Financial Results : Malath profit drops 14% to SAR 9.9M in Q1 2025

Malath profit drops 14% to SAR 9.9M in Q1 2025

11/05/2025 Argaam Exclusive

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Malath Cooperative Insurance Co. reported a 14% fall in net profit to SAR 9.9 million for Q1 2025, against SAR 11.4 million profit in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Gross Written Premium (GWP) 327.47 471.41 44.0 %
Insurance Revenues 205.76 340.13 65.3 %
Net Profit Before Zakat & Tax 13.82 10.88 (21.3 %)
Net Income 11.44 9.88 (13.6 %)
Average Shares 50.00 50.00 -
Earnings Per Share before unusual items (Riyal) 0.23 0.20 (13.6 %)
EPS (Riyal) 0.23 0.20 (13.6 %)

The net profit was hurt by a decrease in net insurance services results by SAR 9.8 million. This resulted in an 88% increase in insurance expenses, reaching SAR 171 million, due to business growth during the current and previous year.

 

Additionally, net investment income for Q1 2025 declined by SAR 1.7 million, or 12% year-on-year (YoY).

 

On the other hand, insurance revenue increased by 65% YoY, amounting to SAR 340.1 million compared to SAR 205.8 million in Q1 2024. This was mainly attributed to the overall growth in the insurance portfolio during 2024 and Q1 2025, particularly in the motor insurance segment.

 

Other revenues also increased by 32% YoY to SAR 4.7 million.

 

On a quarterly basis, Q1 2025 profit inched up by 1.4% from SAR 9.75 million in Q4 2024.

Insurance Operations

Item 3m 2024 3m 2025 Change‬
Gross Written Premium (GWP) 327.47 471.41 44.0 %
Insurance Revenues 205.76 340.13 65.3 %
Insurance Services Income (0.75) (10.58) (1,310.7 %)
Investment Income 13.68 12.03 (12.1 %)
Net Profit of Insurance Services and Investment 10.33 (2.13) (120.6 %)

Total shareholders’ equity, no minority interest, rose to SAR 442.7 million by March 31, 2025, compared to SAR 403.5 million a year earlier.

 

Accumulated losses reached SAR 98.18 million by March 31, 2025, representing 19.64% of capital.

 

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