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.
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.
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 Income | 8.19 | 0.15 | (98.2 %) |
Average Shares | 50.00 | 50.00 | - |
EPS (Riyals) | 0.16 | 0.00 | (98.2 %) |
Item | Q1 2024 | Q2 2024 | Change |
---|---|---|---|
Gross Written Premium (GWP) | 327.47 | 291.67 | (10.9 %) |
Insurance Revenues | 205.76 | 225.96 | 9.8 % |
Net Income | 11.44 | 0.15 | (98.7 %) |
Average Shares | 50.00 | 50.00 | - |
EPS (Riyals) | 0.23 | 0.00 | (98.7 %) |
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.
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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