Malath 9M 2024 profit drops 42% to SAR 17.1M; Q3 at SAR 5.6M

04/11/2024 Argaam Exclusive

Malath Cooperative Insurance Co. reported a 42% profit decline to SAR 17.1 million in the first nine months of 2024, from SAR 29.4 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Gross Written Premium (GWP) 695.64 1,023.40 47.1 %
Insurance Revenues 712.26 701.46 (1.5 %)
Net Income 29.39 17.14 (41.7 %)
Average Shares 50.00 50.00 -
EPS (Riyals) 0.59 0.34 (41.7 %)

The company attributed the profit decline to a SAR 10.8 million (2%) decrease in insurance revenues, due to lower gross earned premiums in the motor and medical insurance segments. This decline was partially offset by an increase in gross earned premiums across other general insurance segments.

 

Additionally, net insurance services revenue dropped by SAR 25.3 million, and operating expenses rose by SAR 8.8 million. However, this was offset by higher net investment income and other income.

 

Malath reported a 124.2% increase in profit, to SAR 5.5 million in Q3 2024, compared to a loss of SAR 22.9 million a year earlier. This improvement was driven by a 19% increase in insurance revenues, amounting to SAR 42.3 million, due to higher gross earned premiums in the motor and medical insurance segments.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Gross Written Premium (GWP) 198.67 404.20 103.5 %
Insurance Revenues 227.40 269.74 18.6 %
Net Income (22.94) 5.55 124.2 %
Average Shares 50.00 50.00 -
EPS (Riyals) (0.46) 0.11 124.2 %

On a quarterly basis, Q3 2024 profit soared by 3576.2% from SAR 0.15 million in Q2 2024.

 

Total shareholders’ equity, no minority interest, rose to SAR 408.28 million by Sept. 30, 2024, compared to SAR 382.94 million a year earlier.

 

Accumulated losses reached SAR 117.8 million by Sept. 30, 2024, representing 23.56% of capital.

Insurance Operations

Item 9m 2023 9m 2024 Change‬
Gross Written Premium (GWP) 695.64 1,023.40 47.1 %
Insurance Revenues 712.26 701.46 (1.5 %)
Insurance Services Income 22.98 (2.31) (110.1 %)
Investment Income 24.72 29.15 17.9 %
Net Profit of Insurance Services and Investment 38.69 18.88 (51.2 %)

View More Financial Results

 

View other reports

Share Price

Malath Cooperative Insurance Co.
15.00
(0.10) (0.66 %)

Malath Cooperative Insurance Co. (MALATH INSURANCE)

More


Financial Ratios
Current
Market Cap (M) 750.00
Shares Outstanding (M) 50.00
EPS ( Riyal) (TTM) 0.52
Book Value (BV) ( Riyal) 8.17
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 28.91
P/E (TTM) 28.91
Price/Book 1.84
Return on Average Assets (%) (TTM) 2.7
Return on Average Equity (%) (TTM) 6.6
Return on Market Cap (%) 3.3
more


Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 (13.45) (14.7 %) (0.27) (11.45) (17.7 %)
Q2 2015 1.66 118.3 % 0.03 3.66 151.9 %
Q3 2015 17.24 157.7 % 0.34 19.24 121.4 %
Q4 2015 (16.01) (4346.7 %) (0.32) (14.01) (846.4 %)
Q1 2016 0.74 105.5 % 0.01 2.86 125.0 %
Q2 2016 (131.50) (8016.8 %) (2.63) (129.62) (3640.6 %)
Q3 2016 0.00 (100.0 %) 0.00 1.34 (93.1 %)
Q4 2016 (25.41) (58.7 %) (0.51) (24.75) (76.6 %)
Q1 2017 7.36 901.5 % 0.15 8.86 209.8 %
Q2 2017 3.54 102.7 % 0.07 5.04 103.9 %
Q3 2017 9.60 319933.3 % 0.19 11.10 730.9 %
Q4 2017 (37.53) (47.7 %) (0.75) (36.03) (45.6 %)
Q1 2018 7.77 5.6 % 0.16 10.02 13.1 %
Q2 2018 3.04 (13.9 %) 0.06 5.29 5.1 %
Q3 2018 7.77 (19.0 %) 0.16 10.02 (9.7 %)
Q4 2018 (15.96) 57.5 % (0.32) (9.71) 73.0 %
Q1 2019 3.27 (57.9 %) 0.07 6.57 (34.4 %)
Q2 2019 (14.46) (575.2 %) (0.29) (11.16) (310.9 %)
Q3 2019 4.36 (43.9 %) 0.09 6.31 (37.1 %)
Q4 2019 11.09 169.5 % 0.22 15.72 261.9 %
Q1 2020 0.69 (78.8 %) 0.01 3.99 (39.3 %)
Q2 2020 1.42 109.8 % 0.03 4.72 142.3 %
Q3 2020 (2.00) (145.8 %) (0.04) 1.30 (79.3 %)
Q4 2020 6.83 (38.4 %) 0.14 12.05 (23.3 %)
Q1 2021 (2.54) (466.5 %) (0.05) 0.70 (82.4 %)
Q2 2021 (11.84) (931.7 %) (0.24) (8.60) (282.0 %)
Q3 2021 (36.67) (1,737.1 %) (0.73) (33.43) (2663.3 %)
Q4 2021 (34.61) (606.8 %) (0.69) (31.53) (361.6 %)
Q1 2022 (36.49) (1,336.7 %) (0.73) (33.24) (4821.9 %)
Q2 2022 (18.90) (59.5 %) (0.38) (15.65) (82.0 %)
Q3 2022 3.59 109.8 % 0.07 5.76 117.2 %
Q4 2022 10.42 130.1 % 0.21 12.04 138.2 %
Q1 2023 44.14 220.9 % 0.88 46.39 239.5 %
Q2 2023 8.19 143.4 % 0.16 10.44 166.7 %
Q3 2023 (22.94) (738.8 %) (0.46) - -
Q4 2023 8.80 (15.6 %) 0.18 11.05 (8.3 %)
Q1 2024 11.44 (74.1 %) 0.23 13.82 (70.2 %)
Q2 2024 0.15 (98.2 %) 0.00 - -
Q3 2024 5.55 124.2 % 0.11 - -

Insurance Operations Performance (M)

