Riyadh – Mubasher: Gulf Insurance Group (GIG) shifted to losses during the first quarter (Q1) of 2024, recording a net loss after Zakat attributable to shareholders of SAR 20.21 million, compared to a net profit of SAR 56.69 million.

Insurance revenues declined by 7.22% YoY to SAR 362.41 million in Q1-24 from SAR 390.65 million, according to the interim financial results.

Furthermore, the company posted a net loss per share of SAR 0.39 in the three-month period that ended on 31 March 2024, versus earnings per share (EPS) of SAR 1.08 in the corresponding period a year earlier.

Quarter-on-quarter (QoQ), the company swung to a loss from a net profit of SAR 21.95 million in Q4-23, while the insurance revenues declined by 8.46% from SAR 395.94 million.

In 2023, Saudi GIG logged a 707.68% YoY surge in net profit attributable to the shareholders to SAR 128.52 million from SAR 15.91 million.