Malath 9M 2024 profit drops 42% to SAR 17.1M; Q3 at SAR 5.6M

04/11/2024 Argaam Exclusive

Malath Cooperative Insurance Co. reported a 42% profit decline to SAR 17.1 million in the first nine months of 2024, from SAR 29.4 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Gross Written Premium (GWP) 695.64 1,023.40 47.1 %
Insurance Revenues 712.26 701.46 (1.5 %)
Net Income 29.39 17.14 (41.7 %)
Average Shares 50.00 50.00 -
EPS (Riyals) 0.59 0.34 (41.7 %)

The company attributed the profit decline to a SAR 10.8 million (2%) decrease in insurance revenues, due to lower gross earned premiums in the motor and medical insurance segments. This decline was partially offset by an increase in gross earned premiums across other general insurance segments.

 

Additionally, net insurance services revenue dropped by SAR 25.3 million, and operating expenses rose by SAR 8.8 million. However, this was offset by higher net investment income and other income.

 

Malath reported a 124.2% increase in profit, to SAR 5.5 million in Q3 2024, compared to a loss of SAR 22.9 million a year earlier. This improvement was driven by a 19% increase in insurance revenues, amounting to SAR 42.3 million, due to higher gross earned premiums in the motor and medical insurance segments.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Gross Written Premium (GWP) 198.67 404.20 103.5 %
Insurance Revenues 227.40 269.74 18.6 %
Net Income (22.94) 5.55 124.2 %
Average Shares 50.00 50.00 -
EPS (Riyals) (0.46) 0.11 124.2 %

On a quarterly basis, Q3 2024 profit soared by 3576.2% from SAR 0.15 million in Q2 2024.

 

Total shareholders’ equity, no minority interest, rose to SAR 408.28 million by Sept. 30, 2024, compared to SAR 382.94 million a year earlier.

 

Accumulated losses reached SAR 117.8 million by Sept. 30, 2024, representing 23.56% of capital.

Insurance Operations

Item 9m 2023 9m 2024 Change‬
Gross Written Premium (GWP) 695.64 1,023.40 47.1 %
Insurance Revenues 712.26 701.46 (1.5 %)
Insurance Services Income 22.98 (2.31) (110.1 %)
Investment Income 24.72 29.15 17.9 %
Net Profit of Insurance Services and Investment 38.69 18.88 (51.2 %)

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Quarterly Actuals vs Estimates 04/11/2024

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Share Price

Malath Cooperative Insurance Co.
15.24
0.30 2.01 %

Malath Cooperative Insurance Co. (MALATH INSURANCE)

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Financial Ratios
Current
Market Cap (M) 762.00
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) 29.37
P/E (TTM) 29.37
Price/Book 1.87
Return on Average Assets (%) (TTM) 2.7
Return on Average Equity (%) (TTM) 6.6
Return on Market Cap (%) 3.3
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