Malath swings to SAR 38.2M profit in 2023; Q4 at SAR 8.8M

21/03/2024 Argaam Exclusive

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Malath Cooperative Insurance Co. reported a net profit of SAR 38.2 million for 2023, versus a net loss of SAR 41.4 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	944.38	870.59	(7.8 %)
Insurance Revenues	973.09	934.71	(3.9 %)
Net Profit Before Zakat & Tax	(31.09)	47.19	251.8 %
Net Income	(41.38)	38.19	192.3 %
Average Shares	50.00	50.00	-
EPS (Riyals)	(0.83)	0.76	192.3 %

Net insurance services results for the current year amounted to SAR 17.45 million, compared to a loss of SAR 38.95 million in 2022. Total investment income rose 28.4% to SAR 40.47 million, compared to SAR 31.52 million during the year before. Total other income increased 194% to SAR 19.95 million, compared to SAR 6.76 million in 2022.

Insurance revenues amounted to SR 934.71 million, down 4% year-on-year (YoY), mainly driven by a decrease in motor insurance revenue although all other lines of business reported growth.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	198.56	174.95	(11.9 %)
Insurance Revenues	251.76	222.45	(11.6 %)
Net Profit Before Zakat & Tax	12.04	11.05	(8.3 %)
Net Income	10.42	8.80	(15.6 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	0.21	0.18	(15.6 %)

Item	Q3 2023	Q4 2023	Change‬
Gross Written Premium (GWP)	198.67	174.95	(11.9 %)
Insurance Revenues	227.40	222.45	(2.2 %)
Net Income	(22.94)	8.80	138.4 %
Average Shares	50.00	50.00	-
EPS (Riyals)	(0.46)	0.18	138.4 %

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	944.38	870.59	(7.8 %)
Insurance Revenues	973.09	934.71	(3.9 %)
Insurance Services Income	(38.96)	17.45	144.8 %
Investment Income	31.52	40.47	28.4 %
Net Profit of Insurance Services and Investment	(13.67)	45.58	433.4 %

Q4 2023 net profit stood at SAR 8.8 million, a slump of 16% YoY from SAR 10.42 million.

On a quarterly basis, the insurer swung to profit versus a net loss of SAR 22.94 million.

Total shareholders’ equity, no minority interest, stood at SAR 405.25 million by Dec. 31, 2023, compared to SAR 363 million a year earlier.

Accumulated losses reached SAR 134.94 million by Dec. 31, 2023, representing 26.9% of capital.

View More Financial Results

Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2014	(11.73)	16.4 %	(0.23)	(9.73)	19.2 %
Q2 2014	(9.06)	(16.0 %)	(0.18)	(7.06)	(21.5 %)
Q3 2014	6.69	191.1 %	0.13	8.69	262.6 %
Q4 2014	0.38	103.0 %	0.01	1.88	128.2 %
2014	(13.71)	67.2 %	(0.27)	(6.21)	79.2 %
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 %)
2015	(9.88)	27.9 %	(0.20)	(1.88)	69.7 %
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 %)
2016	(156.17)	(1,480.2 %)	(3.12)	(150.17)	(7,875.3 %)
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 %)
2017	(17.03)	89.1 %	(0.34)	(11.03)	92.7 %
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 %
2018	2.63	115.4 %	0.05	15.63	241.7 %
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 %
2019	5.18	97.0 %	0.10	18.37	17.5 %
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 %)
2020	7.55	45.7 %	0.15	22.67	23.5 %
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 %)
2021	(85.66)	(1234.9 %)	(1.71)	(72.85)	(421.3 %)
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 %
2022	(41.38)	51.7 %	(0.83)	(31.09)	57.3 %
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 %)
2023	38.19	192.3 %	0.76	47.19	251.8 %

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	(13.71)	67.2 %	(0.27)	(6.21)	79.2 %
2015	(9.88)	27.9 %	(0.20)	(1.88)	69.7 %
2016	(156.17)	(1,480.2 %)	(3.12)	(150.17)	(7,875.3 %)
2017	(17.03)	89.1 %	(0.34)	(11.03)	92.7 %
2018	2.63	115.4 %	0.05	15.63	241.7 %
2019	5.18	97.0 %	0.10	18.37	17.5 %
2020	7.55	45.7 %	0.15	22.67	23.5 %
2021	(85.66)	(1234.9 %)	(1.71)	(72.85)	(421.3 %)
2022	(41.38)	51.7 %	(0.83)	(31.09)	57.3 %
2023	38.19	192.3 %	0.76	47.19	251.8 %

