Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) reported a 27.44% year-on-year (YoY) decline in net profit to SAR 26.26 million in the first quarter (Q1) of 2024 from SAR 36.19 million.

Insurance revenues grew 6.97% YoY to SAR 833.62 million in Q1-24 from SAR 779.29 million, according to the interim financial results.

The earnings per share (EPS) registered SAR 0.25 in the three-month period that ended on 31 March 2024, down from SAR 0.34 in the corresponding period a year earlier.

The accumulated losses reached SAR 230.86 million at the end of March 2024, representing 21.99% of the company’s capital.

Quarter-on-quarter (QoQ), the company’s net profit fell 56.88% in Q1-24 from SAR 60.91 million in Q4-23, while the revenues rose by 4.16% from SAR 800.31 million.

In 2023, MedGulf swung to net profits after Zakat of SAR 201.47 million, compared to a net loss of SAR 396.87 million a year earlier.