Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) posted net profits after Zakat attributable to the shareholders worth SAR 98.99 million in the first nine months (9M) of 2024.
The recorded net profits were lower by 29.57% year-on-year (YoY) than SAR 140.56 million, according to the interim financial statements.
Earnings per share (EPS) plummeted to SAR 0.94 in 9M-24 from SAR 1.34 in 9M-23.
Insurance revenues amounted to SAR 2.60 billion as of 30 September 2024, an annual growth of 3.08% from SAR 2.53 billion.
Income Results for Q3-24
The net profits reached SAR 39.12 million in the third quarter (Q3) of 2024, down 1.67% from SAR 39.78 million in the year-ago period.
Meanwhile, the insurance revenues hit SAR 900.41 million in Q3-24, up 2.51% from SAR 878.35 million a year earlier.
On a quarterly basis, the Q3-24 profits jumped by 16.40% from SAR 33.60 million in Q2-24, while the revenues grew by 2.79% from SAR 875.90 million.
Accumulated Losses
The Saudi company suffered accumulated losses amounting to SAR 158.13 million as of 30 September 2024, equivalent to 15.06% of the capital.
