Medgulf’s net profits fell by 60% to 41 million riyals in 2025
The net profits of the Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF) for the fiscal year 2025 declined by 59.7% to 41 million riyals, compared to a net profit of 101.9 million riyals for the previous year, 2024.
The increase in net profit for this year compared to the previous year is due to recording net investment results during the year 2025 that amounted to 39.1 million Saudi riyals, compared to 64.8 million Saudi riyals in the previous year, a decrease of 39.61%, which is due to the decrease in the contribution of investments in equity measured at fair value through profit or loss.
The company added that the net insurance financing expense during the year 2025 amounted to about 33.48 million riyals, compared to 4.58 million riyals in the previous year, as a result of the high volume of claims paid and the low discount rate.
The company indicated in a statement: "Saudi Arabia trading" There are no exceptional non-insurance revenues during the current year, such as land sale revenues achieved in 2024, which contributed to enhancing net profit in the previous year, in addition to the increase in expenses not attributed to insurance activity (such as end-of-service gratuity allocations).
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