Saudi Enaya reports SAR 3M net loss in Q1 2024

13/05/2024 Argaam Exclusive

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Saudi Enaya Cooperative Insurance Co. recorded a net loss of SAR 3 million in Q1 2024 compared to a profit of SAR 4.5 million in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	71.62	61.45	(14.2 %)
Insurance Revenues	54.84	59.70	8.9 %
Net Profit Before Zakat & Tax	5.20	(2.75)	(153.0 %)
Net Income	4.45	(3.00)	(167.5 %)
Average Shares	23.00	23.00	-
EPS (Riyals)	0.19	(0.13)	(167.5 %)

Item	Q4 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	43.84	61.45	40.2 %
Insurance Revenues	63.20	59.70	(5.5 %)
Net Profit Before Zakat & Tax	(0.08)	(2.75)	(3,258.5 %)
Net Income	0.78	(3.00)	(484.1 %)
Average Shares	23.00	23.00	-
EPS (Riyals)	0.03	(0.13)	(484.1 %)

The company’s insurance services results posted a loss of SAR 5.16 million in Q1 2024, compared to SAR 3.02 million in Q1 2023, a decrease of 270.57%, driven mainly by an increase in incurred claims.

Other income for the current quarter amounted to SAR 1.28 million, compared to SAR 1.61 million during the same quarter of the previous year, a decrease of 20.31%.

On the other hand, net investment results for Q1 2024 amounted to SAR 3.92 million, compared to SAR 3.74 million in Q1 2023, an increase of 4.89%.

Meanwhile, insurance revenues increased in Q1 2024 to SAR 59.69 million, compared to SAR 54.83 million in Q1 2023, an increase of 8.86%, due to earned premiums.

Other operating expenses decreased by 12.03% in Q1 2024 to SAR 2.8 million, from SAR 3.18 million during the same quarter of the previous year.

Similarly, gross written premium (GWP) decreased by 14.20% in Q1 2024 to SAR 61.45 million compared to SAR 71.62 million in Q1 2023.

Sequentially, the insurer turned to a net loss from SAR 78,000 earnings in Q4 2023.

Insurance Operations

Item	3m 2023	3m 2024	Change‬
Gross Written Premium (GWP)	71.62	61.45	(14.2 %)
Insurance Revenues	54.84	59.70	8.9 %
Insurance Services Income	3.03	(5.17)	(270.6 %)
Investment Income	3.75	3.93	4.8 %
Net Profit of Insurance Services and Investment	6.77	(1.24)	(118.3 %)

Shareholders’ equity, with no minority interest, rose to SAR 185.17 million, compared to SAR 172.4 million a year earlier.

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