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

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

21/03/2024 Argaam Exclusive

View other reports

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.

 

View More Financial Results

 

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.