Riyadh - Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) generated net profits after Zakat amounting to SAR 44.17 million for the second quarter (Q2) of 2026.
The company shifted from net losses valued at SAR 1.47 million in Q2-25.
Insurance revenues hiked by 28.07% to SAR 1.31 billion, supported by growth in medical and motor insurance lines.
The company's financial turnaround was significantly bolstered by net investment results, which jumped by 547.11% to SAR 21.96 million from SAR 3.39 million a year earlier.
This growth was attributed to higher dividend income and commission income from yielding financial instruments. Net insurance service results also improved to SAR 42.86 million, a 93.30% increase year-on-year (YoY).
In the first half (H1) of 2026, the group’s net profits surged by 342.62% YoY to SAR 80.42 million, compared to SAR 18.17 million in the prior-year period.
Earnings per share (EPS) hiked to SAR 0.58 from SAR 0.17. Total shareholders' equity stood at SAR 1.66 billion at the end of the period.
Following an extraordinary general meeting on 29 June, the company absorbed its accumulated losses of SAR 77.82 million by utilizing its share premium account, reducing that balance to SAR 147.151 million.
