Saudi Enaya loses SAR 2.3M in H1 2024; earns SAR 728,000 in Q2
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Saudi Enaya Cooperative Insurance Co. turned to a net loss of SAR 2.3 million in H1 2024 from a profit of SAR 8.9 million in H1 2023.
Financials (M)
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 130.03 | 101.66 | (21.8 %) |
| Insurance Revenues | 116.27 | 116.99 | 0.6 % |
| Net Profit Before Zakat & Tax | 9.87 | (0.98) | (109.9 %) |
| Net Income | 8.87 | (2.28) | (125.7 %) |
| Average Shares | 23.00 | 23.00 | - |
| Earnings Per Share before unusual items | 0.39 | (0.10) | (125.7 %) |
| EPS (Riyals) | 0.39 | (0.10) | (125.7 %) |
Insurance service results plunged 168.79% year-on-year (YoY) and other income fell 73.37% YoY to SAR 1.29 million.
Other operating expenses increased by 3.25% to SAR 6.89 million, while net investment income fell by 3.09% to SAR 7.39 million.
Gross written premiums (GWPs) reached SAR 101.66 million, down 21.8% from SAR 130.03 million a year before.
However, insurance revenue grew by 0.62% YoY to SAR 116.98 million.
Current Quarter Comparison (M)
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 58.41 | 40.21 | (31.2 %) |
| Insurance Revenues | 61.43 | 57.29 | (6.7 %) |
| Net Profit Before Zakat & Tax | 4.67 | 1.78 | (61.9 %) |
| Net Income | 4.42 | 0.73 | (83.5 %) |
| Average Shares | 23.00 | 23.00 | - |
| Earnings Per Share before unusual items | 0.19 | 0.03 | (83.5 %) |
| EPS (Riyals) | 0.19 | 0.03 | (83.5 %) |
The insurer posted a YoY 84% drop in Q2 2024 net earnings to SAR 728,000.
Sequentially, the company turned profitable from a loss of SAR 300,000.
Insurance Operations
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 130.03 | 101.66 | (21.8 %) |
| Insurance Revenues | 116.27 | 116.99 | 0.6 % |
| Insurance Services Income | 4.04 | (2.78) | (168.8 %) |
| Investment Income | 7.63 | 7.40 | (3.0 %) |
| Net Profit of Insurance Services and Investment | 11.67 | 4.62 | (60.4 %) |
Shareholders’ equity, with no minority interest, reached SAR 185.90 million, compared to SAR 176.82 million a year earlier.
Accumulated losses reached SAR 44.09 million at the end of H1 2024, representing 19.17% of the company's capital.
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