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.

 

View More Financial Results

 

View other reports

Share Price

Saudi Enaya Cooperative Insurance Co.
13.66
0.18 1.34 %

Saudi Enaya Cooperative Insurance Co. (ENAYA)

More


Financial Ratios
Current
Market Cap (M) 314.18
Shares Outstanding (M) 23.00
EPS ( Riyal) (TTM) (0.72)
Book Value (BV) ( Riyal) 7.42
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/Book 1.84
Return on Average Assets (%) (TTM) (5.08 )
Return on Average Equity (%) (TTM) (9.30 )
Return on Market Cap (%) (4.48 )
more

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2024, Argaam Investment, All Rights Reserved
Call Request