Malath profit dips 30% to SAR 26.9M in 2024; Q4 at SAR 9.7M

04/03/2025 Argaam Exclusive

Malath Cooperative Insurance Co. reported a 30% fall in net profit to SAR 26.9 million for 2024, from SAR 38.2 million in the year-earlier period.



Financials (M)

Item 2023 2024 Change‬
Gross Written Premium (GWP) 870.59 1,406.20 61.5 %
Insurance Revenues 934.71 1,010.72 8.1 %
Net Income 38.19 26.89 (29.6 %)
Average Shares 50.00 50.00 -
Earnings Per Share before unusual items (Riyals) 0.76 0.54 (29.6 %)
EPS (Riyals) 0.76 0.54 (29.6 %)

The decline in annual profit was attributed to a 61% slump year-on-year (YoY) in insurance service results, due to higher expenses amid business growth.

 

The company’s investment income also decreased by 9% YoY.

 

Meanwhile, insurance revenues rose 8% YoY due to the increase in gross earned premiums for motor and medical insurance segments.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Gross Written Premium (GWP) 174.95 382.83 118.8 %
Insurance Revenues 222.45 309.26 39.0 %
Net Income 8.80 9.74 10.8 %
Average Shares 50.00 50.00 -
Earnings Per Share before unusual items 0.18 0.19 10.8 %
EPS (Riyals) 0.18 0.19 10.8 %

Insurance Operations

Item 2023 2024 Change‬
Gross Written Premium (GWP) 870.59 1,406.20 61.5 %
Insurance Revenues 934.71 1,010.72 8.1 %
Insurance Services Income 17.45 (4.20) (124.1 %)
Investment Income 40.47 36.70 (9.3 %)
Net Profit of Insurance Services and Investment 45.58 22.30 (51.1 %)

The fourth-quarter net income rose 11% to SAR 9.7 million, from SAR 8.8 million in Q4 2023.

 

On a quarterly basis, net income surged 75.5% from SAR 5.5 in Q3 2024.

 

Total shareholders’ equity, no minority interest, rose to SAR 432.77 million as of Dec. 31, 2024, compared to SAR 390.09 million a year earlier.

 

Accumulated losses reached SAR 108.06 million by the end of the 12-month period, representing 21.6% of capital.

 

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Share Price

Malath Cooperative Insurance Co.
14.24
0.42 3.04 %

Malath Cooperative Insurance Co. (MALATH INSURANCE)

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Financial Ratios
Current
Market Cap (M) 712.00
Shares Outstanding (M) 50.00
EPS ( Riyal) (TTM) 0.54
Book Value (BV) ( Riyal) 8.66
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 26.48
P/E (TTM) 26.48
Price/Book 1.65
Return on Average Assets (%) (TTM) 2.7
Return on Average Equity (%) (TTM) 6.5
Return on Market Cap (%) 3.3
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