Gulf Union Alahlia Cooperative Insurance Co. announces its Interim Financial Results for the period ending on 2025-06-30 ( Six Months ) | premargin

Gulf Union Alahlia Cooperative Insurance Co. announces its Interim Financial Results for the period ending on 2025-06-30 ( Six Months )

TadawulAugust 4, 2025View on exchange

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Insurance Revenues	260,210	192,520	35.159	248,011	4.918
Result of Insurance Services	-3,167	27,519	-	-24,091	-86.854
Net Profit (Loss) of The Insurance Results	-28,167	11,586	-	-40,730	-30.844
Net Profit (Loss) of The Investment Results	9,591	3,572	168.505	9,165	4.648
Net Insurance Financing Expenses	540	-79	-	599	-9.849
Net Profit (Loss), After Zakat, Attributable To Shareholders	-27,881	7,087	-	-39,948	-30.206
Total Comprehensive Income	-27,881	7,087	-	-34,869	-20.04
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Insurance Revenues	508,221	358,475	41.773
Result of Insurance Services	-27,258	63,676	-
Net Profit (Loss) of The Insurance Results	-68,897	31,499	-
Net Profit (Loss) of The Investment Results	18,756	13,662	37.285
Net Insurance Financing Expenses	1,139	-1,796	-
Net Profit (Loss), After Zakat, Attributable To Shareholders	-67,829	26,630	-
Total Comprehensive Income	-62,750	26,630	-
Total Shareholders Equity (after Deducting Minority Equity)	563,950	574,622	-1.857
Profit (Loss) per Share	-1.48	0.58
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	-31,064	-7
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 SR 260.2M compared to SR 192.5M in the same quarter previous year, an increase of 35%. This is due to the increase in gross written premium during the current quarter, which amounted to SR 321.6M compared to SR 273.6M in the same quarter previous year, an increase of 18%, resulting from the growth in the company's main sectors (Health insurance premium amounted to SR 164M in the current quarter compared to SR 130.6M in the same quarter previous year, an increase of 26%, and P&C insurance premium in the current quarter amounted to SR 66M compared to SR 51M in the same quarter previous year, an increase of 29%)
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 in the current quarter after zakat, amounting to SR 27.9M, compared to a profit of SR 7.1M in the same quarter of the previous year, is due to losses from insurance services results amounting to SR 28.2M, compared to a surplus of SR 11.6M in insurance services results in the same quarter previous year. This is primarily a result of the increase in insurance service expense in current quarter is SR 263M, compared to SR 165M in the same quarter previous year—an increase of approximately 60%. Additionally, the net expense from reinsurance contracts amounted SR 25M in the current quarter, compared to SR 16M in the same quarter of the previous year, representing increase of SR 9M or 57%, in addition to an increase in the other operating expenses for the current quarter amounted SR 8.9M compared to SR 4.7M for the same quarter of the previous year, i.e. an increase of SR 4.2M, or 90%.
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 SR 260.2M compared to SR 248M in the previous quarter, an increase of 5%. This is due to the increase in gross written premium during the current quarter, which amounted to SR 321.6M compared to SR 252.7M in the previous quarter, an increase of 27%, as a result of the growth in the company's main sectors (Health insurance premium amounted to SR 164M for the current quarter compared to SR 89.6M in the previous quarter, an increase of 83%, and P&C insurance premium for the current quarter amounted to SR 66M compared to SR 48M in the previous quarter, an increase of 37%)
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is	The decrease in loss for the current quarter after zakat, amounting to SR 27.9M, compared SR 39.9M in the previous quarter, is due to decrease in insurance services results in the current quarter amounting to SR 28.2M, compared to SR 40.7M in the previous quarter decrease by 31%. This is primarily as a result of the decrease in insurance service expenses to SR 263M, compared to SR 272M in the previous quarter —decrease of approximately 3%. Additionally, the net share of surplus from insurance pools amounted to SR 2M in the current quarter, compared to SR 672K in the previous quarter representing an increase of SR 1.3M or 195%.
The reason of the increase (decrease) in the revenues during the current period compared to the same period of the last year is	The reason for the increase in insurance revenues for the current period amounted to SR 508.2M compared to SR 358.5M for the same period of the previous year, an increase of 42%, is due to the increase in gross written premium during the current period, which amounted to SR 574.3M compared to SR 473.8M for the same period of the previous year, an increase of 21%, as a result of the growth in the company's main sectors (Health insurance premium amounted to SR 253.6M for the current period compared to SR 201.8M for the same period of the previous year, an increase of 26%, while Motor insurance premium amounted to SR 206.3M for the current period compared to SR 181.3M for the same period of the previous year, an increase of 14%, and general insurance premium for the current period amounted to SR 114.8M compared to SR 90.8M for the same period of the previous year, an increase of 26%).
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	The reason for the losses in the current period compared the profit in the same period of the previous year is due to the decrease in insurance services results, which amounted to deficit of SR 68.9M for the current period compared to surplus of SR 31.5M for the same period of the previous year, as a result of the increase in insurance services expenses for the current period amounted SR 535.5M compared to SR 294.8M for the same previous year by SR 240.7M an increase of 82%. Additionally, the net share of surplus from insurance pools decreased from SR 2.6M in the current period, compared to SR 4M in the same period previous year representing a decline of SR 1.4M or 34%.
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 period is SR 563.9M, compared to same period previous year is SR 574.6M, a decrease of 2%. Net loss before zakat for the current period amounted to SR 62.4M, compared to the net profit before zakat amounting to SAR 31M for the same period previous year. Earning per share was calculated based on net losses after zakat amounted to SR 67.8M for current period compared net profit to SR 26.6M for the same period previous year based on the number of the company's shares amounting to 45.9M shares. (Accumulated losses) retained earnings at the end of period amounted to SR 31.064M.