Page 95 - ALEF EDUCATION PR REPORT - SEPTEMBER 2025

9/22/25, 11:53 AM Middle East Hidden Gems Alef Education Holding And 2 More Small Caps with Strong Foundations
Operations: The company generates revenue primarily from Education Solutions (AED662.50 million) and Support and Services
(AED99.63 million).

Alef Education Holding is making waves in the education sector with its innovative AI-driven solutions. The company reported a
modest revenue increase to AED 177.61 million for Q2 2025, while net income rose to AED 116.98 million from AED 113.13 million

the previous year. Trading at good value, Alef is priced approximately 25% below its estimated fair value and remains debt-free,
enhancing financial stability and reducing risk exposure. A recent collaboration with Liquid AI aims to enhance educational
workflows globally, potentially driving future growth as revenue is forecasted to grow by nearly 9% annually.

ADX:ALEFEDT Earnings and Revenue Growth as at Sep 2025

Gulf Insurance Group (SASE:8250)

Simply Wall St Value Rating: ★★★★★☆

Overview: Gulf Insurance Group offers a range of insurance and reinsurance products and services to corporates, SMEs, and
individual customers in Saudi Arabia, with a market capitalization of SAR 1.33 billion.

Operations: The company generates revenue primarily from Motor (SAR 622.52 million), Health (SAR 396.47 million), and
Property and Casualty (SAR 355.84 million) insurance segments.

Gulf Insurance Group, a nimble player in the Middle Eastern insurance sector, showcases robust earnings growth of 97.5% over
the past year, outpacing the industry average of -19%. With a price-to-earnings ratio of 10.5x, it trades attractively compared to
the Saudi Arabian market's 20.6x. The company is debt-free and has maintained this status for five years, highlighting its financial

prudence. Recent reports show net income for six months at SAR 61.23 million against last year's SAR 32.24 million, with basic
earnings per share rising from SAR 0.61 to SAR 1.17—a promising sign for potential investors seeking value in under-the-radar
opportunities.

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