Gulf Union Alahlia Cooperative Insurance Co. (8120)

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News

25 February 06:14 PM CMA approves Gulf Union Al Ahlia’s capital hike for merger with Gulf General

Riyadh – Mubasher: The Capital Market Authority (CMA) approved the capital hike of Gulf Union Al Ahlia Cooperative Insurance Company from SAR 458.94 million to SAR 687.18 million, according to a bourse disclosure. The company will issue 22.82 …

Management Decisions

4 July 2024 02:40 PM Fitch assigns BBB+ rating to Gulf Union Al Ahlia; outlook stable

Riyadh – Mubasher: Gulf Union Al Ahlia Cooperative Insurance Company has obtained insurer financial strength (IFS) rating of ‘BBB+’ from Fitch Ratings. The company also received a national IFS rating of ‘AA-(sau)’ from the agency, according to a …

Banking and Finance

9 May 2024 11:34 AM Gulf Union Al Ahlia logs 30% YoY profit decline in Q1-24

Riyadh – Mubasher: 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. …

Financial Results

24 March 2024 02:35 PM Gulf Union Al Ahlia posts SAR 125m profit in 2023

Riyadh – Mubasher: Gulf Union Al Ahlia Cooperative Insurance Company shifted to profitability in 2023, registering a net profit after Zakat attributable to shareholders of SAR 125.03 million, versus a net loss of SAR 18.30 million a year earlier. …

Financial Results

7 November 2023 08:31 PM Gulf Union Al Ahlia turns profitable at SAR 90.5m in 9M-23; accumulated losses unveiled

Riyadh – Mubasher: Gulf Union Al Ahlia Cooperative Insurance Company achieved a net profit before Zakat of SAR 90.53 million during the first nine months (9M) of 2023, compared to a net loss of SAR 23.57 million in the same period of the previous …

Banking and Finance

22 January 2023 10:04 AM Gulf Union Alahlia names new Chairman, Vice Chairman

Riyadh – Mubasher: Gulf Union Al Ahlia Cooperative Insurance Company has appointed Abdulaziz Ali Al Turki as the new Chairman of the board for the coming three years. The Saudi firm also announced Zaid Abdullah Al Yaeesh as the Vice Chairman, …

Corporate Actions

20 September 2022 11:35 AM Al Sagr Cooperative Insurance, Gulf Union mull merger

Riyadh – Mubasher: Al Sagr Cooperative Insurance Company has penned a non-binding memorandum of understanding (MoU) with Gulf Union Al Ahlia Cooperative Insurance Company to evaluate a potential merger between the two companies. The two insurers …

General Assembly

23 June 2022 03:42 PM Gulf Union Alahlia’s accumulated losses plunge on 100% capital hike

Riyadh – Mubasher: The accumulated losses of Gulf Union Alahlia Cooperative Insurance Company plummeted to SAR 135.96 million, after raising its capital by 100% through a rights issue. The firm’s accumulated losses currently account for 29.63% of …

Management Decisions

9 March 2022 05:48 PM CMA approves Gulf Union Alahlia, Wataniya Insurance’s capital hike

Riyadh – Mubasher: The Capital Market Authority (CMA) has granted its green light for the requests of Gulf Union Alahlia Cooperative Insurance Company and Wataniya Insurance Company to increase their capital through rights issues. Gulf Union …

Management Decisions

29 December 2021 06:39 PM Gulf Union Al Ahlia seeks CMA's approval for capital increase

Riyadh – Mubasher: Gulf Union Al Ahlia Cooperative Insurance Company has submitted an application to the Saudi Capital Market Authority (CMA) on 28 December to obtain the approval for increasing the company's capital through a rights issue, …

Management Decisions

26 October 2021 05:22 PM Gulf Union Al Ahlia renews insurance activity licence

Riyadh – Mubasher: Gulf Union Al Ahlia Cooperative Insurance Company has obtained the approval of the Saudi Central Bank (SAMA) to renew its licence to practice insurance activity. Upon activity renewal, Gulf Union Al Ahlia will be authorised to …

Central Banks

20 October 2021 10:44 AM Gulf Union Alahlia plans SAR 229.5m capital raise

Riyadh – Mubasher: The board of Gulf Union Alahlia Cooperative Insurance Company recommended a capital increase through a right issues, according to a bourse disclosure on Wednesday. The company intends to raise the capital by SAR 229.47 million …

Corporate Actions

18 August 2021 00:00 PM Gulf Union Alahlia turns to losses in H1-21; accumulated losses near SAR 76m

Riyadh – Mubasher: Gulf Union Alahlia Cooperative Insurance Company suffered net losses before Zakat worth SAR 103.59 million in the first half (H1) of 2021, against profits of SAR 4.49 million in H1-20. The loss per share stood at SAR 4.6 in …

