Gulf General reports loss slide of 23% to SR18 mln in 1Q

Gulf General Cooperative Insurance Co. announced that its losses after zakat and tax declined 23% to SR 18 million in the first quarter of 2022 compared to 23 million during the same period of 2021.

This came after Gulf General announcement on Wednesday of the preliminary financial results for the period ending on 31.03.2022 (three months).

The company’s net profit of shareholders capital investment plunged 5% to SR 3.7 million in the 1^st quarter of the current year from SR 3.9 million in the same period of the previous year.

The profit per share slid to SR 0.38 from SR 1.22.

The decrease in losses during the current quarter compared with the same quarter of last year is due to the increase in net earned premium by 9.7% and net incurred claims reduced by 2.43%.

The decrease in losses during the current quarter compared with the previous quarter due to the decrease in net incurred claims reduced by 9.6%.

1. Loss per share was calculated after Zakat and Income Tax by SAR -0.38 on (50 Million Shares) after increasing the Capital during the year ended 31 Dec 2021 Compared to same quarter of last year with a loss per share of SAR -1.22 (before increasing the capital in the year ended 31 Dec 2021) on 20 Millions share .
2. Total shareholders equity at 31/03/2022 SAR 351,247 thousand compared to SAR 370,436 thousand for the period ended 31 Dec 2021 a decrease of -5.18%.
3. The total comprehensive income (Loss) for the current period is SAR (19,189) thousand compared to SAR (24,360) thousand for the same period last year.