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Malath Insurance swings to net profit in 9M-23; accumulated losses unveiled

Malath Insurance swings to net profit in 9M-23; accumulated losses unveiled
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MALATH INSURANCE
8020
5.26% 19.20 0.96

Riyadh – Mubasher: The net profit before Zakat of Malath Cooperative Insurance Company (Malath Insurance) amounted to SAR 36.14 million in the first nine months (9M) of 2023, turning from a net loss of SAR 43.13 million in 9M-22.

The earnings per share (EPS) was SAR 0.59 in 9M-23, versus a loss per share of SAR 1.04 in 9M-22, according to the financial results.

In addition, the gross written premiums (GWP) declined by 6.73% year-on-year (YoY) to SAR 695.63 million during January-September 2023 from SAR 745.81 million.

Accumulated Losses

Malath Insurance stated that its accumulated losses reached SAR 145.15 million, which represented SAR 29% of the SAR 500 million capital, as of 30 September 2023.

Financial Results for July-September Period

In the third quarter (Q3) of 2023, the company reported net losses before Zakat of SAR 20.68 million, compared with a net profit of SAR 5.75 million in Q3-22.

The GWP fell by 24.15% to SAR 198.66 million during July-September 2023, versus SAR 261.92 million in the same quarter of the prior year.

On a quarterly basis, the net loss before Zakat in Q3-23 was against a net profit of SAR 10.44 million in Q2-23, while the GWP rose by 14.43% from SAR 173.61 million.

In the first half (H1) of 2023, Malath Insurance achieved a net profit of SAR 56.82 million and GWP of SAR 496.96 million.