Riyadh – Mubasher: Malath Cooperative Insurance Company shifted to net profits before Zakat amounting to SAR 46.38 million in the first quarter (Q1) of 2023.
The positive results were compared with net losses valued at SAR 33.24 million in Q1-22, according to the initial financial results.
Gross written premiums (GWP) increased by 12.90% year-on-year (YoY) to SAR 323.35 million in Q1-23 from SAR 286.39 million.
The earnings per share (EPS) hit SAR 0.88 during January-March 2023, versus a loss per share of SAR 0.73 in the year-ago period.
Accumulated Losses
Malath Cooperative incurred accumulated losses worth SAR 130.40 million as of 31 March 2023, accounting for 26.08% of the SAR 500 million capital.
Last year, the insurance company suffered net losses before Zakat worth SAR 18.02 million, a 75.25% plunge from SAR 72.85 million in the 12-month period that ended on 31 December 2021.
