Gulf General Cooperative Insurance Company reported a net loss of SAR 94 million by the end of 2024, compared to a profit of SAR 3.5 million in 2023. The announcement followed the release of the company’s preliminary financial results for the period ending December 31, 2024.
Net investment income declined by 6%, reaching SAR 15 million in 2024, down from SAR 16 million in 2023.
Shareholders’ equity, excluding non-controlling interests, dropped by 25% to SAR 224 million in 2024, compared to SAR 300 million in 2023.
Earnings per share (EPS) recorded a loss of SAR 3.14 in 2024, compared to a profit of SAR 0.12 in 2023.
The company stated that insurance revenues increased by 31.27% in 2024, reaching SAR 414.35 million, up from SAR 315.65 million in 2023. This growth was primarily driven by business expansion and increased underwriting in motor insurance.
