Gulf General shifts to profitability in 2023; board proposes capital hike

Gulf General shifts to profitability in 2023; board proposes capital hike

Riyadh – Mubasher: Gulf General Cooperative Insurance Company turned to profitability in 2023, recording a net profit after Zakat attributable to shareholders of SAR 3.53 million, compared to a net loss of SAR 106.01 million a year earlier. Insurance revenues inched lower to SAR 315.64 million last year from SAR 315.68 million in 2022, according to the annual financial results. The company achieved earnings per share (EPS) of SAR 0.07 in 2023, versus a loss per share of SAR 2.12 the year before. Furthermore, the accumulated losses amounted to SAR 244.12 million, representing 48.80% of the company’s capital. The gross written premiums (GWP) dropped by 11.42% YoY, or SAR 42.65 million. Capital Hike The company’s board recommended increasing its capital by SAR 300 million through offering a rights issue. The proposed capital increase aims to support the expansion plan in the company’s activity and insurance operations, as well as enhance the financial solvency margin and investment portfolio. Gulf General Cooperative Insurance shifted to a net profit before Zakat of SAR 1.27 million in the first nine months (9M) of 2023, compared to a net loss of SAR 54.38 million in 9M-22.

Gulf General shifts to profitability in 2023; board proposes