Riyadh – Mubasher: Malath Cooperative Insurance Co. on Thursday reported turning a profit during the full-year 2018.

Malath’s profits before calculating Zakat reached SAR 15.63 million ($4.17 million) last year, against a loss of SAR 11.03 million ($2.94 million) during 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi insurance company attributed the positive turn in 2018 financials to an improvement in insurance operations.

Malath Cooperative Insurance Co. incurred SAR 9.71 million in losses during the fourth quarter of 2018, against SAR 4.03 million in profits in Q4-17, according to a statement by the firm.

Malath insurance previously reported a 9.7% year-on-year profit decrease by the end of the third quarter of 2018, logging SAR 10.02 million, down from SAR 11.1 million ($2.96 million) in Q3-17.

By10:47 am Saudi time, Malath Cooperative Insurance Co.'s stock shed 0.17% to SAR 11.50.