MedGulf profit plunges 49% to SAR 102 million in 2024

 The Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf) reported a 49% drop in net profit after zakat to SAR 102 million ($27.2 million) in 2024, down from SAR 201 million a year earlier, according to its preliminary financial results for the period ended Dec. 31.

Investment income fell 39% to SAR 65 million from SAR 106 million in 2023.

Shareholders’ equity, excluding non-controlling interests, rose 12% to SAR 1.02 billion, up from SAR 917 million in the previous year.

Earnings per share declined to SAR 0.97 from SAR 1.92 in 2023.

MedGulf said insurance revenue grew 6.6% to SAR 3.55 billion, compared to SAR 3.33 billion in 2023, driven by overall business expansion.