Compared With The
Period Gross Written Premium (GWP) Change Insurance Services Income Change Net Profit of Insurance Services and Investment Change
Q1 2015 741.33 93.2 % - - - -
Q2 2015 298.94 55.9 % - - - -
Q3 2015 479.34 137.0 % - - - -
Q4 2015 343.87 (45.9 %) - - - -
Q1 2016 1,186.43 60.0 % - - - -
Q2 2016 253.12 (15.3 %) - - - -
Q3 2016 531.01 10.8 % - - - -
Q4 2016 197.30 (42.6 %) - - - -
Q1 2017 447.76 (62.3 %) - - - -
Q2 2017 143.89 (43.2 %) - - - -
Q3 2017 62.11 (88.3 %) - - - -
Q4 2017 73.22 (62.9 %) - - - -
Q1 2018 372.44 (16.8 %) - - - -
Q2 2018 130.29 (9.5 %) - - - -
Q3 2018 150.37 142.1 % - - - -
Q4 2018 75.97 3.8 % - - - -
Q1 2019 380.30 2.1 % - - - -
Q2 2019 101.83 (21.8 %) - - - -
Q3 2019 154.33 2.6 % - - - -
Q4 2019 198.78 161.6 % - - - -
Q1 2020 253.80 (33.3 %) - - - -
Q2 2020 209.61 105.8 % - - - -
Q3 2020 153.61 (0.5 %) - - - -
Q4 2020 164.55 (17.2 %) - - - -
Q1 2021 290.33 14.4 % - - - -
Q2 2021 195.91 (6.5 %) - - - -
Q3 2021 284.96 85.5 % - - - -
Q4 2021 170.91 3.9 % - - - -
Q1 2022 286.39 (1.4 %) (42.61) - (27.87) -
Q2 2022 197.51 0.8 % (15.09) - (10.11) -
Q3 2022 261.92 (8.1 %) 2.05 - 11.51 -
Q4 2022 198.56 16.2 % 16.69 - 12.79 -
Q1 2023 323.45 12.9 % 36.81 186.4 % 44.82 260.8 %
Q2 2023 173.62 (12.1 %) 6.40 142.4 % 14.59 244.4 %
Q3 2023 198.67 (24.1 %) (20.23) (1085.6 %) (20.72) (280.0 %)
Q4 2023 174.95 (11.9 %) (5.53) (133.1 %) 6.89 (46.1 %)
Q1 2024 327.47 1.2 % (0.75) (102.0 %) 10.33 (76.9 %)
Q2 2024 291.67 68.0 % 0.44 (93.1 %) 2.96 (79.7 %)
Q3 2024 404.20 103.5 % (2.00) 90.1 % 5.59 127.0 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 50.00 (0.31) (0.31) 5.25
Q2 2015 50.00 (0.09) (0.09) 5.34
Q3 2015 50.00 0.12 0.12 5.51
Q4 2015 50.00 (0.21) (0.21) 5.17
Q1 2016 50.00 0.07 0.07 5.08
Q2 2016 50.00 (2.59) (2.59) 2.31
Q3 2016 50.00 (2.94) (2.94) 2.25
Q4 2016 50.00 (3.12) (3.12) 1.79
Q1 2017 50.00 (2.99) (2.99) 1.93
Q2 2017 50.00 (0.29) (0.29) 2.00
Q3 2017 50.00 (0.10) (0.10) 2.19
Q4 2017 50.00 (0.34) (0.34) 9.01
Q1 2018 50.00 (0.33) (0.33) 9.17
Q2 2018 50.00 (0.34) (0.34) 9.23
Q3 2018 50.00 (0.38) (0.38) 9.39
Q4 2018 50.00 0.05 0.05 9.00
Q1 2019 50.00 (0.04) (0.04) 9.07
Q2 2019 50.00 (0.39) (0.39) 8.79
Q3 2019 50.00 (0.46) (0.46) 8.89
Q4 2019 50.00 0.09 0.09 9.11
Q1 2020 50.00 0.03 0.03 9.13
Q2 2020 50.00 0.35 0.35 9.17
Q3 2020 50.00 0.22 0.22 9.19
Q4 2020 50.00 0.14 0.14 9.21
Q1 2021 50.00 0.07 0.07 9.18
Q2 2021 50.00 (0.19) (0.19) 9.08
Q3 2021 50.00 (0.88) (0.88) 8.24
Q4 2021 50.00 (1.71) (1.71) 7.43
Q1 2022 50.00 (2.39) (2.39) 7.15
Q2 2022 50.00 (2.53) (2.53) 6.74
Q3 2022 50.00 (1.73) (1.73) 6.80
Q4 2022 50.00 (0.83) (0.83) 7.08
Q1 2023 50.00 0.78 0.78 7.94
Q2 2023 50.00 1.33 1.33 8.11
Q3 2023 50.00 0.80 0.80 7.66
Q4 2023 50.00 0.76 0.76 7.80
Q1 2024 50.00 0.11 0.11 8.07
Q2 2024 50.00 (0.05) (0.05) 8.07
Q3 2024 50.00 0.52 0.52 8.17

