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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.
Financials (M)
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.
Current Quarter Comparison (M)
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 | Q3 2023 | Q4 2023 | Change |
---|---|---|---|
Gross Written Premium (GWP) | 198.67 | 174.95 | (11.9 %) |
Insurance Revenues | 227.40 | 222.45 | (2.2 %) |
Net Profit Before Zakat & Tax | (20.69) | 11.05 | 153.4 % |
Net Income | (22.94) | 8.80 | 138.4 % |
Average Shares | 50.00 | 50.00 | - |
EPS (Riyals) | (0.46) | 0.18 | 138.4 % |
Insurance Operations
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.
View other reports
- TASI
-
Energy
- 2222 - SAUDI ARAMCO
- 2030 - SARCO
- 2380 - PETRO RABIGH
- 4030 - BAHRI
- 4200 - ALDREES
- 2381 - ARABIAN DRILLING
- 2382 - ADES
- 1201 - TAKWEEN
- 1202 - MEPCO
- 1210 - BCI
- 1211 - MAADEN
- 1301 - ASLAK
- 1304 - ALYAMAMAH STEEL
- 1320 - SSP
- 2001 - CHEMANOL
- 2010 - SABIC
- 2020 - SABIC AGRI-NUTRIENTS
- 2090 - NGC
- 2150 - ZOUJAJ
- 2170 - ALUJAIN
- 2180 - FIPCO
- 2200 - APC
- 2210 - NAMA CHEMICALS
- 2220 - MAADANIYAH
- 2240 - ZAMIL INDUST
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- 2290 - YANSAB
- 2300 - SPM
- 2310 - SIPCHEM
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- 2350 - SAUDI KAYAN
- 3002 - NAJRAN CEMENT
- 3003 - CITY CEMENT
- 3004 - NORTHERN CEMENT
- 3005 - UACC
- 3010 - ACC
- 3020 - YSCC
- 3030 - SAUDI CEMENT
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- 3050 - SPCC
- 3060 - YCC
- 3080 - EPCCO
- 3090 - TCC
- 3091 - JOUF CEMENT
- 3092 - RIYADH CEMENT
- 2060 - TASNEE
- 3008 - ALKATHIRI
- 3007 - OASIS
- 1321 - EAST PIPES
- 1322 - AMAK
- 2223 - LUBEREF
- 2360 - SVCP
- 1212 - ASTRA INDUSTRIAL
- 1302 - BAWAN
- 1303 - EIC
- 2040 - SAUDI CERAMICS
- 2110 - SAUDI CABLE
- 2160 - AMIANTIT
- 2320 - ALBABTAIN
- 2370 - MESC
- 4140 - SIECO
- 4141 - ALOMRAN
- 4142 - RIYADH CABLES
- 1214 - SHAKER
- 4110 - BATIC
- 4143 - TALCO
- 4031 - SGS
- 4040 - SAPTCO
- 4260 - BUDGET SAUDI
- 2190 - SISCO HOLDING
- 4261 - THEEB
- 4263 - SAL
- 4262 - LUMI
- 1810 - SEERA
- 6013 - DWF
- 1820 - ALHOKAIR GROUP
- 4170 - TECO
- 4290 - ALKHALEEJ TRNG
- 6002 - HERFY FOODS
- 1830 - Leejam Sports
- 6012 - RAYDAN
- 4291 - NCLE
- 4292 - ATAA
- 6014 - ALAMAR
- 6015 - AMERICANA
- 4003 - EXTRA
- 4008 - SACO
- 4050 - SASCO
- 4190 - JARIR
- 4240 - CENOMI RETAIL
- 4191 - ABO MOATI
- 4051 - BAAZEEM
- 4192 - ALSAIF GALLERY
- 4001 - A.OTHAIM MARKET
- 4006 - FARM SUPERSTORES
- 4061 - ANAAM HOLDING
- 4160 - THIMAR
- 4161 - BINDAWOOD
- 4162 - ALMUNAJEM
- 4164 - NAHDI
- 4163 - ALDAWAA
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- 2100 - WAFRAH
- 2270 - SADAFCO
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- 6010 - NADEC
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- 6050 - SFICO
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- 6070 - ALJOUF
- 6090 - JAZADCO
- 2281 - TANMIAH
- 2282 - NAQI
- 2283 - FIRST MILLS
- 4080 - SINAD HOLDING
- 2284 - MODERN MILLS
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- 4005 - CARE
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- 2230 - CHEMICAL
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- 2140 - AYYAN
