Malath Cooperative Insurance Co. reported a net profit of SAR 38.2 million for 2023, versus a net loss of SAR 41.4 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 944.38 | 870.59 | (7.8 %) |
| Insurance Revenues | 973.09 | 934.71 | (3.9 %) |
| Net Profit Before Zakat & Tax | (31.09) | 47.19 | 251.8 % |
| Net Income | (41.38) | 38.19 | 192.3 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | (0.83) | 0.76 | 192.3 % |
Net insurance services results for the current year amounted to SAR 17.45 million, compared to a loss of SAR 38.95 million in 2022. Total investment income rose 28.4% to SAR 40.47 million, compared to SAR 31.52 million during the year before. Total other income increased 194% to SAR 19.95 million, compared to SAR 6.76 million in 2022.
Insurance revenues amounted to SR 934.71 million, down 4% year-on-year (YoY), mainly driven by a decrease in motor insurance revenue although all other lines of business reported growth.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 198.56 | 174.95 | (11.9 %) |
| Insurance Revenues | 251.76 | 222.45 | (11.6 %) |
| Net Profit Before Zakat & Tax | 12.04 | 11.05 | (8.3 %) |
| Net Income | 10.42 | 8.80 | (15.6 %) |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.21 | 0.18 | (15.6 %) |
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 944.38 | 870.59 | (7.8 %) |
| Insurance Revenues | 973.09 | 934.71 | (3.9 %) |
| Insurance Services Income | (38.96) | 17.45 | 144.8 % |
| Investment Income | 31.52 | 40.47 | 28.4 % |
| Net Profit of Insurance Services and Investment | (13.67) | 45.58 | 433.4 % |
Q4 2023 net profit stood at SAR 8.8 million, a slump of 16% YoY from SAR 10.42 million.
On a quarterly basis, the insurer swung to profit versus a net loss of SAR 22.94 million.
Total shareholders’ equity, no minority interest, stood at SAR 405.25 million by Dec. 31, 2023, compared to SAR 363 million a year earlier.
Accumulated losses reached SAR 134.94 million by Dec. 31, 2023, representing 26.9% of capital.
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