Saudi Enaya turns to loss of SAR 26.8M in 2024; Q4 at SAR 9.3M

19/03/2025 Argaam Exclusive

Saudi Enaya Cooperative Insurance Co. reported a net loss of SAR 26.8 million in 2024 against a profit of SAR 20.2 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Gross Written Premium (GWP) 250.03 233.81 (6.5 %)
Insurance Revenues 250.88 233.51 (6.9 %)
Net Profit Before Zakat & Tax 20.68 (26.35) (227.4 %)
Net Income 20.22 (26.76) (232.3 %)
Average Shares 23.00 23.00 -
Earnings Per Share before unusual items (Riyals) 0.88 (1.16) (232.3 %)
EPS (Riyals) 0.88 (1.16) (232.3 %)

The losses were attributed to a 6.92% year-on-year (YoY) decline in insurance revenues to SAR 233.5 million, which was mainly driven by a decrease in business.

 

Additionally, net insurance services fell 270% YoY to SAR 24.96 million, while other income dropped 82% YoY to SAR 901,000.

 

Net investment income declined 13.91% YoY to SAR 13.44 million, but other operating expenses grew 7.55% YoY to SAR 15.72 million.

 

Moreover, gross written premiums (GWP) retreated 6.49% YoY to SAR 233.8 million in 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Gross Written Premium (GWP) 43.84 52.57 19.9 %
Insurance Revenues 63.20 57.71 (8.7 %)
Net Profit Before Zakat & Tax (0.08) (10.81) (13,085.4 %)
Net Income 0.78 (9.32) (1291.9 %)
Average Shares 23.00 23.00 -
Earnings Per Share before unusual items 0.03 (0.41) (1291.9 %)
EPS (Riyals) 0.03 (0.41) (1291.9 %)

The insurer reported a net loss of SAR 9.3 million in Q4 2024, against a profit of SAR 780,000 in Q4 2023.

 

Sequentially, Saudi Enaya narrowed losses from SAR 15.17 million in Q3 2024.

Insurance Operations

Item 2023 2024 Change‬
Gross Written Premium (GWP) 250.03 233.81 (6.5 %)
Insurance Revenues 250.88 233.51 (6.9 %)
Insurance Services Income 14.69 (24.97) (270.0 %)
Investment Income 15.61 13.44 (13.9 %)
Net Profit of Insurance Services and Investment 30.30 (11.53) (138.1 %)

Shareholders’ equity, with no minority interest, fell to SAR 161.41 million as of Dec. 31, 2024, compared to SAR 188.17 million a year earlier.

 

Accumulated losses stood at SAR 68.58 million as of 2024-end, representing 30% of the company’s capital.

 

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Share Price

Saudi Enaya Cooperative Insurance Co.
10.52
(0.02) (0.19 %)

Saudi Enaya Cooperative Insurance Co. (ENAYA)

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Financial Ratios
Current
Market Cap (M) 241.96
Shares Outstanding (M) 23.00
EPS ( Riyal) (TTM) (1.16)
Book Value (BV) ( Riyal) 7.02
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/Book 1.50
Return on Average Assets (%) (TTM) (8.61 )
Return on Average Equity (%) (TTM) (15.31 )
Return on Market Cap (%) (9.19 )
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