Riyadh – Mubasher: Saudi Arabia-based Malath Insurance on Wednesday announced a statement to correct the financial results for the fiscal year ended 31 December 2017.

The Saudi Arabia-based firm's reduced its net losses by 92.7% to SAR 11.03 million during the full-year 2017, down from to SAR 150.17 million a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).

In February 2018, the Saudi insurance firm announced turning to a profit after posting SAR 29.03 million in 2017 before accounting Zakat, against incurring a loss of SAR 150.17 million in the year before.

By 11:34 am KSA time, the stock rose 0.52% to SAR 15.34.