TASI · 8020

MALATH INSURANCE

Discounted cash-flow valuation

EDITABLE, SOURCE-LINKED MODEL

Insurance equity DCF builder

Malath’s report figures are reviewed below. Property revaluation gains exceed its trailing pre-zakat profit, so a repeatable earnings basis has not been established. No automatic valuation is shown.

Valuation date2026-06-30Scenario basis date

Earnings basis & source figures

Reported TTM shareholder profit after zakat: FY2025 SAR 21.701m + H1 2026 SAR 7.470m − H1 2025 SAR 16.557m = SAR 12.614m. The matching pre-zakat amount is SAR 19.964m. Property gains total SAR 22.943m for those same 12 months. The figures use the six-month columns, not Q2 alone. No tax effect, recovery or sustainable return is assumed.

Review figures and sources ↓

INPUT REVIEW REQUIRED

Start with a documented basis

Official reference figures ↓

Earnings review required: SAR 22.943m of property gains versus SAR 19.964m of reported TTM profit before zakat. Removing that item alone gives a SAR 2.979m pre-zakat loss—not a fully normalized earnings estimate.

Missing inputs are not zero-filled. Total equity is not automatically common equity. Review the statements and notes, then enter the adjusted basis.

Common equity · SAR mNormalized annual ordinary earnings · SAR mDiluted ordinary shares · millionsValuation dateReport URL supporting your inputs

I reviewed the source, aligned dates, non-ordinary claims and capital constraints. These are my inputs, not a RUKNasi verification.This positive, steady-state model is not suitable for an unresolved loss-making or negative-equity turnaround.

↗

Analyst estimates

Published estimates

No verified numerical analyst forecast

Reviewed sources do not publish a numerical forward consensus for this company. DCF assumptions are shown separately and are not analyst estimates.

Every number, with its source

Reported inputs below are converted to SAR millions where needed. Page references are PDF page numbers.

Reported TTM profit after zakat12.6121.701 + 7.470 − 16.557

Reported TTM profit before zakat19.9629.801 + 11.720 − 21.557

TTM property fair-value gains22.9421.463 + 1.480 (H1 2025: printed dash)

Before-zakat profit less property gains only — not normalized earnings-2.9819.964 − 22.943

Reported input	Period	Value	Unit	Source
Shareholder profit after zakat	FY2025	21.701	SAR m	Page 3 ↗
Shareholder profit after zakat	H1 2026	7.47	SAR m	Page 5 ↗
Comparative shareholder profit after zakat	H1 2025 comparative	16.557	SAR m	Page 5 ↗
Profit before zakat	FY2025	29.801	SAR m	Page 3 ↗
Profit before zakat	H1 2026	11.72	SAR m	Page 5 ↗
Comparative profit before zakat	H1 2025 comparative	21.557	SAR m	Page 5 ↗
Property fair-value gainThe land was acquired in an in-kind settlement and reclassified to investment property in 2025. H1 note 8, physical page 29, confirms the cost and fair-value movement. This gain is not assumed to recur.	FY2025	21.463	SAR m	Page 3 ↗
Property fair-value gainH1 2025 prints a dash on the income statement. The rolling gain is 21.463 + 1.480; no missing value is estimated.	H1 2026	1.48	SAR m	Page 29 ↗
Closing accounting equityAssets 1,086.053 less liabilities 616.950. No non-controlling-interest or hybrid-equity row is presented. This is not verified distributable regulatory surplus.	30 Jun 2026	469.103	SAR m	Page 4 ↗
Issued ordinary sharesSAR 500m paid-up capital divided into 50m ordinary shares at SAR 10 each. This is a June denominator, not a verification of later capital events.	30 Jun 2026	50	m shares	Page 31 ↗
Restricted statutory reserveNote 11, physical page 31, states that the reserve is unavailable for distribution until liquidation.	30 Jun 2026	2.131	SAR m	Page 4 ↗
IDI management and administration feesFY note 29, physical page 95, says pool leadership and management-fee entitlement ended on 24 June 2025; participation continued. Do not subtract the full annual fee again from rolling earnings without reconciling the matching comparative.	FY2025	28.475	SAR m	Page 58 ↗

Model boundaries

The SAR 12.614m reported TTM profit is not a sustainable-earnings input. Removing property gains from pre-zakat profit yields a loss before any further adjustment. No after-zakat normalized profit or recovery rate has been invented.
H1 investment-income note 7.1, physical page 28, shows a 2025 comparative total of −0.671m versus the income statement’s FVTPL line of −1.603m. This difference has not been silently reconciled or used to normalize the published profit subtotal.
The June 2025 transfer of IDI pool leadership ended management-fee entitlement, not Malath’s participation. The rolling calculation already removes the matching first-half comparative; subtracting the full FY fee again may double-count an adjustment.
Accounting equity and restricted deposits are not spare distributable cash. Sustainable underwriting returns, investment income, claims stress and regulatory capital requirements still require a forward-looking review.
The H1 report was approved on 3 August 2026 (physical page 53). Its subsequent-events disclosure does not verify later events. Zakat assessments for 2021–2024 remained under review in note 9, physical page 30.
Keep policyholder funds separate. Insurance contract liabilities, reinsurance, IFRS 17 changes and solvency buffers cannot be treated as spare shareholder cash.
Use a verified same-date, fully diluted ordinary-share denominator. The current issued share count shown for reference may reflect later bonus issues, capital reductions or rights issues.
Earnings less retained capital is a clean-surplus equity model. It does not separately forecast working capital, acquisitions, OCI or regulatory capital. It is not suitable for unresolved negative-equity or loss-making turnaround cases.
Growth and return defaults are illustrative controls, not analyst forecasts. Dividends and accounting earnings do not by themselves establish distributable free cash flow.

Model source review: 2026-09-06. Not investment advice.