Malath Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2024-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 1,010,723 | 934,712 | 8.13 | ||
| Result of Insurance Services | 34,693 | 89,911 | -61.41 | ||
| Net Profit (Loss) of The Insurance Results | -4,199 | 17,450 | - | ||
| Net Profit (Loss) of The Investment Results | 36,697 | 40,470 | -9.32 | ||
| Net Insurance Financing Expenses | -10,197 | -12,342 | -17.38 | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 26,889 | 38,188 | -29.59 | ||
| Total Comprehensive Income | 42,685 | 36,075 | 18.32 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 432,775 | 390,090 | 10.94 | ||
| Profit (Loss) per Share | 0.54 | 0.76 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | -108,060 | 21.6 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in revenues during the current year compared to the last year is | The increase in Insurance revenues by SAR 76 million 8% is mainly attributed to the increase in gross earned premiums for Motor and medical insurance segments. That is driven from increase in GWP during the year compared to prior year. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net profit after zakat for the current year amounted to SAR 26.9 million, compared to SAR 38.2 million of the previous year, a decrease of 30%, which was mainly due to the following reasons:
- Decrease in insurance service result by 61% mainly as a result of increase in insurance service expense due to business growth.
- Decrease in investment income by 9%.
" |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | Certain amounts from prior years in notes to the financial statements have been reclassified to align with current year's presentation. |
| Additional Information | "Gross Written Premiums (GWP) for the current year amounted to SAR 1,406.2 million compared to SAR 870.5 million of last year. An increase of 62% of written premiums.
Earnings per share of SAR 0.54 was calculated based on Net Income after zakat amounted to SAR 26.9 million for current year compared to SAR 0.76 with net profit of SAR 38.2 million last year divided by 50 Million weighted average number of shares issued and outstanding.
Total equity as at the end of the current year is SAR 432.7 million versus SAR 390.1 million as at the end of the previous year, an increase of 11%.
The total comprehensive income for the current year amounted to SAR 42.7 million compared to SAR 36 million for the previous year, an increase of 18%." |
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