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Malath Cooperative Insurance Co. announces its Interim Financial Results for the period ending on 2025-09-30 ( Nine Months )
AI Summary
Content Summary: 
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Insurance Revenues | 1,072,159 | 701,464 | 52.845 |
| Result of Insurance Services | -56,756 | 24,119 | - |
| Net Profit (Loss) of The Insurance Results | -37,372 | -2,305 | 1,521.344 |
| Net Profit (Loss) of The Investment Results | 52,578 | 29,152 | 80.358 |
| Net Insurance Financing Expenses | -9,965 | -7,968 | 25.062 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 17,188 | 17,145 | 0.25 |
| Total Comprehensive Income | 18,598 | 18,196 | 2.209 |
| Total Shareholders Equity (after Deducting Minority Equity) | 451,373 | 408,285 | 10.553 |
| Profit (Loss) per Share | 0.34 | 0.34 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | 24,789 | 4.96 | |
| Accumulated Losses | -90,872 | 18.17 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the revenues during the current quarter compared to the same quarter of last year is | Insurance revenue for the current quarter amounted to SR 366 million, compared to SR 269.7 million during the similar quarter of the previous year, representing an increase of 36%, which was mainly driven by prior year and first half of the current year business growth in overall insurance portfolio, and motor segment mainly. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is |
"Net profit for the current quarter amounted to SR 0.631 million, compared to SR 5.5 million for the similar quarter of the previous year, representing a decrease of 89% due to the following main reasons:
• Net insurance service result for the current quarter reported a loss of SR 30.6 compared to a loss of SR 1.9 million in prior period due mainly to increase in insurance expenses mainly in motor portfolio.
• Decrease in other income by SAR 7.3 million that represent 74% decrease .
Above points were partially offset by the following:
• Increase in investment income by SAR 26.5 million that represent 261% increase .
" |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | There is no substantial change in revenues between the current quarter compared to previous quarter. The levels of Insurance revenues are mainly maintained in similar levels, for both quarter driven by the growth of gross written premium in second half of last year 2024, and decrease of gross written premium in the current quarter compared to the same quarter last year by 38% amounted to SR 154 million. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is |
"Net profit for the current quarter amounted to SR 0.631 million, compared to SR 6.7 million for the previous quarter, representing a decrease of 91% due to the following main reasons:
• Decrease in net insurance service result by SR 34.5 million that represent a decrease of 899%, mainly driven from motor portfolio.
• Decrease in other income by SR 10.8 million by 81%, compared to the previous quarter.
Above points were partially offset by the following:
• Increase in investment income by SR 32.7 million compared to the previous quarter , representing increase by 834%.
" |
| The reason of the increase (decrease) in the revenues during the current period compared to the same period of the last year is | The increase in Insurance revenues for the period by SR 370.7 million, 53% is mainly due to the increase of gross written premiums during the period of second half of last year and first quarter of the current year, compared to the same periods of the year prior to last year. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is |
"There is no substantial change in net profit between the current period compared to previous period. Where current period net profit amounted to SR 17.2 million compared to SR 17.1 million. The following components are the changes between the two periods:
• Investment income for the current period increased by SR 23.4, an increase by 80%.
• Increase in other income by SR 4.7 million that is an increase of 15%.
Above points were partially offset by the following:
• Decrease in net insurance result by SR 35 million that is a decrease of 1521%.
" |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | Certain prior year figures have been reclassified to conform to current year presentation. |
| Additional Information |
"The accumulated losses over share capital, this period dropped to 18.17% compared to 23.56% for the same period of last year.
Gross Written Premiums (GWP) for the current nine months period is amounted to SR 1013.4 million compared to SR 1023.4 million during the similar period of last year. A decrease of 1% of written premiums.
Gross Written Premiums (GWP) for the current quarter is amounted to SR 249.9 million compared to SR 404.2 million during the similar quarter of last year. A decrease of 38% of written premiums.
Earnings per share was calculated based on Net Income after zakat amounted to SR 17.2 million for current period compared to SR 17.1 million for similar period of last year divided by 50 Million weighted average number of shares issued and outstanding.
During the period fair value gain of investment properties was reported amounting to SR 24.8 after adoption the fair value model on investment properties. " |
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