Gulf General Posts SAR 14.02M Net Loss in Three Months 2026
GULF GENERAL 8260.SA | 0.00 |
On 2026-05-06 09:43:09 (Saudi Time), Gulf General Cooperative Insurance Co. announced its Interim financial results for the three months ended on March 31, 2026.
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 81,056 | 94,109 | -13.87 | 71,755 | 12.962 |
| Result of Insurance Services | -4,401 | -16,565 | -73.431 | -22,186 | -80.163 |
| Net Profit (Loss) of The Insurance Results | -11,883 | -21,469 | -44.65 | -31,018 | -61.689 |
| Net Profit (Loss) of The Investment Results | 3,149 | 1,825 | 72.547 | -198 | - |
| Net Insurance Financing Expenses | -185 | -236 | -21.61 | 37 | - |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | -14,019 | -23,782 | -41.052 | -35,806 | -60.847 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -14,019 | -21,275 | -34.105 | -26,617 | -47.33 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 151,095 | 202,631 | -25.433 |
| Profit (Loss) per Share | -0.47 | -0.79 | |
| 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 | -272,843 | -91 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
Year-on-Year Performance Drivers
Insurance revenues declined 13.87% YoY to 81.06 million due to decreased business growth and lower motor insurance revenues. Net loss narrowed significantly by 41.05% to 14.02 million, primarily driven by improved insurance service results which reduced losses by 12.17 million, and increased investment returns of 1.32 million representing a 72.55% improvement compared to the same quarter last year.
Quarter-on-Quarter Performance Drivers
QoQ insurance revenues increased 12.96% to 81.06 million driven by business growth and higher motor line revenues. Net loss narrowed 60.85% to -14.02 million due to improved insurance service results (-80.16% loss reduction) and strong investment returns that increased by 1690% from the previous quarter's loss position.
Other Items
The auditors issued an unmodified conclusion but included an emphasis of matter paragraph drawing attention to material uncertainty regarding the company's ability to continue as a going concern. The auditor noted that "the Company has incurred a net loss of SR 14 million during the quarter ended 31 March 2026 and, as of that date, the Company's accumulated losses amounted to SR 273 million, which represents 91% of the share capital. The solvency ratio which stands at a lower rate than required." Accumulated losses reached 91% of capital at -272,843 thousand SAR. Total shareholders' equity decreased 25.433% to 151,095 thousand SAR. The company will apply procedures for listed companies whose accumulated losses exceed 50% of capital, and the Extraordinary General Assembly previously approved the company's continuity while delegating the Board to address such losses pursuant to Article 132 of the Companies Law.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=95017&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.