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- 1050 - BSF
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- 1140 - ALBILAD
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- 4130 - ALBAHA
- 4081 - NAYIFAT
- 1111 - TADAWUL GROUP
- 4082 - MRNA
- 1182 - AMLAK
- 1183 - SHL
- 8010 - TAWUNIYA
- 8012 - JAZIRA TAKAFUL
- 8020 - MALATH INSURANCE
- 8030 - MEDGULF
- 8040 - ALLIANZ SF
- 8050 - SALAMA
- 8060 - WALAA
- 8070 - ARABIAN SHIELD
- 8190 - UCA
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- 8280 - LIVA
- 8150 - ACIG
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- 8180 - ALSAGR INSURANCE
- 8170 - ALETIHAD
- 8100 - SAICO
- 8120 - GULF UNION ALAHLIA
- 8200 - SAUDI RE
- 8160 - AICC
- 8250 - GIG
- 8240 - CHUBB
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- 8300 - WATANIYA
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- 4340 - Al RAJHI REIT
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- 4344 - SEDCO CAPITAL REIT
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- 4230 - RED SEA
- 4250 - JABAL OMAR
- 4300 - DAR ALARKAN
- 4310 - KEC
- 4320 - ALANDALUS
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Utilities
Real Estate Mgmt & Dev't
REITs
Health Care Equipment & Svc
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- 9527 - AME
- 9544 - FUTURE CARE
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- 9574 - PRO MEDEX
- 9594 - ALMODAWAT
- 9572 - ALRAZI
- 9587 - LANA
- 9600 - QOMEL
- 9604 - MIRAL
- 9515 - FESH FASH
- 9532 - ALJOUF WATER
- 9536 - FADECO
- 9556 - NOFOTH
- 9559 - BALADY
- 9564 - HORIZON FOOD
- 9555 - LEEN ALKHAIR
- 9513 - WATANI STEEL
- 9514 - ALNAQOOL
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- 9539 - AQASEEM
- 9548 - APICO
- 9553 - MOLAN
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- 9552 - SAUDI TOP
- 9563 - BENA
- 9566 - LIME INDUSTRIES
- 9580 - ALRASHID INDUSTRIAL
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- 9576 - PAPER HOME
- 9588 - RIYADH STEEL
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- 9599 - TAQAT
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- 9605 - NEFT ALSHARQ
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- 9531 - OBEIKAN GLASS
- 9533 - SPC
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- 9525 - ALWASAIL INDUSTRIAL
- 9542 - KEIR
- 9547 - RAWASI
- 9568 - MAYAR
- 9569 - ALMUNEEF
- 9578 - ATLAS ELEVATORS
- 9560 - WAJA
- 9540 - TADWEEER
- 9545 - ALDAWLIAH
- 9570 - TAM DEVELOPMENT
- 9581 - CLEAN LIFE
- 9593 - PAN GULF
- 9597 - LEAF
- 9608 - ALASHGHAL ALMOYSRA
- 9520 - BURGERIZZR
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- 9562 - FOOD GATE
- 9590 - ARMAH
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- 9598 - ALMOHAFAZA
- 9603 - HORIZON EDUCATIONAL
Share Price
Malath Cooperative Insurance Co. (MALATH INSURANCE)
Current | |
Market Cap (M) | 846.00 |
Shares Outstanding (M) | 50.00 |
EPS ( Riyal) (TTM) | (0.05) |
Book Value (BV) ( Riyal) | 8.37 |
Par Value ( Riyal) | 10.00 |
Adjusted P/E (Last12) | Neg |
P/E (TTM) | NEG |
Price/Book | 2.02 |
Return on Average Assets (%) (TTM) | (0.26 ) |
Return on Average Equity (%) (TTM) | (0.61 ) |
Return on Market Cap (%) | (0.28 ) |
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