Saudi Enaya reports SAR 3M net loss in Q1 2024

13/05/2024 Argaam Exclusive

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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 %)

Item	Q4 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	43.84	61.45	40.2 %
Insurance Revenues	63.20	59.70	(5.5 %)
Net Profit Before Zakat & Tax	(0.08)	(2.75)	(3,258.5 %)
Net Income	0.78	(3.00)	(484.1 %)
Average Shares	23.00	23.00	-
EPS (Riyals)	0.03	(0.13)	(484.1 %)

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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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 %
2015	(51.25)	(6.6 %)	(5.47)	(52.00)	(15.1 %)
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 %
2016	(28.52)	44.3 %	(3.04)	(25.82)	50.3 %
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 %)
2017	(16.82)	41.0 %	(1.80)	(14.52)	43.8 %
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 %)
2018	(94.24)	(460.3 %)	(10.06)	(91.84)	(532.5 %)
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 %)
2019	(106.15)	(12.6 %)	(7.16)	(101.35)	(10.4 %)
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 %
2020	(28.41)	73.2 %	(1.92)	(31.91)	68.5 %
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 %)
2021	(61.97)	(118.1 %)	(4.18)	(57.99)	(81.7 %)
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 %
2022	(6.36)	89.7 %	(0.28)	(4.91)	91.5 %
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 %)
2023	20.22	418.2 %	0.88	20.68	521.3 %
Q1 2024	(3.00)	(167.5 %)	(0.13)	(2.75)	(153.0 %)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	(48.06)	48.5 %	(5.13)	(45.18)	45.9 %
2015	(51.25)	(6.6 %)	(5.47)	(52.00)	(15.1 %)
2016	(28.52)	44.3 %	(3.04)	(25.82)	50.3 %
2017	(16.82)	41.0 %	(1.80)	(14.52)	43.8 %
2018	(94.24)	(460.3 %)	(10.06)	(91.84)	(532.5 %)
2019	(106.15)	(12.6 %)	(7.16)	(101.35)	(10.4 %)
2020	(28.41)	73.2 %	(1.92)	(31.91)	68.5 %
2021	(61.97)	(118.1 %)	(4.18)	(57.99)	(81.7 %)
2022	(6.36)	89.7 %	(0.28)	(4.91)	91.5 %
2023	20.22	418.2 %	0.88	20.68	521.3 %

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 %	-	-	-	-
2015	70.93	117.1 %	-	-	-	-
Q1 2016	30.98	220.2 %	-	-	-	-
Q2 2016	36.95	39.0 %	-	-	-	-
Q3 2016	21.37	(16.7 %)	-	-	-	-
Q4 2016	39.53	338.8 %	-	-	-	-
2016	128.83	81.6 %	-	-	-	-
Q1 2017	49.00	58.2 %	-	-	-	-
Q2 2017	66.25	79.3 %	-	-	-	-
Q3 2017	59.43	178.0 %	-	-	-	-
Q4 2017	100.15	153.4 %	-	-	-	-
2017	274.82	113.3 %	-	-	-	-
Q1 2018	87.19	78.0 %	-	-	-	-
Q2 2018	50.67	(23.5 %)	-	-	-	-
Q3 2018	(1.59)	(102.7 %)	-	-	-	-
Q4 2018	1.95	(98.1 %)	-	-	-	-
2018	138.22	(49.7 %)	-	-	-	-
Q1 2019	25.20	(71.1 %)	-	-	-	-
Q2 2019	39.04	(23.0 %)	-	-	-	-
Q3 2019	53.77	3481.9 %	-	-	-	-
Q4 2019	36.02	1744.1 %	-	-	-	-
2019	154.03	11.4 %	-	-	-	-
Q1 2020	60.98	142.0 %	-	-	-	-
Q2 2020	26.06	(33.3 %)	-	-	-	-
Q3 2020	46.29	(13.9 %)	-	-	-	-
Q4 2020	32.54	(9.6 %)	-	-	-	-
2020	165.87	7.7 %	-	-	-	-
Q1 2021	45.07	(26.1 %)	-	-	-	-
Q2 2021	46.80	79.6 %	-	-	-	-
Q3 2021	72.96	57.6 %	-	-	-	-
Q4 2021	53.67	64.9 %	-	-	-	-
2021	218.50	31.7 %	-	-	-	-
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	-
2022	227.47	4.1 %	(6.85)	-	(1.88)	-
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 %)
2023	250.03	9.9 %	14.69	314.3 %	30.30	1715.9 %
Q1 2024	61.45	(14.2 %)	(5.17)	(270.6 %)	(1.24)	(118.3 %)

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	32.68	(34.3 %)	-	-	-	-
2015	70.93	117.1 %	-	-	-	-
2016	128.83	81.6 %	-	-	-	-
2017	274.82	113.3 %	-	-	-	-
2018	138.22	(49.7 %)	-	-	-	-
2019	154.03	11.4 %	-	-	-	-
2020	165.87	7.7 %	-	-	-	-
2021	218.50	31.7 %	-	-	-	-
2022	227.47	4.1 %	(6.85)	-	(1.88)	-
2023	250.03	9.9 %	14.69	314.3 %	30.30	1715.9 %

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	9.37	(5.13)	(5.13)	26.85
2015	9.37	(5.47)	(5.47)	21.38
2016	9.37	(3.04)	(3.04)	18.33
2017	9.37	(1.80)	(1.80)	16.54
2018	9.37	(10.06)	(10.06)	5.90
2019	14.82	(7.16)	(7.16)	10.06
2020	14.82	(1.92)	(1.92)	8.15
2021	14.82	(4.18)	(4.18)	3.96
2022	23.00	(0.28)	(0.28)	7.39
2023	23.00	0.88	0.88	8.29

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

Period	P/E	Adjusted P/E
2014	NEG	NEG
2015	NEG	NEG
2016	NEG	NEG
2017	NEG	NEG
2018	NEG	NEG
2019	NEG	NEG
2020	NEG	NEG
2021	NEG	NEG
2022	NEG	NEG
2023	17.40	17.40

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

Period	Corporate	SME & Other
2022	52.92	174.55
2023	73.72	176.31

Financial Ratios

	Current
Market Cap (M)	324.76
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	1.87
Return on Average Assets (%) (TTM)	(5.23 )
Return on Average Equity (%) (TTM)	(9.18 )
Return on Market Cap (%)	(4.48 )

Saudi Enaya Cooperative Insurance Co. (ENAYA)

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Saudi Enaya reports SAR 3M net loss in Q1 2024

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Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million)

Revenue by Business Segment (Latest) 2024 Q1

Financial Ratios

Share Price

Saudi Enaya Cooperative Insurance Co. (ENAYA)

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Saudi Enaya reports SAR 3M net loss in Q1 2024

View other reports

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

Financial Ratios

Share Price

Saudi Enaya Cooperative Insurance Co. (ENAYA)

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Business Segments - Gross Premium Written (Million)