Malath H1 2024 profit falls by 78% to SAR 11.6M; Q2 at SAR 151,000

07/08/2024 Argaam Exclusive

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Malath Cooperative Insurance Co. reported a 78% profit drop to SAR 11.6 million in the first half of 2024, from SAR 52.3 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	496.97	619.14	24.6 %
Insurance Revenues	484.86	431.72	(11.0 %)
Net Profit Before Zakat & Tax	56.83	16.35	(71.2 %)
Net Income	52.33	11.59	(77.8 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	1.05	0.23	(77.8 %)

The company attributed the profit decline to lower insurance revenues on decreased gross earned premiums for the motor and medical insurance segments. This decrease was offset by an increase in the gross earned premium of all other general insurance segments.

In addition, net insurance services revenue fell by SAR 43.5 million, while net investment income dropped by SAR 3.25 million.

On the other hand, other income rose by SAR 12.07 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Gross Written Premium (GWP)	173.62	291.67	68.0 %
Insurance Revenues	245.22	225.96	(7.9 %)
Net Income	8.19	0.15	(98.2 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	0.16	0.00	(98.2 %)

Item	Q1 2024	Q2 2024	Change‬
Gross Written Premium (GWP)	327.47	291.67	(10.9 %)
Insurance Revenues	205.76	225.96	9.8 %
Net Income	11.44	0.15	(98.7 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	0.23	0.00	(98.7 %)

The second-quarter net earnings dropped 98% to SAR 151,000, compared with SAR 8.19 million a year earlier, on lower gross earned premiums for the motor segment and a decline in net insurance services results by SAR 5.96 million.

On a quarterly basis, Q2 2024 profit decreased by 98.7% from SAR 11.44 million in Q1 2024.

Insurance Operations

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	496.97	619.14	24.6 %
Insurance Revenues	484.86	431.72	(11.0 %)
Insurance Services Income	43.21	(0.31)	(100.7 %)
Investment Income	22.27	19.02	(14.6 %)
Net Profit of Insurance Services and Investment	59.41	13.29	(77.6 %)

Total shareholders’ equity, no minority interest, rose to SAR 418.68 million by June 30, 2024, compared to SAR 414.45 million a year earlier.

Accumulated losses reached SAR 123.35 million by June 30, 2024, representing 24.67% 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 %)
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 %
Q1 2024	11.44	(74.1 %)	0.23	13.82	(70.2 %)
Q2 2024	0.15	(98.2 %)	0.00	-	-

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 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 %
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 %)

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 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

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 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

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 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

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)	788.00
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)	30.38
P/E (TTM)	30.38
Price/Book	1.93
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 H1 2024 profit falls by 78% to SAR 11.6M; Q2 at SAR 151,000

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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) 2024 Q2

Financial Ratios

Share Price

Malath Cooperative Insurance Co. (MALATH INSURANCE)

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Malath H1 2024 profit falls by 78% to SAR 11.6M; Q2 at SAR 151,000

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) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

Financial Ratios

Share Price

Malath Cooperative Insurance Co. (MALATH INSURANCE)

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Business Segments - Gross Premium Written (Million)