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.
| 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 Income | 44.14 | 11.44 | (74.1 %) |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.88 | 0.23 | (74.1 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 174.95 | 327.47 | 87.2 % |
| Insurance Revenues | 222.45 | 205.76 | (7.5 %) |
| Net Income | 8.80 | 11.44 | 30.1 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.18 | 0.23 | 30.1 % |
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.
| 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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