Malath Cooperative Insurance Full Year 2023 Earnings: EPS Misses Expectations

Malath Cooperative Insurance (TADAWUL:8020) Full Year 2023 Results

Key Financial Results

• Revenue: ر.س900.8m (down 6.2% from FY 2022).
• Net income: ر.س38.2m (up from ر.س28.3m loss in FY 2022).
• Profit margin: 4.2% (up from net loss in FY 2022). The move to profitability was driven by lower expenses.
• EPS: ر.س0.76 (up from ر.س0.57 loss in FY 2022).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Malath Cooperative Insurance EPS Misses Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.0%.

Looking ahead, revenue is forecast to grow 7.2% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Insurance industry in Saudi Arabia.

Performance of the Saudi Insurance industry.

The company's shares are down 4.1% from a week ago.

Balance Sheet Analysis

While it's very important to consider the profit and loss statement, you can also learn a lot about a company by looking at its balance sheet. See our latest analysis on Malath Cooperative Insurance's balance sheet health.

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