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Malath Cooperative turns to losses in H1-21

Malath Cooperative turns to losses in H1-21
The losses per share stood at SAR 0.29 in H1-21
MALATH INSURANCE
8020
2.85% 18.76 0.52

Riyadh – Mubasher: Malath Cooperative Insurance Company has logged net losses before Zakat of SAR 7.895 million in the first half (H1) of 2021, against net profits of SAR 8.717 million in the same period of 2020.

The company recorded losses in the first six months due to a 47.8% rise in paid gross claims, a 7.2% increase in net claims incurred, a 24.8% decline in reinsurance commissions, and an 85.8% decrease in other underwriting income, according to a bourse filing on Thursday.

The company's net written premiums rose by 9.812% to SAR 442.783 million in the first six months of 2021 from SAR 403.216 million in the corresponding period of 2020.

The losses per share stood at SAR 0.29 in H1-21, versus earnings per share (EPS) of SAR 0.04 in H1-20.

Meanwhile, the company has incurred accumulated losses of SAR 49.132 million, representing 9.83% of the capital.

In the second quarter (Q2) of 2021, the company saw net losses of SAR 8.599 million, against net profits of SAR 4.724 million in Q2-20.