Malath swings to SAR 38.2M profit in 2023; Q4 at SAR 8.8M

21/03/2024 Argaam Exclusive

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)

Compared With The
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 %)

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.

 

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Share Price

Malath Cooperative Insurance Co.
15.78
0.34 2.20 %

Malath Cooperative Insurance Co. (MALATH INSURANCE)

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Financial Ratios
Current
Market Cap (M) 789.00
Shares Outstanding (M) 50.00
EPS ( Riyal) (TTM) 0.52
Book Value (BV) ( Riyal) 8.17
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 30.41
P/E (TTM) 30.41
Price/Book 1.93
Return on Average Assets (%) (TTM) 2.7
Return on Average Equity (%) (TTM) 6.6
Return on Market Cap (%) 3.3
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