Riyadh – Mubasher: Malath Cooperative Insurance on Sunday said it achieved a net profit before zakat of SAR 5,036 in the second quarter of 2017 against losses of SAR 129,623 in Q2-16.
The company attributed the profit achievement in Q2-17 to the improvement of insurance operations in general due to lower net incurred claims, in addition to lower general and administrative expenses and a decline in technical reserves, according to a bourse filing.
Similarly, in the first half of 2017, the Saudi-listed company logged profits before zakat of SAR 13,897 against losses of SAR 126,764 in H1-16.
Gross written premiums (GWP) dropped 58.9% year-on-year to SAR 591,653 in the first six months of the year, from SAR 1.44 million in the same period the year before.
The firm achieved earnings per share (EPS) of SAR 1.16 in H1-17, versus losses per share (LPS) of SAR 10.56 in the year-ago period.
