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

04/11/2024 Argaam Exclusive

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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 %

Item	Q2 2024	Q3 2024	Change‬
Gross Written Premium (GWP)	291.67	404.20	38.6 %
Insurance Revenues	225.96	269.74	19.4 %
Net Income	0.15	5.55	3576.2 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.00	0.11	3576.2 %

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 04/11/202404/11/2024

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
SAUDI CEMENT	92.40	100.20	8.4 %
ADES	198.84	196.00	(1.4 %)
SHAKER	19.00	17.72	(6.8 %)
MOUWASAT	167.20	149.64	(10.5 %)
TCC	26.10	23.05	(11.7 %)
ALDAWAA	86.63	75.09	(13.3 %)

Company	Estimated	Actual	Change
MALATH INSURANCE	(24.00)	5.55	123.1 %
STC	3,497.38	4,643.00	32.8 %
SAUDI CEMENT	92.40	100.20	8.4 %
BUPA ARABIA	343.94	356.28	3.6 %
LUMI	39.83	40.14	0.8 %

Company	Estimated	Actual	Change
SABIC	1,544.77	1,000.00	(35.3 %)
ALDAWAA	86.63	75.09	(13.3 %)
NAJRAN CEMENT	20.50	17.93	(12.5 %)
TCC	26.10	23.05	(11.7 %)
MOUWASAT	167.20	149.64	(10.5 %)
SHAKER	19.00	17.72	(6.8 %)
SAL	166.32	155.50	(6.5 %)
ADES	198.84	196.00	(1.4 %)

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