Riyadh – Mubasher: Saudi Arabia-based Malath Insurance on Thursday has said on Thursday that net profits jumped 13.09% year-on-year in the first quarter of 2018.
Malath Insurance’s net profits amounted to SAR 10.02 million during Q1-18, compared to SAR 8.86 million in Q1-17, according to a bourse filing.
The Saudi insurance firm attributed the rise in year-on-year net profits to a decline in claims, whereas there was an improvement in investments income.
Shareholders’ equity, excluding the minority interest soared 378% to SAR 459 million during Q1-18, up from SAR 96 million in the same three months a year before.
Quarter-on-quarter, Malath’s profits skyrocketed 148.66% from SAR 4.03 million during Q4-17.
The firm’s earnings per share (EPS) fell to SAR 0.2 in Q1-18, from 0.74 in the year-ago period.
Malath Insurance’s stock increased 2.39% to close Thursday at SAR 13.48.
