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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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	23.00	23.00	-
EPS (Riyals)	(0.28)	0.88	418.2 %

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	23.00	23.00	-
EPS (Riyals)	0.34	0.03	(89.9 %)

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:

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