Riyadh — Mubasher: The net profits of Malath Cooperative Insurance Company dropped by 70.17% to SAR 1.99 million in the second quarter (Q2) of 2026 from SAR 6.68 million in Q2-25.
The company attributed the decline primarily to a 29.78% drop in insurance revenue, which fell to SAR 256.97 million from SAR 365.95 million.
The downturn was driven by lower performance in the motor insurance segment, where gross written premiums for the quarter decreased by 31.5% to SAR 200 million.
Additionally, other income fell by SAR 10.70 million, a 79.70% decrease year-on-year (YoY).
These losses were partially offset by a 130.77% surge in net investment income, which reached SAR 9.05 million, and a 28.80% reduction in insurance service expenses.
In the first half (H1) of 2026, net profit reached SAR 7.47 million, down 54.88% from SAR 16.56 million in the prior-year period.
Half-year insurance revenues declined by 21.47% to SAR 554.49 million. Despite the lower profit, the company’s accumulated losses improved to 15.80% of capital, totaling SAR 78.89 million, compared to 18.30% a year earlier.
The earnings per share (EPS) for the period stood at SAR 0.15 in H1-26.
