Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) turned profitable at SAR 145.56 million in the first nine months (9M) of 2023.
The positive results were achieved against net losses valued at SAR 183.94 million in 9M-22, according to the initial financial results.
Gross written premiums (GWP) climbed by 20.44% year-on-year (YoY ) to SAR 2.58 billion in 9M-23 from SAR 2.14 billion.
The earnings per share (EPS) hit SAR 1.34 in January-September 2023, versus a loss per share of SAR 1.65 during the same period in 2022.
Income Statements for Q3-23
During the third quarter (Q3) of 2023, MedGulf shifted to net profits worth SAR 43.78 million, compared to net losses of SAR 104.81 million a year earlier.
Gross written premiums reached SAR 562.40 million in July-September 2023, up 7.49% year-on-year (YoY) from SAR 523.18 billion.
On a quarterly basis, the Q3-23 profits plummeted by 32.20% from SAR 64.57 million in Q2-23, while the GWP hiked by 34.25% from SAR 418.91 million.
Accumulate Losses
MedGulf reported accumulated losses amounting to SAR 318.04 million as of 30 September 2023, equivalent to 30.29% of the SAR 1.05 billion capital.
In the first half (H1) of 2023, the listed company swung to net profits worth SAR 101.77 million, compared to net losses before Zakat valued at SAR 79.13 million in H1-22.
