Riyadh - Mubasher: Malath Insurance on Monday announced turning profitable the fourth quarter of 2017 versus losses in the year-ago period.

The insurance company achieved a net profit before Zakat of SAR 4.03 million in the final quarter of 2017 against SAR 24.75 million in losses in the same period of 2016, according to a filing to the Saudi Stock Exchange (Tadawul).

On a quarterly basis, Malath Insurance’s earnings declined by 63.7% from SAR 11.1 million. Malath attributed returning to profitability during Q4-17 to the decrease in incurred liabilities and technical provisions.

Incurred liabilities retreated by 67.7% to SAR 148.31 million in Q4-17  from SAR 459.67 million in Q4-16.

As for the full year 2017, the Saudi-based company achieved net earnings before Zakat of SAR 29.03 million against losses of SAR 150.17 million in the previous year.

Malath had previously reported that its profits jumped 730.91% to SAR 11.1 million in Q3-17 from around SAR 1.34 million in the same period a year earlier.

Malath Insurance’s stock closed Monday down 0.7% at SAR 19.18.