{"id":95530,"date":"2025-03-23T00:00:00","date_gmt":"2025-03-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/03\/23\/more-and-more-earnings-3\/"},"modified":"2025-03-23T00:00:00","modified_gmt":"2025-03-23T00:00:00","slug":"more-and-more-earnings-3","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/03\/23\/more-and-more-earnings-3\/","title":{"rendered":"More and more earnings"},"content":{"rendered":"

\n

GULF GENERAL COOPERATIVE INS.-<\/p>\n

<\/strong>Gulf General Co<\/strong>operative Ins<\/strong>. (GGI) posted a net loss of SAR 94.2 mn in FY 2024<\/strong>, down from a net income of 3.5 mn the year prior, according to a disclosure to Tadawul<\/a>. The company attributed the decline to a SAR 50.1 mn rise in ins. service losses, a 54.4% increase in ins. service expenses, and a goodwill impairment of SAR 36.2 mn.<\/p>\n

Cause for concern?<\/strong> GGI\u2019s accumulated losses (SAR 138 mn) have reached 46% of capital, which \u201cmay cast significant doubt on the company\u2019s ability to continue,\u201d according to external auditors. The Ins. Authority also notified<\/a> GGI on Thursday that its current solvency margin does not meet the minimum regulatory margin of 35%. The company must submit a corrective action plan within three working days, according to the notice.<\/p>\n

MEANWHILE-<\/strong> The company\u2019s ins. revenues increased 31.3% y-o-y to SAR 414.4 mn, driven by business growth and expansion in the car ins. segment.<\/p>\n

ICYMI- <\/strong>GGI inked a binding merger agreement<\/a> with Gulf Union Al Ahlia Cooperative Ins. (GUAI), under which all of GGI\u2019s rights, liabilities, assets, and contracts will transfer to GUAI. In exchange, GUAI will issue 22.8 mn shares at a nominal value of SAR 10 each to GGI\u2019s shareholders. The move received approval from the CMA<\/a> and the Ins. Authority<\/a> approval, though it is still pending approval from GUAI\u2019s shareholders.<\/p>\n

\n

TALCO-<\/p>\n

Al Taiseer<\/a><\/strong>Group<\/a><\/strong>Talco Industrial Co.<\/a><\/strong> saw its net income increase 3.1% y-o-y to <\/strong>SAR 82.7 <\/strong>mn in FY 2024<\/strong>, it said in a disclosure to Tadawul<\/a>. Meanwhile, revenue grew 4.2% y-o-y to SAR 706.5 mn during the year, driven by increased sales volume across its aluminum and paint segments.<\/p>\n

\n

SIIG-<\/p>\n

Saudi Indu<\/a><\/strong>strial Investment Group (SIIG)<\/a><\/strong> reported a 79.5% y-o-y increase in net income to <\/strong>SAR 201 mn in FY 2024<\/strong>, according to a disclosure to Tadawul<\/a>. The growth was mainly driven by SIIG\u2019s share of profits from JV investments.<\/p>\n

ALSO- <\/strong>SIIG\u2019s board recommended buying back up to 11 mn shares, whereby 10 mn will be held as treasury shares and 1 mn will be allocated to the employee long-term incentive program, it said in a disclosure to Tadawul<\/a>. The purchase will be financed through the company\u2019s internal resources and is subject to shareholders approval.<\/p>\n

\n

SPPC-<\/p>\n

Saudi Printing<\/a><\/strong>and Packaging Company<\/a><\/strong>\u2019s (SPPC) net<\/strong> losses widened to SAR 219.4 mn in FY <\/strong>2024<\/strong>, compared to SAR 132.3 mn in 2023, on the back of falling sales, provisions made for credit losses in trade receivables, and impairment in fixed assets, it said in a disclosure to Tadawul<\/a>.<\/p>\n

MEANWHILE-<\/strong>The company\u2019s revenue declined 7.4% y-o-y to SAR 721.2 mn over the same period, driven by lagging performance in the printing and packaging segments due to reduced printing activity and failure to secure some of the planned projects in the packaging sector during the year.<\/p>\n

\n

ZAHRAT AL WAHA-<\/p>\n

Zahrat Al Wa<\/a><\/strong>ha for Trading<\/a><\/strong> reported a 64.3% y-o-y decline in net income to <\/strong>SAR 12.1 mn in FY 2024<\/strong>, according to a disclosure to Tadawul<\/a>. Meanwhile, revenue fell 4.9% y-o-y to SAR 544.7 mn during the same period on the back of lower sales in the preform segment amid shifting market demand and a decline in selling prices.<\/p>\n

ALSO-<\/strong> The company\u2019s board recommended distributing SAR 10.1 mn in dividends for FY 2024 at SAR 0.45 per share, according to a disclosure to Tadawul<\/a>. The distribution date is yet to be announced. <\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS: SIIG saw its net income increase 79.5%<\/p>\n","protected":false},"author":1,"featured_media":95531,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2607],"tags":[2200,285,10,4124,3309,2982,1312],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-95530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-al-taiseer-group-talco","tag-earnings-watch","tag-enterpriseam-ksa","tag-gulf-general-cooperative-ins-ggi","tag-saudi-industrial-investment-group-siig","tag-saudi-printing-and-packaging-sppc","tag-zahrat-al-waha-for-trading","wpautop","entry"],"acf":{"mongo_id":"1fad222f-0914-432f-8c42-c950a4770b37","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/1268.jpg","photo_position":"above","homepage_title":"","full_issue_title":"More and more earnings","related_issue":[95512],"teaser":"PLUS: SIIG saw its net income increase 79.5%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/3\/.5137ece2-b2d6-4ce0-b181-1549ef4b25c4.mp3"},"yoast_head":"\nMore and more earnings - KSA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/03\/23\/more-and-more-earnings-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More and more earnings\" \/>\n<meta property=\"og:description\" content=\"PLUS: SIIG saw its net income increase 79.5%\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/ksa\/2025\/03\/23\/more-and-more-earnings-3\/\" \/>\n<meta property=\"og:site_name\" content=\"KSA\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-23T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1268.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2025\/03\/23\/more-and-more-earnings-3\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2025\/03\/23\/more-and-more-earnings-3\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"More and more earnings\",\"datePublished\":\"2025-03-23T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2025\/03\/23\/more-and-more-earnings-3\/\"},\"wordCount\":544,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2025\/03\/23\/more-and-more-earnings-3\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1268.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Al Taiseer Group (Talco)\",\"EARNINGS WATCH\",\"EnterpriseAM KSA\",\"Gulf General Cooperative Ins. 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