Malath Cooperative Insurance Company (Malath Insurance) turned to profitability in 2023, recording a net profit after Zakat attributable to shareholders of SAR 38.18 million, compared to a net loss of SAR 41.37 million.

Insurance revenues declined by 3.94% YoY to SAR 934.71 million last year from SAR 973.09 million, according to the annual financial results.

The earnings per share (EPS) hit SAR 0.76 in 2023, versus a loss per share of SAR 0.83 in 2022.

During the first nine months (9M) of 2023, the net profit before Zakat of Malath Insurance recorded SAR 36.14 million, turning from a net loss of SAR 43.13 million in 9M-22.

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