The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) achieved net profits before Zakat worth SAR 37.19 million in the first quarter (Q1) of 2023.

The positive results in the first three months (3M) of 2023 were against net losses before Zakat at a value of SAR 15.95 million in Q1-22, according to the interim financial results.

MedGulf registered earnings per share (EPS) worth SAR 0.34 in Q1-23, versus a loss per share of SAR 0.16 in Q1-22.

Furthermore, the company’s gross written premiums (GWP) increased by 30.16% year-on-year (YoY) to SAR 1.60 billion during January-March 2023 from SAR 1.23 billion.

Accumulated Losses

The Saudi insurer unveiled that its accumulated losses reached SAR 422.40 million as of 31 March 2023.

MedGulf added that the registered amount represents 40.20% of the SAR 1.05 billion subscribed capital.

According to the latest data on the Saudi Exchange (Tadawul), as updated on 4 November 2021, the authorised and paid-up capital of MedGulf stands at SAR 1.05 billion which is distributed over 105 million shares at a nominal value of SAR 10 each.

In 2022, the listed insurance firm registered net losses before Zakat worth SAR 323.94 million, which came higher than SAR 135.58 million in 2021.