Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) shifted to net profits after Zakat worth SAR 201.47 million in 2023, versus losses of SAR 396.87 million in 2022.

Insurance revenues increased by 26.07% year-on-year (YoY) to SAR 3.33 billion in 2023 from SAR 2.64 billion, according to the income statements.

The earnings per share (EPS) reached SAR 1.92 in 2023, against a loss per share of SAR 3.78 a year earlier.

Accumulated Losses

The insurance firm registered accumulated losses valued at SAR 257.12 million at the end of December 2023, representing 24.49% of the SAR 700 million capital.

In the nine-month period that ended on 30 September 2023, MedGulf turned profitable at SAR 145.56 million, compared to net losses valued at SAR 183.94 million in 9M-22.