‎“Malath Insurance” losses decline to SR18 mln during 2022, by ‎‎75%‎

Malath Cooperative Insurance Company revealed that the net loss before zakat decreased during the year ending on December 31, 2022 to 18 million riyals, compared to 72.8 million riyals in the previous year, by 75.2%. This came after today’s announcement of the annual financial results ending in 2022-12-31.

The net profit of shareholders’ funds investments amounted to 31 million riyals during the year ending on December 31, 2022, compared to 16.7 million riyals in the same quarter of the previous year, with a growth of 85.2%.

The total shareholders’ equity “without minority rights” in the current year amounted to 345.4 million riyals, compared to 380.8 million riyals in the previous year, a decline of 9.3%.

The loss per share in the current year reached 0.57 riyals, compared to 1.71 riyals in the previous year.

– The company recorded a loss before zakat for the year amounting to 18 million Saudi riyals, a decrease from the losses of the previous year, which amounted to 72.8 million Saudi riyals, the decrease by 75.2% is mainly due to:-

1) An increase in net earned insurance premiums by 11.7%, with a value of 91.36 million Saudi riyals, in addition to an increase in other underwriting income, which resulted in an increase in net underwriting income by 338.6%, with a value of 47.3 million Saudi riyals compared to the previous year.

2) An increase in investment income by 64.8%, with a value of 19.7 million Saudi riyals.

3) A decrease in the allowance for doubtful debts by 93.1%, amounting to 6.6 million Saudi riyals.