Saudi Arabia: Gulf Insurance reports 61% lower Q1-Q3 profits
After receiving the necessary regulatory permissions, the Tadawul-listed company changed its name from AXA Cooperative Insurance Company to Gulf Insurance Group in June 2022.
In the first quarter (Q1) of 2023, Gulf Insurance Group (GIG) reported net profits before Zakat of SAR 68.93 million, a 61.21% annual decline from SAR 177.72 million.
According to the interim financial data, gross written premiums (GWP) totaled SAR 544.38 million in Q1-23, an increase of 1.04% year over year (YoY) from SAR 538.77 million.
The first three months (3M) of 2023 saw a sharp decline in earnings per share (EPS), from SAR 3.36 to SAR 1.13.
Payouts in 2022
The shareholders approved the distribution of SAR 25 million as cash dividends for 2022 during the ordinary general meeting (OGM) that was conducted on June 18.
A dividend equal to SAR 0.50 per share, or 5% of the nominal value of each share, will be paid to eligible shareholders.
After receiving the necessary regulatory permissions, the Tadawul-listed company changed its name from AXA Cooperative Insurance Company to Gulf Insurance Group in June 2022.
