Saudi Enaya loses SAR 2.3M in H1 2024; earns SAR 728,000 in Q2

04/08/2024 Argaam Exclusive

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 -
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)

Compared With The
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 -
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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Share Price

Saudi Enaya Cooperative Insurance Co.
12.18
0.12 1.00 %

Saudi Enaya Cooperative Insurance Co. (ENAYA)

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Financial Ratios
Current
Market Cap (M) 280.14
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 1.62
Return on Average Assets (%) (TTM) (5.23 )
Return on Average Equity (%) (TTM) (9.18 )
Return on Market Cap (%) (4.48 )
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