Riyadh – Mubasher: Malath Cooperative Insurance Company (Malath Insurance) has announced Bader Ali Alali as the Chairman of the board.
In addition, the insurance firm named Mohammed Ali Alammari as the Vice Chairman, according to a bourse disclosure.
The two officials assumed their roles in the current board term, effective from 6 February 2024, and will remain in position until 5 April 2025.
The insurance authority greenlighted the two appointments on 6 February 2024.
During the first nine months (9M) of 2023, Malath Insurance logged net profit before Zakat valued at SAR 36.14 million, against net losses worth SAR 43.13 million in 9M-22.
The company incurred accumulated losses totalling SAR 145.15 million as of 30 September 2023, equivalent to 29% of the SAR 500 million capital.
