Saudi Enaya turns to profit of SAR 20.2M in 2023; Q4 at SAR 780,000

18/03/2024 Argaam Exclusive

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Share Price

Saudi Enaya Cooperative insurance Company (ENAYA)

Saudi Enaya Cooperative Insurance Co. posted a profit of SAR 20.2 million in 2023 against a loss of SAR 6.4 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	227.47	250.03	9.9 %
Insurance Revenues	226.93	250.88	10.6 %
Net Profit Before Zakat & Tax	(4.91)	20.68	521.3 %
Net Income	(6.36)	20.22	418.2 %
Average Shares	14.82	23.00	55.2 %
EPS (Riyals)	(0.43)	0.88	305.1 %

The positive performance was due to a 10.55% increase in insurance revenues to SAR 250.8 million, driven by business growth.

The insurer’s net investment grew 213.79% year-on-year (YoY) to SAR 15.61 million due to an increase in investment deposits and interest rates.

However, the insurer reported a 41.54% increase in other operating expenses for 2023 to SAR 14.62 million, driven by increased expenses to support business growth.

Other income fell 31.36% YoY to SAR 5 million.

The company reported a net profit of SAR 780,000 in Q4 2023, down 90% from SAR 7.72 million in Q4 2022.

Sequentially, Saudi Enaya’s profit fell 92.6% from SAR 10.57 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	54.13	43.84	(19.0 %)
Insurance Revenues	56.17	63.20	12.5 %
Net Profit Before Zakat & Tax	8.67	(0.08)	(100.9 %)
Net Income	7.72	0.78	(89.9 %)
Average Shares	14.82	23.00	55.2 %
EPS (Riyals)	0.52	0.03	(93.5 %)

Item	Q3 2023	Q4 2023	Change‬
Gross Written Premium (GWP)	76.16	43.84	(42.4 %)
Insurance Revenues	71.41	63.20	(11.5 %)
Net Profit Before Zakat & Tax	10.90	(0.08)	(100.8 %)
Net Income	10.57	0.78	(92.6 %)
Average Shares	23.00	23.00	-
EPS (Riyals)	0.46	0.03	(92.6 %)

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	227.47	250.03	9.9 %
Insurance Revenues	226.93	250.88	10.6 %
Insurance Services Income	(6.85)	14.69	314.5 %
Investment Income	4.98	15.61	213.5 %
Net Profit of Insurance Services and Investment	(1.88)	30.30	1711.7 %

Shareholders’ equity, with no minority interest, rose to SAR 188.17 million as of Dec. 31, 2023, compared to SAR 167.95 million a year earlier.

Attached Document:

View more financial results

Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2014	(12.33)	(28.1 %)	(1.32)	(11.48)	(41.2 %)
Q2 2014	(12.40)	14.4 %	(1.32)	(11.31)	12.9 %
Q3 2014	(6.19)	54.7 %	(0.66)	(5.25)	56.9 %
Q4 2014	(17.14)	69.2 %	(1.83)	(17.14)	65.9 %
2014	(48.06)	48.5 %	(5.13)	(45.18)	45.9 %
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 %	0.52	8.67	156.1 %
2022	(6.36)	89.7 %	(0.43)	(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 %

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 %	(0.43)	(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 2014	49.00	0.0 %	-	-	-	-
Q2 2014	(23.68)	(58.9 %)	-	-	-	-
Q3 2014	2.98	(48.4 %)	-	-	-	-
Q4 2014	4.39	(55.5 %)	-	-	-	-
2014	32.68	(34.3 %)	-	-	-	-
Q1 2015	49.00	0.0 %	-	-	-	-
Q2 2015	(12.73)	46.2 %	-	-	-	-
Q3 2015	25.66	762.3 %	-	-	-	-
Q4 2015	9.01	105.3 %	-	-	-	-
2015	70.93	117.1 %	-	-	-	-
Q1 2016	30.98	(36.8 %)	-	-	-	-
Q2 2016	36.95	390.2 %	-	-	-	-
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 %

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 2014	9.37	(10.26)	(10.26)	30.66
Q2 2014	9.37	(10.03)	(10.03)	29.34
Q3 2014	9.37	(9.24)	(9.24)	28.68
Q4 2014	9.37	(5.13)	(5.13)	26.85
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	14.82	(0.43)	(0.43)	11.47
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

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	14.82	(0.43)	(0.43)	11.47
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 2014	NEG	NEG
Q2 2014	NEG	NEG
Q3 2014	NEG	NEG
Q4 2014	NEG	NEG
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

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

Financial Ratios

	Current
Market Cap (M)	365.70
EPS ( Riyal) (TTM)	0.56
Book Value (BV) ( Riyal)	8.05
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	28.64
P/E (TTM)	28.64
Price/Book	1.97
Return on Average Assets (%) (TTM)	3.6
Return on Average Equity (%) (TTM)	7.1
Shares Outstanding (M)	23.00
Return on Market Cap (%)	3.2

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Saudi Enaya turns to profit of SAR 20.2M in 2023; Q4 at SAR 780,000

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Share Price

Saudi Enaya Cooperative insurance Company (ENAYA)

Financials (M)

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

Financial Ratios

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Saudi Enaya turns to profit of SAR 20.2M in 2023; Q4 at SAR 780,000

View other reports

Share Price

Saudi Enaya Cooperative insurance Company (ENAYA)

Financials (M)

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

Financial Ratios

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