Financial Results

8 July 2021 11:03 AM Gulf Union Alahlia’s accumulated losses shrink to 12% of capital

Riyadh – Mubasher: Gulf Union Alahlia Cooperative Insurance Company has decreased its accumulated losses to SAR 27.85 million, which accounts for 12.14% of the capital, as on 30 June 2021, according to a bourse filing on Thursday. The company used …

Board of Directors

28 June 2021 04:10 PM SAMA approves online insurance activity for Gulf Union Alahlia

Riyadh – Mubasher: Gulf Union Alahlia Cooperative Insurance Company has received a nod from the Saudi Central Bank (SAMA) to transfer online insurance activities from Al Ahlia Cooperative Insurance to Gulf Union Alahlia. The no-objection letter …

Companies Investments

26 May 2021 10:28 AM Gulf Union Alahlia’s board proposes offsetting accumulated losses to SAR 28m

Riyadh – Mubasher: The board of Gulf Union Alahlia Cooperative Insurance Company has recommended to partially offset the accumulated losses by SAR 89.48 million by using the entire share premium account. Following the reduction, the accumulated …

Board of Directors

13 April 2021 00:46 PM Gulf Union Al Ahlia appoints Al Shayea as CEO

Riyadh - Mubasher: Gulf Union Al Ahlia Cooperative Insurance Company has appointed Mesheal Ibrahim Al Shayea as the CEO of the firm effective from 15 June 2021. The appointment resolution followed the Saudi Central Bank’s (SAMA) approval. Al …

Board of Directors

8 December 2020 10:12 AM Tadawul delists Al Ahlia Insurance’s shares

Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) on Tuesday said the shares of Al Ahlia Insurance Company were delisted from the bourse on 7 December 2020. The step comes after the merger between Al Ahlia Insurance and Gulf Union Cooperative …

Corporate Actions

6 December 2020 09:46 AM Al Ahlia Insurance, Gulf Union merger comes into effect

Riyadh – Mubasher: Al Ahlia Insurance Company on Sunday said that its merger decision with Gulf Union Cooperative Insurance Company has come into effect. This comes as Al Ahlia’s creditor objection period to merge with Gulf Union ended on 3 …

Mergers and Acquisitions

6 October 2020 09:50 AM Gulf Union EGM OKs capital hike

Riyadh - Mubasher: The extraordinary general meeting (EGM) of Gulf Union Cooperative Insurance Company approved merging the company with Al Ahlia Insurance Company through issuing 0.646 shares in Gulf Union for every share in Al Ahlia (the merger …

Mergers and Acquisitions

11 August 2020 09:49 AM SAMA greenlights Al Ahlia Insurance, Gulf Union merger

Riyadh – Mubasher: Al Ahlia Insurance Company has received a no objection letter on 10 August from the Saudi Arabian Monetary Authority (SAMA) concerning its potential merger with Gulf Union Cooperative Insurance Company. The two insurers will now …

Mergers and Acquisitions

9 July 2020 00:35 PM Five Saudi insurers project higher sales following gov't recent decision

Riyadh - Mubasher: Five Saudi companies listed on the Saudi Stock Exchange (Tadawul) on Thursday announced the impact of the General Traffic Department’s recent mandate obliging all vehicle owners to carry effective motor insurance before the …

Financial Results

17 June 2020 03:55 PM Gulf Union’s losses plunge 83% in Q1-20

Riyadh - Mubasher: Net losses before Zakat of Gulf Union Cooperative Insurance Company shrank by 83.1% on an annual basis during the first quarter (Q1) of 2020, standing at SAR 6.1 million from SAR 36.1 million. Net written premiums (NWP) were …

Financial Results

25 December 2019 10:18 AM Gulf Union, Al Ahlia Insurance sign merger MoU

Riyadh – Mubasher: Al Ahlia Insurance Company and Gulf Union Cooperative Insurance Company have announced signing a Memorandum of Understanding (MoU) to evaluate a potential merger. Under the non-binding MoU, both companies will conduct technical, …

Mergers and Acquisitions

28 January 2019 09:56 AM Gulf Union Cooperative OKs capital hike to merge with Al Ahlia

Riyadh – Mubasher: Saudi Arabia-based Gulf Union Cooperative Insurance on Monday announced that its board of directors had approved raising capital by issuing 9.19 million shares for Al Ahlia for Cooperative Insurance’s shareholders ahead of a …

Mergers and Acquisitions