Malath Insurance Reports 29% Decline in Profits to SAR 27 Million by End of 2024

Malath Cooperative Insurance Company announced on Tuesday, March 4, that its net profit after Zakat fell 29% to SAR 27 million in 2024, down from SAR 38 million in 2023. This follows the company’s announcement of its annual financial results for the period ending December 31, 2024.

Key Financial Highlights:

Investment income declined 9% to SAR 37 million in 2024, compared to SAR 40 million in 2023.

Total shareholders’ equity (excluding non-controlling interests) increased 11% to SAR 433 million, up from SAR 390 million in 2023.

Earnings per share (EPS) dropped to SAR 0.54, compared to SAR 0.76 in the previous year.

In a statement on Tadawul, the company attributed the SAR 76 million (8%) increase in insurance revenues primarily to higher earned premiums in the motor and health insurance sectors, driven by overall premium growth compared to the previous year.