Gulf General Insurance Reports SAR 29.49M Net Loss in the Six Months 2026
GULF GENERAL 8260.SA | 0.00 |
On 2026-08-05 09:00:03 (Saudi Time), Gulf General Cooperative Insurance Co. announced its Interim financial results for the six months ended on June 30, 2026.
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 93,847 | 79,344 | 18.278 | 81,056 | 15.78 |
| Result of Insurance Services | -6,194 | -18,588 | -66.677 | -4,401 | 40.74 |
| Net Profit (Loss) of The Insurance Results | -12,359 | -26,595 | -53.528 | -11,883 | 4.005 |
| Net Profit (Loss) of The Investment Results | 2,728 | 1,481 | 84.199 | 3,149 | -13.369 |
| Net Insurance Financing Expenses | -345 | -22 | 1,468.181 | -185 | 86.486 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | -15,469 | -29,079 | -46.803 | -14,019 | 10.343 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -15,469 | -29,079 | -46.803 | -14,019 | 10.343 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Insurance Revenues | 174,903 | 173,453 | 0.835 |
| Result of Insurance Services | -10,595 | -35,153 | -69.86 |
| Net Profit (Loss) of The Insurance Results | -24,242 | -48,064 | -49.563 |
| Net Profit (Loss) of The Investment Results | 5,877 | 3,306 | 77.767 |
| Net Insurance Financing Expenses | -530 | -258 | 105.426 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | -29,488 | -52,861 | -44.215 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -29,488 | -50,354 | -41.438 |
| Total Shareholders Equity (after Deducting Minority Equity) | 135,626 | 173,552 | -21.852 |
| Profit (Loss) per Share | -0.98 | -1.76 | |
| 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 | -288,312 | -96.1 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
Year-on-Year Performance Drivers
For the six-month period ending 30 June 2026, insurance revenues were nearly flat YoY, rising only 0.84% to SAR 174.90 million from SAR 173.45 million, driven by modest business growth and a 5% increase in the motor line of business. Despite stagnant top-line growth, the net loss after zakat attributable to shareholders narrowed significantly by 44.22% to SAR 29.49 million from SAR 52.86 million in the same period last year, primarily due to a SAR 21.54 million improvement (47.05% decrease) in the total insurance service result and a SAR 2.57 million increase (77.77%) in investment returns. However, the company continues to face material uncertainty regarding its going concern status, as accumulated losses reached SAR 288.31 million, representing 96.1% of share capital, and the solvency ratio remains below the required level.
Quarter-on-Quarter Performance Drivers
QoQ, insurance revenues rose 15.78% to SAR 93.85 million (from SAR 81.06 million in the previous quarter), driven by business growth and a 22.86% increase in Motor line insurance revenue. However, net loss after zakat widened QoQ to SAR 15.47 million from SAR 14.02 million, primarily due to a SAR 476K increase in insurance service expenses (up 4.01%) and a SAR 421K decline in investment return (down 13.37%).
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=97285&anCat=1&cs=8260&locale=arImportant Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.