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2015 NEG NEG
Q2 2015 NEG NEG
Q3 2015 More than 100 More than 100
Q4 2015 NEG NEG
Q1 2016 More than 100 More than 100
Q2 2016 NEG NEG
Q3 2016 NEG NEG
Q4 2016 NEG NEG
Q1 2017 NEG NEG
Q2 2017 NEG NEG
Q3 2017 NEG NEG
Q4 2017 NEG NEG
Q1 2018 NEG NEG
Q2 2018 NEG NEG
Q3 2018 NEG NEG
Q4 2018 More than 100 More than 100
Q1 2019 NEG NEG
Q2 2019 NEG NEG
Q3 2019 NEG NEG
Q4 2019 More than 100 More than 100
Q1 2020 More than 100 More than 100
Q2 2020 29.78 29.78
Q3 2020 More than 100 More than 100
Q4 2020 More than 100 More than 100
Q1 2021 More than 100 More than 100
Q2 2021 NEG NEG
Q3 2021 NEG NEG
Q4 2021 NEG NEG
Q1 2022 NEG NEG
Q2 2022 NEG NEG
Q3 2022 NEG NEG
Q4 2022 NEG NEG
Q1 2023 16.64 16.64
Q2 2023 15.81 15.81
Q3 2023 26.48 26.48
Q4 2023 22.81 22.81
Q1 2024 More than 100 More than 100
Q2 2024 NEG NEG
Q3 2024 30.68 30.68

Business Segments - Gross Premium Written (Million)

Compared With The
Period Medical Insurance Comprehensive Motor Insurance Property & casualty Insurance - Engineering Marine Other classes
Q1 2015 47.06 660.70 21.70 2.83 - 9.04
Q2 2015 18.87 231.93 23.99 5.22 - 18.93
Q3 2015 7.64 401.15 31.35 32.88 - 6.33
Q4 2015 18.09 291.95 3.32 2.83 - 27.68
Q1 2016 43.50 1,111.52 21.60 1.98 - 7.83
Q2 2016 12.34 195.22 21.97 4.73 - 18.86
Q3 2016 12.08 452.02 27.57 35.30 - 4.04
Q4 2016 27.24 141.87 1.85 0.56 - 25.78
Q1 2017 46.89 372.48 19.64 2.17 - 6.59
Q2 2017 27.10 97.67 13.76 0.75 - 4.61
Q3 2017 21.18 31.97 3.46 0.87 - 4.62
Q4 2017 33.39 32.15 2.97 0.63 - 4.08
Q1 2018 64.00 274.18 34.26 - - -
Q2 2018 30.24 70.32 29.74 - - -
Q3 2018 84.83 56.15 9.39 - - -
Q4 2018 26.03 40.44 9.51 - - -
Q1 2019 104.92 229.30 46.07 - - -
Q2 2019 48.16 38.15 15.53 - - -
Q3 2019 63.79 79.32 11.22 - - -
Q4 2019 44.89 142.63 11.26 - - -
Q1 2020 112.14 97.84 43.83 - - -
Q2 2020 62.56 130.65 16.41 - - -
Q3 2020 65.57 77.71 10.33 - - -
Q4 2020 54.70 95.40 14.45 - - -
Q1 2021 141.16 119.72 29.45 - - -
Q2 2021 86.04 99.13 10.73 - - -
Q3 2021 96.06 178.01 10.90 - - -
Q4 2021 66.61 95.60 8.71 - - -
Q1 2022 168.54 79.75 38.10 - - -
Q2 2022 126.65 57.08 13.78 - - -
Q3 2022 120.11 125.43 16.38 - - -
Q4 2022 90.15 92.41 16.00 - - -
Q1 2023 202.27 87.84 17.39 6.00 4.06 5.90
Q2 2023 97.04 55.69 7.31 3.59 1.71 8.18
Q3 2023 114.01 59.64 25.02 - - -
Q4 2023 84.18 71.07 19.70 - - -
Q1 2024 202.64 97.71 9.42 5.43 4.88 7.39
Q2 2024 132.61 116.61 6.55 4.90 1.93 29.06

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2024, Argaam Investment, All Rights Reserved
Call Request