Riyadh –  The net profit after zakat, attributable to shareholders of Malath Cooperative Insurance Company (Malath Insurance) plummeted by 74.07% year-on-year (YoY) in net profit to SAR 11.44 million in the first quarter (Q1) of 2024 from SAR 44.13 million.

Insurance revenues went down by 14.13% YoY to SAR 205.76 million in Q1-24 from SAR 239.64 million, according to the interim financial results.

The earnings per share (EPS) reached SAR 0.23 in the three-month period that ended on 31 March 2024, down from SAR 0.88 in the corresponding period a year earlier.

Quarter-on-quarter (QoQ), the company’s net profit soared by 30.05% in Q1-24 from SAR 8.79 million in Q4-23, while the revenues declined by 7.50% from SAR 222.45 million.

In 2023, Malath Cooperative Insurance shifted a net profit of SAR 38.18 million, compared to a net loss of SAR 41.37 million the year before.

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