Gulf General Records Losses before zakat of SR84 mln at End of 2021

The Gulf General Cooperative Insurance Company recorded losses before zakat of SR84 million during the year 2021, compared to a profit of SR9 million during the year before last.

This came after Gulf General announcement on Tuesday of the estimated financial results for the period ending on 31.12.2021 (12 months).

The Gulf General net profits of shareholders’ funds investments during the current period amounted to SR13 million, compared to SR3 million during the same period last year, a growth of 308%.

The total shareholders’ equity (after excluding minority interests) during the current period amounted to SR370 million, compared to SR162 million during the same period last year, an increase of 129%.

The loss per share during the current period amounted to SR3.16, compared to a profit of SR0.19 during the same period of the previous year.

The reason of the increase (decrease) in the net profit during the current year compared to the last year is mainly due to an increase in net incurred claims, policy acquisition cost and general and administrative expenses.

The company said in a statement that the certain of the amounts have been reclassified to conform to the presentation in the current year. These changes were made for better presentation of balances and transactions in the Annual financial statements of the Company. The Company asserts that there is no financial impact of these re-classifications on net results from retained earnings, and equity.

1. Loss per share was calculated after Zakat and Income Tax on weighted average basis of (SR27.5 Million Shares) after increasing the Capital during the year ended 31 Dec 2021.

2. Total shareholders’ equity at 31.12.2021 SR 370,436 thousand compared to SR 162,030 thousand for the same period of last year with an increase of 128.62%.

3. The total comprehensive income (Loss) for the current period is SR (87,443) thousand compared to SR 4,550 thousand for the same period last year.

4. Accumulated losses was (-131,729) Thousand SR equivalent to 26.3% from Capital of (SR 500,000) Thousand as at 31 December 2021