Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) posted net profits after Zakat attributable to the owners valued at SAR 59.86 million in the first half (H1) of 2024.
The recorded net profits were lower by 40.59% year-on-year (YoY) than SAR 100.77 million, according to the initial income statements.
Earnings per share (EPS) declined to SAR 0.57 as of 30 June 2024 from SAR 0.96 in H1-23, while insurance revenues climbed by 3.39% to SAR 1.70 billion from SAR 1.65 billion.
Financials for Q2-24
In the second quarter (Q2) of 2024, the net profits of MedGulf dropped by 47.95% to SAR 33.60 million from SAR 64.57 million in Q2-23.
Insurance revenues hit SAR 875.90 million in April-June 2024, down 0.19% from SAR 874.18 million a year earlier.
Quarterly, the Q2-24 net profits hiked by 27.97% from SAR 26.26 million in January-March 2024, while the revenues jumped by 5.07% from SAR 833.62 million.
Accumulated Losses
MedGulf reduced its accumulated losses to 18.79% of the capital, equivalent to SAR 197.26 million as of 30 June 2024.
The lower accumulated losses were mainly attributed to the improved operational performance during the past quarters and to the steady investment returns.
