KSA - Malath’s net profit rises 23% in 2020
Tuesday, 03 16 2021, Category: Insurance and Reinsurance, Country: Saudi Arabia
Malath Cooperative Insurance Co. posted a net profit before Zakat of SAR 22.7 million in 2020, up 23% compared to a profit of SAR 18.4 million in 2019.
The improvement was driven mainly by an increase in net earned premiums by 8.4% and underwriting income by 85.5%, along with higher other income and investment income.
The firm posted a net profit before Zakat of SAR 12.1 million in Q4 2020, down 23% year-on-year (YoY).