Saudi Enaya reports SAR 3M net loss in Q1 2024

13/05/2024 Argaam Exclusive

Saudi Enaya Cooperative Insurance Co. recorded a net loss of SAR 3 million in Q1 2024 compared to a profit of SAR 4.5 million in Q1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Gross Written Premium (GWP) 71.62 61.45 (14.2 %)
Insurance Revenues 54.84 59.70 8.9 %
Net Profit Before Zakat & Tax 5.20 (2.75) (153.0 %)
Net Income 4.45 (3.00) (167.5 %)
Average Shares 23.00 23.00 -
EPS (Riyals) 0.19 (0.13) (167.5 %)

The company’s insurance services results posted a loss of SAR 5.16 million in Q1 2024, compared to SAR 3.02 million in Q1 2023, a decrease of 270.57%, driven mainly by an increase in incurred claims.

 

Other income for the current quarter amounted to SAR 1.28 million, compared to SAR 1.61 million during the same quarter of the previous year, a decrease of 20.31%.

 

On the other hand, net investment results for Q1 2024 amounted to SAR 3.92 million, compared to SAR 3.74 million in Q1 2023, an increase of 4.89%.

 

Meanwhile, insurance revenues increased in Q1 2024 to SAR 59.69 million, compared to SAR 54.83 million in Q1 2023, an increase of 8.86%, due to earned premiums.

 

Other operating expenses decreased by 12.03% in Q1 2024 to SAR 2.8 million, from SAR 3.18 million during the same quarter of the previous year.

 

Similarly, gross written premium (GWP) decreased by 14.20% in Q1 2024 to SAR 61.45 million compared to SAR 71.62 million in Q1 2023.

 

Sequentially, the insurer turned to a net loss from SAR 78,000 earnings in Q4 2023.

Insurance Operations

Item 3m 2023 3m 2024 Change‬
Gross Written Premium (GWP) 71.62 61.45 (14.2 %)
Insurance Revenues 54.84 59.70 8.9 %
Insurance Services Income 3.03 (5.17) (270.6 %)
Investment Income 3.75 3.93 4.8 %
Net Profit of Insurance Services and Investment 6.77 (1.24) (118.3 %)

Shareholders’ equity, with no minority interest, rose to SAR 185.17 million, compared to SAR 172.4 million a year earlier.

 

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Share Price

Saudi Enaya Cooperative Insurance Co.
13.80
(0.32) (2.27 %)

Saudi Enaya Cooperative Insurance Co. (ENAYA)

