Enaya expects revenue to grow to SAR 115 mln in 2016

Saudi Enaya Cooperative Insurance Co. (Enaya) said it expects revenue to grow to SAR 115 million by the end of 2016.

Structural changes that took place last year within the company will lead to stability and a steady pace of growth in revenue, which the company estimates to hit SAR 400 million by 2019.

The outlook is based on last year’s average seasonal increases and operating efficiency, which are expected to continue, the board said in a report.

Enaya’s losses widened 7 percent to SAR 51.3 million in 2015 from SAR 48.06 million the previous year. Accumulated losses reached 50 percent of the company’s capital.