MedGulf logs 25% lower net profits in Q1-25
Riyadh: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) recorded net profits after Zakat attributable to the shareholders of SAR 19.63 million in the first quarter (Q1) of 2025.
The January-March 2025 results showed a 25.21% drop from SAR 26.26 million, according to a bourse filing.
The insurance revenues stood at SAR 1 billion in the first three months (3M) of 2025, marking an annual hike of 19.99% year-on-year (YoY) from SAR 833.62 million.
The earnings per share (EPS) declined to SAR 0.19 in Q1-25 from SAR 0.25 in the same period a year earlier.
On a quarterly basis, the net profits in Q1-25 soared by 553.72% from SAR 3 million in Q4-24, while the revenues increased by 6.21% from SAR 941.83 million.
In 2024, the net profits after Zakat attributable to the owners of MedGulf plunged by 49.38% YoY to SAR 101.99 million from SAR 201.47 million.
Meanwhile, the insurance revenues rose by 6.59% to SAR 3.55 billion as of 31 December 2024 from SAR 3.33 billion in 2023.
The EPS hit SAR 0.97 in 2024, compared to SAR 1.92 a year earlier.
During the January-September 2024 period, MedGulf posted 29.57% lower net profits after Zakat attributable to the shareholders at SAR 98.99 million, compared with SAR 140.56 million in 9M-23.
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