Riyadh – Mubasher: Malath Cooperative Insurance Company reported a 23.46% year-on-year (YoY) increase in its net profits before Zakat to SAR 22.67 million in 2020, compared to SAR 18.365 million in 2019.

Higher net profits are driven by an increase in net earned premiums by 8.4%, other underwriting income by 85.5%, and other income and investment income, according to a bourse filing on Monday.

The company's net written premiums decreased by 5.97% to SAR 702.91 million last year from SAR 747.54 million in 2019.

The earnings per share (EPS) stood at SAR 0.15 in 2020, compared to SAR 0.1 in 2019.

Meanwhile, the company incurred accumulated losses of SAR 34.748 million as of the end of 2020, accounting for 6.9% of the paid-up capital.

It is noteworthy to mention that during the first nine months of 2020, the company's net profits declined to SAR 10.62 million from SAR 2.65 million in the year-ago period.