Riyadh – Mubasher: Malath Cooperative Insurance Company (Malath Insurance) posted net profits after Zakat attributable to the owners valued at SAR 11.59 million in the first half (H1) of 2024.

The recorded net profit shrank by 77.84% year-on-year (YoY) from SAR 52.32 million, according to the initial income statements.

Earnings per share (EPS) hit SAR 0.23 as of 30 June 2024, an annual drop from SAR 1.05.

The insurance revenues fell by 10.95% YoY to SAR 431.72 million in H1-24 from SAR 484.86 million.

Financials for Q2-24

In the second quarter (Q2) of 2024, the net profits of Malath Insurance dropped by 36.76% to SAR 151,000 from SAR 8.19 million in Q2-23.

Insurance revenues hit SAR 225.95 million in the three-month period that ended on 30 June 2024, lower by 7.85% than SAR 245.21 million a year earlier.

Quarterly, the Q2-24 net profits plunged by 98.68% from SAR 11.44 million in January-March 2024, while the revenues jumped by 9.81% from SAR 205.76 million.

Accumulated Losses

Malath Insurance registered accumulated losses valued at SAR 123.35 million as of 30 June 2024, representing 24.67% of the company’s capital.