Malath Q1 2024 net profit falls 74% to SAR 11.4M

15/05/2024 Argaam Exclusive

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Malath Cooperative Insurance Co.’s net profit fell in Q1 2024 by 74% to SAR 11.4 million, compared to SAR 44.1 million in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	323.45	327.47	1.2 %
Insurance Revenues	239.65	205.76	(14.1 %)
Net Profit Before Zakat & Tax	46.39	13.82	(70.2 %)
Net Income	44.14	11.44	(74.1 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	0.88	0.23	(74.1 %)

Item	Q4 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	174.95	327.47	87.2 %
Insurance Revenues	222.45	205.76	(7.5 %)
Net Profit Before Zakat & Tax	11.05	13.82	25.1 %
Net Income	8.80	11.44	30.1 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.18	0.23	30.1 %

Insurance revenues fell 14% over the three-month period due to a decline in motor and medical insurance. Net insurance service results also dropped by SAR 37.56 million. Meanwhile, other expenses rose by SAR 7.78 million.

On a quarterly basis, net profit grew 30% from SAR 8.80 million in Q4 2023.

Insurance Operations

Item	3m 2023	3m 2024	Change‬
Gross Written Premium (GWP)	323.45	327.47	1.2 %
Insurance Revenues	239.65	205.76	(14.1 %)
Insurance Services Income	36.81	(0.75)	(102.0 %)
Investment Income	10.95	13.68	24.9 %
Net Profit of Insurance Services and Investment	44.82	10.33	(77.0 %)

Shareholders’ equity, no minority interest, reached SAR 418.63 million by March 31, 2024, compared to SAR 406.03 million in the prior-year period.

Accumulated losses reached SAR 123.50 million, representing 24.7% of capital.

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