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Financial Ratios
Current
Market Cap (M) 316.48
Shares Outstanding (M) 23.00
EPS ( Riyal) (TTM) (0.72)
Book Value (BV) ( Riyal) 7.54
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/Book 1.83
Return on Average Assets (%) (TTM) (5.23 )
Return on Average Equity (%) (TTM) (9.18 )
Return on Market Cap (%) (4.48 )
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Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 (10.65) 13.6 % (1.14) (9.79) 14.8 %
Q2 2015 (10.92) 11.9 % (1.17) (10.07) 11.0 %
Q3 2015 (21.25) (243.2 %) (2.27) (20.48) (290.4 %)
Q4 2015 (8.43) 50.8 % (0.90) (11.67) 31.9 %
Q1 2016 (11.07) (3.9 %) (1.18) (9.57) 2.2 %
Q2 2016 (6.11) 44.0 % (0.65) (5.51) 45.2 %
Q3 2016 (6.46) 69.6 % (0.69) (6.26) 69.4 %
Q4 2016 (4.88) 42.1 % (0.52) (4.48) 61.6 %
Q1 2017 (7.26) 34.4 % (0.77) (6.56) 31.5 %
Q2 2017 (4.08) 33.3 % (0.43) (3.48) 36.9 %
Q3 2017 0.13 102.0 % 0.01 0.73 111.6 %
Q4 2017 (5.62) (15.1 %) (0.60) (5.22) (16.4 %)
Q1 2018 (103.94) (1,332.4 %) (11.09) (103.34) (1,476.2 %)
Q2 2018 22.82 660.1 % 2.44 23.42 774.1 %
Q3 2018 3.11 2328.1 % 0.33 3.71 409.3 %
Q4 2018 (16.23) (189.0 %) (1.73) (15.63) (199.7 %)
Q1 2019 (18.21) 82.5 % (1.30) (17.61) 83.0 %
Q2 2019 (28.31) (224.0 %) (2.01) (27.71) (218.3 %)
Q3 2019 (33.46) (1176.6 %) (2.38) (32.86) (986.2 %)
Q4 2019 (26.18) (61.3 %) (1.77) (23.18) (48.3 %)
Q1 2020 (10.85) 40.4 % (0.73) (10.25) 41.8 %
Q2 2020 (2.37) 91.6 % (0.16) (1.77) 93.6 %
Q3 2020 (10.70) 68.0 % (0.72) (10.10) 69.3 %
Q4 2020 (4.49) 82.8 % (0.30) (9.79) 57.8 %
Q1 2021 (21.89) (101.6 %) (1.48) (21.14) (106.1 %)
Q2 2021 (9.31) (293.1 %) (0.63) (8.56) (384.0 %)
Q3 2021 (13.58) (26.9 %) (0.92) (12.83) (27.0 %)
Q4 2021 (17.20) (283.0 %) (1.16) (15.46) (57.9 %)
Q1 2022 (9.07) 58.6 % (0.61) (8.32) 60.6 %
Q2 2022 0.67 107.2 % 0.05 0.42 104.9 %
Q3 2022 (5.68) 58.2 % (0.38) (5.68) 55.8 %
Q4 2022 7.72 144.9 % 0.34 8.67 156.1 %
Q1 2023 4.45 149.1 % 0.19 5.20 162.5 %
Q2 2023 4.42 559.3 % 0.19 4.67 1011.2 %
Q3 2023 10.57 286.3 % 0.46 10.90 292.0 %
Q4 2023 0.78 (89.9 %) 0.03 (0.08) (100.9 %)
Q1 2024 (3.00) (167.5 %) (0.13) (2.75) (153.0 %)

Insurance Operations Performance (M)

