Malath profit dips 30% to SAR 26.9M in 2024; Q4 at SAR 9.7M

Malath profit dips 30% to SAR 26.9M in 2024; Q4 at SAR 9.7M

04/03/2025 Argaam Exclusive

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Malath Cooperative Insurance Co. reported a 30% fall in net profit to SAR 26.9 million for 2024, from SAR 38.2 million in the year-earlier period.



Financials (M)

Item 2023 2024 Change‬
Gross Written Premium (GWP) 870.59 1,406.20 61.5 %
Insurance Revenues 934.71 1,010.72 8.1 %
Net Income 38.19 26.89 (29.6 %)
Average Shares 50.00 50.00 -
Earnings Per Share before unusual items 0.76 0.54 (29.6 %)
EPS (Riyals) 0.76 0.54 (29.6 %)

The decline in annual profit was attributed to a 61% slump year-on-year (YoY) in insurance service results, due to higher expenses amid business growth.

 

The company’s investment income also decreased by 9% YoY.

 

Meanwhile, insurance revenues rose 8% YoY due to the increase in gross earned premiums for motor and medical insurance segments.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Gross Written Premium (GWP) 174.95 382.83 118.8 %
Insurance Revenues 222.45 309.26 39.0 %
Net Income 8.80 9.74 10.8 %
Average Shares 50.00 50.00 -
Earnings Per Share before unusual items 0.18 0.19 10.8 %
EPS (Riyals) 0.18 0.19 10.8 %

Insurance Operations

Item 2023 2024 Change‬
Gross Written Premium (GWP) 870.59 1,406.20 61.5 %
Insurance Revenues 934.71 1,010.72 8.1 %
Insurance Services Income 17.45 (4.20) (124.1 %)
Investment Income 40.47 36.70 (9.3 %)
Net Profit of Insurance Services and Investment 45.58 22.30 (51.1 %)

The fourth-quarter net income rose 11% to SAR 9.7 million, from SAR 8.8 million in Q4 2023.

 

On a quarterly basis, net income surged 75.5% from SAR 5.5 million in Q3 2024.

 

Total shareholders’ equity, no minority interest, rose to SAR 432.77 million as of Dec. 31, 2024, compared to SAR 390.09 million a year earlier.

 

Accumulated losses reached SAR 108.06 million by the end of the 12-month period, representing 21.6% of capital.

 

View More Financial Results

 


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) (20.69) (459.4 %)
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 2.53 (75.8 %)
Q3 2024 5.55 124.2 % 0.11 7.93 138.3 %
Q4 2024 9.74 10.8 % 0.19 - -
2024 26.89 (29.6 %) 0.54 - -

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 (24.2 %) (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 404.23 103.5 % (2.00) 90.1 % 5.59 127.0 %
Q4 2024 382.83 118.8 % (1.89) 65.8 % 3.42 (50.4 %)
2024 1,406.20 61.5 % (4.20) (124.1 %) 22.30 (51.1 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (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
Q4 2024 50.00 0.54 0.54 8.66

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
Q4 2024 30.53 30.53

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 10.53 4.42 4.10 5.96
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
Q3 2024 129.92 220.97 6.15 4.83 2.95 39.43


Financial Ratios
Current
Market Cap (M) 664.00
Shares Outstanding (M) 50.00
EPS ( Riyal) (TTM) 0.54
Book Value (BV) ( Riyal) 8.66
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 24.69
P/E (TTM) 24.69
Price/Book 1.53
Return on Average Assets (%) (TTM) 2.7
Return on Average Equity (%) (TTM) 6.5
Return on Market Cap (%) 3.3
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Share Price

Malath Cooperative Insurance Co.
13.28
(0.30) (2.21 %)

Malath Cooperative Insurance Co. (MALATH INSURANCE)

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