Riyadh – Mubasher: Malath Cooperative Insurance Company has logged net losses before Zakat of SAR 21 million in the first quarter (Q1) of 2022, against net profits of SAR 704,000 in Q1-21.

The company's net written premiums (NWP) decreased by 2.93% to SAR 251.25 million in the first three months (3M) of 2022 from SAR 258.86 million in the year-ago period, according to a bourse filing on Sunday.

The losses per share settled at SAR 0.49 in Q1-22, against SAR 0.05 in Q1-21.

It is noteworthy to mention that in 2021, the company incurred net losses before Zakat of SAR 72.85 million, against net profits of SAR 22.67 million in 2020.