Mediterranean Gulf Insurance Reports SAR 36.25M Net Profit in Three Months 2026
MEDGULF 8030.SA | 0.00 |
On 2026-05-10 08:28:37 (Saudi Time), The Mediterranean and Gulf Insurance and Reinsurance 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 | 1,251,248 | 1,000,343 | 25.081 | 1,266,572 | -1.209 |
| Result of Insurance Services | 10,609 | 83,288 | -87.262 | 71,877 | -85.24 |
| Net Profit (Loss) of The Insurance Results | 29,320 | 10,076 | 190.988 | 13,476 | 117.571 |
| Net Profit (Loss) of The Investment Results | 22,876 | 12,407 | 84.379 | 7,950 | 187.748 |
| Net Insurance Financing Expenses | -4,995 | 2,018 | - | -7,991 | -37.492 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 36,249 | 19,638 | 84.586 | 4,992 | 626.141 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | 36,249 | 22,147 | 63.674 | 21,977 | 64.94 |
| 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) | 1,612,003 | 1,050,791 | 53.408 |
| Profit (Loss) per Share | 0.26 | 0.19 | |
| 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 | -77,823 | 5.63 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
Year-on-Year Performance Drivers
Insurance revenues increased 25.081% YoY to SAR 1.25 million, driven by earnings growth across Health and Motor business lines by SAR 94.61 thousand and SAR 159.96 thousand respectively. Net profit surged 84.586% YoY to SAR 36.25 thousand, primarily due to an 84.379% increase in net investment results to SAR 22.88 thousand and improved Net Insurance Service Result performance in Motor and Health lines. The strong performance was supported by higher gross written premiums which increased 11.34% to SAR 2.61 million.
Quarter-on-Quarter Performance Drivers
QoQ insurance revenues declined marginally by 1.21% to 1.25 million SAR due to overall business volume fluctuations. Net profit surged 626.14% to 36.25 million SAR, driven primarily by a 187.75% increase in net investment results to 22.88 million SAR from higher contributions of fair value equity and debt instruments. Additionally, the net insurance service result improved significantly to 29.32 million SAR compared to 13.48 million SAR in the previous quarter, reflecting enhanced performance in Health and Motor business lines.
Other Items
The Mediterranean and Gulf Insurance and Reinsurance Co. received an unmodified auditor conclusion with no additional comments, disclaimers, or adverse opinions noted. The company's accumulated losses stand at SAR 77,823K, representing 5.63% of subscribed capital as of March 31, 2026, showing improvement from 8.26% recorded at December 31, 2025. Total shareholders' equity increased 53.408% year-over-year to SAR 1,612,003K. Earnings per share improved to SAR 0.26 compared to SAR 0.19 in the same quarter of the previous year.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=95136&anCat=1&cs=8030&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.