Gulf General losses down 16% to SR 16.5 mln in Q2‎

The Gulf General Cooperative Insurance Company recorded a net loss before zakat in the second quarter of 16.5 million riyals, compared to a loss of 19.7 million riyals in the same quarter of last year, at a rate of 16.13%. This came after today’s announcement of the preliminary financial results for the period ending in 2022- 06-30 (six months).

The net loss of shareholders’ funds investments in the second quarter amounted to 6.6 million riyals, compared to a profit of 4.03 million riyals in the same quarter of the previous year.

The net loss before zakat in the 6-month period amounted to 34.6 million riyals, compared to a loss of 43.1 million riyals in the same period of the previous year, down 19.7%.

The total shareholders’ equity “without minority rights” in the 6-month period amounted to 333.4 million riyals, compared to 117.9 million riyals in the same period last year, a growth of 182.8%.

The loss per share in the current period amounted to 0.74 riyals, compared to a loss of 2.21 riyals in the same period last year

The reason for the decrease in loss Is Mainly due to the increase in the gross written premiums by 25% and decrease in net claims incurred by -10% comparing to same quarter of last year.

The reason for the decrease in loss is primarily due to the reduction of the Net Claims incurred by -7% comparing to pre The reason for the decrease in loss is mainly due to increase in the gross written premiums by 17% and the decrease in net incurred claims by -4% compared to the same period of the last year.vious quarter.

Additional Information:

LPS calculated based on loss after Zakat , Zakat is 2.3 million Saudi riyals for the period ended 30-06-2022 (Six-months). And 1 million Saudi riyals for the same period of last year ended 30-06-2021 (Six-months)

The accumulated losses for the period ended 30-06-2022 is SAR 168,682 Thousand, which is 33.74 % of the paid-up Capital of SAR 500 million based on the unaudited interim Financial Statements for the six-months period ended on 30-06-2022.