Gulf Union Al Ahlia logs 30% YoY profit decline in Q1-24

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Gulf Union Al Ahlia Cooperative Insurance Company posted a net profit after Zakat attributable to shareholders of SAR 19.54 million in the first quarter (Q1) of 2024, down 29.99% year-on-year (YoY) from SAR 27.91 million.

Insurance revenues surged by 21.72% YoY to SAR 165.95 million in Q1-24 from SAR 136.33 million, according to the interim financial results.

The earnings per share (EPS) hit SAR 0.43 in the three-month period that ended on 31 March 2024, from SAR 0.61 in the corresponding period a year earlier.

Quarter-on-quarter (QoQ), the company’s net profit dropped 45.72% in Q1-24 from SAR 36 million in Q4-23, while the revenues declined by 7.54% from SAR 179.50 million.

Gulf Union Al Ahlia swung to profitability in 2023, recording a net profit of SAR 125.03 million, versus a net loss of SAR 18.30 million a year earlier.