755	12.962
Result of Insurance Services	-4,401	-16,565	-73.431	-22,186	-80.163
Net Profit (Loss) of The Insurance Results	-11,883	-21,469	-44.65	-31,018	-61.689
Net Profit (Loss) of The Investment Results	3,149	1,825	72.547	-198	-
Net Insurance Financing Expenses	-185	-236	-21.61	37	-
Net Profit (Loss), After Zakat, Attributable To Shareholders	-14,019	-23,782	-41.052	-35,806	-60.847
Total Comprehensive Income Attributable to Shareholders of the Issuer	-14,019	-21,275	-34.105	-26,617	-47.33
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)	151,095	202,631	-25.433
Profit (Loss) per Share	-0.47	-0.79
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	-272,843	-91
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	Insurance revenue for the current quarter amounted to SR 81,056 K, compared to SR 94,109 K during the similar quarter of the previous year, a decrease of -13.87% which was principally driven by decrease in business growth and decrease in the insurance revenue of Motor line of business.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	Net loss before zakat for the current quarter amounted to SR -12,819 K, compared to the loss of SR -22,582 K for the same quarter of the last year. Net loss after zakat for the current quarter amounted to SR -14,019 K, compared to a net loss of SR -23,782 K for the same quarter of the last year, due to the following reasons: -Decrease in insurance service result by SR -12,165K compared with the same quarter of the last year. -Increase in investment return by SR 1,324 K compared to the similar quarter of last year, representing an increase of 72.55%.
The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is	Insurance revenue for the current quarter amounted to SR 81,056K, compared to SR 71,755K during the similar quarter of the previous year, an increase of 12.96%, which was principally driven by business growth and increase in the insurance revenue of Motor line of business.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is	Net Loss before zakat for the current quarter amounted to SR -12,819 K, compared to the loss of -35,906 K for the previous quarter last year. Net Loss after zakat for the current quarter amounted to SR -14,019K, compared to the loss of SR -35,806K the same quarter of the last year, due to the following reasons: - Decrease in insurance service result by SR 17,785K compared with the previous quarter a decrease of -80.16% - Decrease of reinsurance contracts expense by SR 1,350K with a decrease of -15.29% compared to same quarter of the last year. - Increase in investment return by 3,347 in the previous quarter of the company of last year with change of 1690%.
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)	The external auditor of the company, draw attention to Note 2 (f) of these financial statements, which indicates that the Company has incurred a net loss of SR 14 million during the quarter ended 31 March 2026 and, as of that date, the Company’s accumulated losses amounted to SR 273 million, which represents 91% of the share capital. The solvency ratio which stands at a lower rate than required. These conditions, along with other matters as set forth in Note 2(f), indicate the existence of material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern. The auditor opinion is not modified in respect of this matter.
Reclassification of Comparison Items	Certain historical comparative figures have been reclassified to conform to the current period.
Additional Information	The Loss per share (LPS) after Zakat for the current quarter is SR -0.47 per share versus a loss of SR -0.79 per share for the same quarter last year , which is calculated by dividing the net loss amount of SR -14,019 K over the number of ordinary outstanding shares of 30,000 K. Total comprehensive loss for the current year is SR -14,019 K compared to a loss of SR -21,275K for the previous year. Total Shareholders’ Equity (no minority interest) as at end of current quarter is SR 151,095 K versus SR 202,631 K as at end of the previous quarter, a decrease of -25%. Referring to the fact that the company's accumulated losses have reached -91% of its capital for the period ending March 31, 2026, the company will apply the procedures and instructions applicable to listed companies whose accumulated losses exceed 50% of their capital. Furthermore, on Sunday, 29/07/1447H (corresponding to 18/01/2026G), the Extraordinary General Assembly approved the company's continuity and delegated the Board of Directors to take all necessary measures and actions to address such losses, pursuant to the requirements of Article (132) of the Companies Law.