Malath Cooperative Insurances Q3 profit falls 37%

Riyadh – Mubasher: Malath Cooperative Insurance Company reported a 37% year-on-year decline in its net profit during the third quarter of 2019.

Net profits retreated to SAR 6.309 million in the July-September period of 2019, compared to SAR 10.02 million in the year-ago period, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

Meanwhile, gross written premiums (GWP) grew to SAR 154.3 million in Q3-19 from SAR 150.37 million in Q3-18.

Quarter-on-quarter, the company turned to profits from net losses of SAR 11.16 million in Q2-19.

As for the nine-month period ended 30 September, the Saudi firm logged a net profit of SAR 2.6 million, down by 89.5% from SAR 25.3 million in the prior-year period.

The company’s GWP fell to SAR 636.4 million in the January-September period from SAR 653.1 million in the same period of 2018.

Source: Mubasher

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