KSA - Malath Cooperative Ins. Q3 profit falls 37%
Monday, 11 11 2019, Category: Insurance and Reinsurance, Country: Saudi Arabia
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.