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

15/05/2024 Argaam Exclusive

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 %)

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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Share Price

Malath Cooperative Insurance Co.
15.00
(0.10) (0.66 %)

Malath Cooperative Insurance Co. (MALATH INSURANCE)

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Financial Ratios
Current
Market Cap (M) 750.00
Shares Outstanding (M) 50.00
EPS ( Riyal) (TTM) 0.52
Book Value (BV) ( Riyal) 8.17
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 28.91
P/E (TTM) 28.91
Price/Book 1.84
Return on Average Assets (%) (TTM) 2.7
Return on Average Equity (%) (TTM) 6.6
Return on Market Cap (%) 3.3
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