Financial Results : Malath H1 2024 profit falls by 78% to SAR 11.6M; Q2 at SAR 151,000

Malath H1 2024 profit falls by 78% to SAR 11.6M; Q2 at SAR 151,000

07/08/2024 Argaam Exclusive

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Malath Cooperative Insurance Co. reported a 78% profit drop to SAR 11.6 million in the first half of 2024, from SAR 52.3 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 496.97 619.14 24.6 %
Insurance Revenues 484.86 431.72 (11.0 %)
Net Profit Before Zakat & Tax 56.83 16.35 (71.2 %)
Net Income 52.33 11.59 (77.8 %)
Average Shares 50.00 50.00 -
EPS (Riyals) 1.05 0.23 (77.8 %)

The company attributed the profit decline to lower insurance revenues on decreased gross earned premiums for the motor and medical insurance segments. This decrease was offset by an increase in the gross earned premium of all other general insurance segments.

 

In addition, net insurance services revenue fell by SAR 43.5 million, while net investment income dropped by SAR 3.25 million.

 

On the other hand, other income rose by SAR 12.07 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 173.62 291.67 68.0 %
Insurance Revenues 245.22 225.96 (7.9 %)
Net Profit Before Zakat & Tax 10.44 2.53 (75.8 %)
Net Income 8.19 0.15 (98.2 %)
Average Shares 50.00 50.00 -
EPS (Riyals) 0.16 0.00 (98.2 %)

The second-quarter net earnings dropped 98% to SAR 151,000, compared with SAR 8.19 million a year earlier, on lower gross earned premiums for the motor segment and a decline in net insurance services results by SAR 5.96 million.

 

On a quarterly basis, Q2 2024 profit decreased by 98.7% from SAR 11.44 million in Q1 2024.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 496.97 619.14 24.6 %
Insurance Revenues 484.86 431.72 (11.0 %)
Insurance Services Income 43.21 (0.31) (100.7 %)
Investment Income 22.27 19.02 (14.6 %)
Net Profit of Insurance Services and Investment 59.41 13.29 (77.6 %)

Total shareholders’ equity, no minority interest, rose to SAR 418.68 million by June 30, 2024, compared to SAR 414.45 million a year earlier.

 

Accumulated losses reached SAR 123.35 million by June 30, 2024, representing 24.67% of capital.

 

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