Riyadh –  Malath Cooperative Insurance Company (Malath Insurance) achieved positive results in the first half (H1) of 2023 by turning profitable at SAR 56.82 million against net losses before Zakat of SAR 48.88 million in H1-22.

The earnings per share (EPS) stood at SAR 1.05 in January-June 2023, compared with a loss per share of SAR 1.11 in the year-ago period.

The gross written premiums (GWP) rose by 2.70% to SAR 496.96 million in H1-23 from SAR 483.89 million in H1-22, according to the financial results.

Income Statement for Q2

In the second quarter (Q2) of 2023, Malath Insurance also shifted to net profits before Zakat worth SAR 10.44 million versus a net loss of SAR 15.64 million in Q2-22.

The net written premiums (NWP) decreased by 16.50% year-on-year (YoY) to SAR 154.13 million during April-June 2023 from SAR 184.59 million.

Similarly, the GWP shrank by 12.10% to SAR 173.61 million in Q2-23 from SAR 197.50 million in Q2-22.

On a quarterly basis, the net profit before Zakat in Q2-23 was 77.49% lower than SAR 46.38 million in Q1-23. In addition, the NWP decreased by 47.66% from SAR 294.45 million, while the GWP fell by 46.31% from SAR 323.35 million.

Accumulated Losses

Malath Insurance announced that its accumulated losses stood at SAR 122.21 million as of 30 June 2023, which represented 24.44% of the SAR 500 million capital and were lower than the SAR 130.40 million registered as of 31 March 2023.

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