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 2014	383.73	79.7 %	-	-	-	-
Q2 2014	191.81	15.3 %	-	-	-	-
Q3 2014	202.27	4.4 %	-	-	-	-
Q4 2014	635.04	221.9 %	-	-	-	-
2014	1,412.84	83.3 %	-	-	-	-
Q1 2015	741.33	93.2 %	-	-	-	-
Q2 2015	298.94	55.9 %	-	-	-	-
Q3 2015	479.34	137.0 %	-	-	-	-
Q4 2015	343.87	(45.9 %)	-	-	-	-
2015	1,863.48	31.9 %	-	-	-	-
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 %)	-	-	-	-
2016	2,167.86	16.3 %	-	-	-	-
Q1 2017	447.76	(62.3 %)	-	-	-	-
Q2 2017	143.89	(43.2 %)	-	-	-	-
Q3 2017	62.11	(88.3 %)	-	-	-	-
Q4 2017	73.22	(62.9 %)	-	-	-	-
2017	726.98	(66.5 %)	-	-	-	-
Q1 2018	372.44	(16.8 %)	-	-	-	-
Q2 2018	130.29	(9.5 %)	-	-	-	-
Q3 2018	150.37	142.1 %	-	-	-	-
Q4 2018	75.97	3.8 %	-	-	-	-
2018	729.08	0.3 %	-	-	-	-
Q1 2019	380.30	2.1 %	-	-	-	-
Q2 2019	101.83	(21.8 %)	-	-	-	-
Q3 2019	154.33	2.6 %	-	-	-	-
Q4 2019	198.78	161.6 %	-	-	-	-
2019	835.24	14.6 %	-	-	-	-
Q1 2020	253.80	(33.3 %)	-	-	-	-
Q2 2020	209.61	105.8 %	-	-	-	-
Q3 2020	153.61	(0.5 %)	-	-	-	-
Q4 2020	164.55	(17.2 %)	-	-	-	-
2020	781.57	(6.4 %)	-	-	-	-
Q1 2021	290.33	14.4 %	-	-	-	-
Q2 2021	195.91	(6.5 %)	-	-	-	-
Q3 2021	284.96	85.5 %	-	-	-	-
Q4 2021	170.91	3.9 %	-	-	-	-
2021	942.11	20.5 %	-	-	-	-
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	-
2022	944.38	0.2 %	(38.96)	-	(13.67)	-
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 %)
2023	870.59	(7.8 %)	17.45	144.8 %	45.58	433.5 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	1,412.84	83.3 %	-	-	-	-
2015	1,863.48	31.9 %	-	-	-	-
2016	2,167.86	16.3 %	-	-	-	-
2017	726.98	(66.5 %)	-	-	-	-
2018	729.08	0.3 %	-	-	-	-
2019	835.24	14.6 %	-	-	-	-
2020	781.57	(6.4 %)	-	-	-	-
2021	942.11	20.5 %	-	-	-	-
2022	944.38	0.2 %	(38.96)	-	(13.67)	-
2023	870.59	(7.8 %)	17.45	144.8 %	45.58	433.5 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	50.00	(0.79)	(0.79)	5.72
Q2 2014	50.00	(0.82)	(0.82)	5.55
Q3 2014	50.00	(0.53)	(0.53)	5.85
Q4 2014	50.00	(0.27)	(0.27)	5.52
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	50.00	(0.27)	(0.27)	5.52
2015	50.00	(0.20)	(0.20)	5.17
2016	50.00	(3.12)	(3.12)	1.79
2017	50.00	(0.34)	(0.34)	9.01
2018	50.00	0.05	0.05	9.00
2019	50.00	0.10	0.10	9.11
2020	50.00	0.15	0.15	9.21
2021	50.00	(1.71)	(1.71)	7.43
2022	50.00	(0.83)	(0.83)	7.08
2023	50.00	0.76	0.76	7.80

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E
Q1 2014	NEG	NEG
Q2 2014	NEG	NEG
Q3 2014	NEG	NEG
Q4 2014	NEG	NEG
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

Period	P/E	Adjusted P/E
2014	NEG	NEG
2015	NEG	NEG
2016	NEG	NEG
2017	NEG	NEG
2018	More than 100	More than 100
2019	More than 100	More than 100
2020	More than 100	More than 100
2021	NEG	NEG
2022	NEG	NEG
2023	22.81	22.81

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Medical Insurance	Comprehensive Motor Insurance	Property & casualty	Insurance - Engineering	Marine	Other classes
Q1 2014	27.56	311.90	28.49	10.03	-	5.75
Q2 2014	10.97	140.43	18.23	3.51	-	18.66
Q3 2014	16.67	132.38	19.03	28.30	-	5.90
Q4 2014	31.55	574.47	12.21	6.07	-	10.75
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	10.53	4.42	4.10	5.96
Q4 2023	84.18	71.07	19.70	-	-	-

Period	Medical Insurance	Comprehensive Motor Insurance	Property & casualty	Insurance - Engineering	Marine	Other classes
2014	86.74	1,159.18	77.95	47.91	-	41.06
2015	91.65	1,585.74	80.37	43.76	-	61.97
2016	95.16	1,900.63	72.98	42.57	-	56.52
2017	128.56	534.27	39.83	4.42	-	19.90
2018	205.10	441.09	82.89	-	-	-
2019	261.76	489.40	84.07	-	-	-
2020	294.97	401.59	85.01	-	-	-
2021	389.87	492.45	59.79	-	-	-
2022	505.45	354.67	84.26	-	-	-
2023	497.49	274.25	98.85	-	-	-

Financial Ratios

	Current
Market Cap (M)	793.00
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)	30.57
P/E (TTM)	30.57
Price/Book	1.94
Return on Average Assets (%) (TTM)	2.7
Return on Average Equity (%) (TTM)	6.6
Return on Market Cap (%)	3.3

Malath Cooperative Insurance Co. (MALATH INSURANCE)

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Malath swings to SAR 38.2M profit in 2023; Q4 at SAR 8.8M

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Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million)

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Malath Cooperative Insurance Co. (MALATH INSURANCE)

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Malath swings to SAR 38.2M profit in 2023; Q4 at SAR 8.8M

View other reports

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Malath Cooperative Insurance Co. (MALATH INSURANCE)

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Business Segments - Gross Premium Written (Million)