Malath Cooperative Insurance Company achieved an increase in profits by 23.46%, as the net profit before zakat reached 22.67 million riyals in 2020, compared to 18.37 million riyals in 2019.
According to Arabia Net, the company said in a statement that its net profits after zakat amounted to about 7.5 million riyals in 2020, compared to about 5.2 million riyals in 2019, an increase of 45.7%.
The company added that the increase in net profit during the year 2020 is due to the increase in net earned premiums by 8.4%, mainly the increase in net earned premiums for insurance of property and accidents by 112.8% , And the other subscription income increased by 85.5%.
She also indicated an increase in both other income and investment income, and investment income increased by 28.5%, mainly due to the increase in shareholders ’portfolio investment income 111.9% over investment income Shareholders' operations in the past year resulted from dividend income and gains from available-for-sale investments.
The company indicated that other revenues mainly resulted from the final settlement with the General Authority for Zakat and Income for the amounts of Zakat and withholding tax for the years 2007 to 2015.
During the first nine months of 2020, Malath Insurance's net profit before zakat increased by 301.4% to reach 10.62 million riyals compared to 2.65 million riyals in the same period of 2019 .
