| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 4,320,236 | 3,551,790 | 21.64 | ||
| Result of Insurance Services | 289,298 | 380,889 | -24.05 | ||
| Net Profit (Loss) of The Insurance Results | 54,777 | 25,394 | 115.71 | ||
| Net Profit (Loss) of The Investment Results | 39,137 | 64,809 | -39.61 | ||
| Net Insurance Financing Expenses | -33,482 | -4,589 | 629.61 | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 41,063 | 101,994 | -59.74 | ||
| Total Comprehensive Income Attributable to Shareholders of the Issuer | 60,557 | 111,224 | -45.55 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 1,592,869 | 1,028,644 | 54.85 | ||
| Profit (Loss) per Share | 0.3 | 0.97 | |||
| 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 | -114,072 | -8.26 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in revenues during the current year compared to the last year is | Insurance revenues for the current year amounting to SAR 4,320,236K compared to SAR 3,551,790K during the previous year, an increase of 21.64% driven mainly by the growth in the Health and Motor volumes and earnings. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The Company recorded net income after Zakat amount to SAR 41,063K during the current year compared to SAR 101,994K for the last year, a decrease of 59.74%, which is due to the following main reasons: - Net investment results for the current year amounted to SAR 39,137K, compared to SAR 64,809K during the previous year, a decrease of 39.61% due to the decrease in the contribution from the equity investments measured at fair value through profit and loss. - Net insurance financing expense for the current year amounted to SR 33,482K, compared to SR 4,589K during the previous year, due to the increased volume of paid claims and a decrease of the discount rate. - No one-off non-insurance revenue items, such as the disposal of land of 2024, which contributed to the bottomline for last year along with higher non-attributable expenses (e.g. EOS). |
| Statement of the type of external auditor's report | Unmodified opinion |
| 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 | The Company announced the signing of a binding Memorandum of Understanding (the “MOU”) with Buruj Cooperative Insurance Company (“Buruj”) on 01/02/1447H (corresponding to 26/07/2025G) pursuant to which Buruj merged into Medgulf and all of Buruj’s rights, liabilities, assets and contracts subsumed by Medgulf in exchange for Medgulf’s issuance of 33,157,894 new ordinary shares with a nominal value of SAR 10 each in Medgulf to Buruj’s shareholders pursuant to Article (225) and Articles (227) to (229) of the Companies Law, Article (49)(a)(1) of the Merger and Acquisition Regulations and in accordance with the Rules on the Offer of Securities and Continuing Obligations issued by the board of the Capital Market Authority, and in accordance with the conditions and provisions of the Merger Agreement (the “Merger”). The merger has been accounted for using the acquisition method under IFRS 3 – Business Combinations (the “Standard”) with the Company being the acquirer and Buruj being the acquiree. The Company has accounted for the acquisition based on fair values of the acquired assets and assumed liabilities as at 30 October 2025 ”acquisition date”. The purchase consideration was determined to be SR 503,668 million which consisted of the issuance of 33,157,894 ordinary shares at an exchange ratio of 1.105263 shares in Medgulf for each share in Buruj. The fair value of the new issued shares of the Company was determined on the basis of the closing market price of the ordinary shares of SAR 15.19 per share on the Tadawul on the last trading date prior to the acquisition date. As a result, there was an increase in share capital and share premium of SR 331,579 million and SR 172,090 million, respectively. The management has carried out a comprehensive Purchase Price Allocation. The earnings per share (EPS) for the current period are SR 0.30 against a SR 0.97 for the previous year. Total Shareholders’ Equity for the current period is SAR 1,592,869K versus SAR 1,028,644K for the last year - an increase of 12.12%. The Company's accumulated losses as of 31 December 2025 are 8.26% of the subscribed capital, an improvement of over 6.51pp from 14.77% recorded as of 31 December 2024. |