Compared With The
Period Gross Written Premium (GWP) Change Insurance Services Income Change Net Profit of Insurance Services and Investment Change
Q1 2015 9.67 (52.9 %) - - - -
Q2 2015 26.59 459.3 % - - - -
Q3 2015 25.66 762.3 % - - - -
Q4 2015 9.01 105.3 % - - - -
Q1 2016 30.98 220.2 % - - - -
Q2 2016 36.95 39.0 % - - - -
Q3 2016 21.37 (16.7 %) - - - -
Q4 2016 39.53 338.8 % - - - -
Q1 2017 49.00 58.2 % - - - -
Q2 2017 66.25 79.3 % - - - -
Q3 2017 59.43 178.0 % - - - -
Q4 2017 100.15 153.4 % - - - -
Q1 2018 87.19 78.0 % - - - -
Q2 2018 50.67 (23.5 %) - - - -
Q3 2018 (1.59) (102.7 %) - - - -
Q4 2018 1.95 (98.1 %) - - - -
Q1 2019 25.20 (71.1 %) - - - -
Q2 2019 39.04 (23.0 %) - - - -
Q3 2019 53.77 3481.9 % - - - -
Q4 2019 36.02 1744.1 % - - - -
Q1 2020 60.98 142.0 % - - - -
Q2 2020 26.06 (33.3 %) - - - -
Q3 2020 46.29 (13.9 %) - - - -
Q4 2020 32.54 (9.6 %) - - - -
Q1 2021 45.07 (26.1 %) - - - -
Q2 2021 46.80 79.6 % - - - -
Q3 2021 72.96 57.6 % - - - -
Q4 2021 53.67 64.9 % - - - -
Q1 2022 54.30 20.5 % (7.87) - (6.76) -
Q2 2022 42.27 (9.7 %) (0.44) - (0.03) -
Q3 2022 76.77 5.2 % (8.29) - (6.68) -
Q4 2022 54.13 0.9 % 9.76 - 11.60 -
Q1 2023 71.62 31.9 % 3.03 138.5 % 6.77 200.2 %
Q2 2023 58.41 38.2 % 1.01 327.9 % 4.90 14948.5 %
Q3 2023 76.16 (0.8 %) 10.72 229.3 % 14.68 319.8 %
Q4 2023 43.84 (19.0 %) (0.08) (100.8 %) 3.95 (66.0 %)
Q1 2024 61.45 (14.2 %) (5.17) (270.6 %) (1.24) (118.3 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 9.37 (4.95) (4.95) 25.71
Q2 2015 9.37 (4.79) (4.79) 24.54
Q3 2015 9.37 (6.40) (6.40) 22.28
Q4 2015 9.37 (5.47) (5.47) 21.38
Q1 2016 9.37 (5.51) (5.51) 20.20
Q2 2016 9.37 (5.00) (5.00) 19.54
Q3 2016 9.37 (3.42) (3.42) 18.85
Q4 2016 9.37 (3.04) (3.04) 18.33
Q1 2017 9.37 (2.64) (2.64) 17.56
Q2 2017 9.37 (2.42) (2.42) 17.12
Q3 2017 9.37 (1.72) (1.72) 17.14
Q4 2017 9.37 (1.80) (1.80) 16.54
Q1 2018 9.37 (12.11) (12.11) 5.44
Q2 2018 9.37 (9.24) (9.24) 7.88
Q3 2018 9.37 (8.93) (8.93) 8.21
Q4 2018 9.37 (10.06) (10.06) 5.90
Q1 2019 14.05 (0.61) (0.61) 16.87
Q2 2019 14.05 (4.24) (4.24) 14.86
Q3 2019 14.05 (6.85) (6.85) 12.48
Q4 2019 14.82 (7.16) (7.16) 10.06
Q1 2020 14.82 (6.67) (6.67) 9.33
Q2 2020 14.82 (4.92) (4.92) 9.17
Q3 2020 14.82 (3.38) (3.38) 8.45
Q4 2020 14.82 (1.92) (1.92) 8.15
Q1 2021 14.82 (2.66) (2.66) 6.67
Q2 2021 14.82 (3.13) (3.13) 6.04
Q3 2021 14.82 (3.32) (3.32) 5.12
Q4 2021 14.82 (4.18) (4.18) 3.96
Q1 2022 14.82 (3.32) (3.32) 3.10
Q2 2022 14.82 (2.64) (2.64) 3.16
Q3 2022 14.82 (2.11) (2.11) 2.78
Q4 2022 23.00 (0.28) (0.28) 7.39
Q1 2023 23.00 0.31 0.31 7.59
Q2 2023 23.00 0.47 0.47 7.78
Q3 2023 23.00 1.18 1.18 8.24
Q4 2023 23.00 0.88 0.88 8.29
Q1 2024 23.00 0.56 0.56 8.16

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2015 NEG NEG
Q2 2015 NEG NEG
Q3 2015 NEG NEG
Q4 2015 NEG NEG
Q1 2016 NEG NEG
Q2 2016 NEG NEG
Q3 2016 NEG NEG
Q4 2016 NEG NEG
Q1 2017 NEG NEG
Q2 2017 NEG NEG
Q3 2017 NEG NEG
Q4 2017 NEG NEG
Q1 2018 NEG NEG
Q2 2018 NEG NEG
Q3 2018 NEG NEG
Q4 2018 NEG NEG
Q1 2019 NEG NEG
Q2 2019 NEG NEG
Q3 2019 NEG NEG
Q4 2019 NEG NEG
Q1 2020 NEG NEG
Q2 2020 NEG NEG
Q3 2020 NEG NEG
Q4 2020 NEG NEG
Q1 2021 NEG NEG
Q2 2021 NEG NEG
Q3 2021 NEG NEG
Q4 2021 NEG NEG
Q1 2022 NEG NEG
Q2 2022 NEG NEG
Q3 2022 NEG NEG
Q4 2022 NEG NEG
Q1 2023 30.41 30.41
Q2 2023 23.02 23.02
Q3 2023 10.76 10.76
Q4 2023 17.40 17.40
Q1 2024 31.49 31.49

Business Segments - Gross Premium Written (Million)

Compared With The
Period Corporate SME & Other
Q1 2022 9.17 45.13
Q2 2022 8.75 33.52
Q3 2022 32.46 44.31
Q4 2022 2.54 51.60
Q1 2023 25.29 46.33
Q2 2023 13.43 44.98
Q3 2023 31.44 44.75
Q4 2023 3.56 40.25
Q1 2024 27.40 34.05

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