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

04/08/2024 Argaam Exclusive

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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 %)

Item	Q1 2024	Q2 2024	Change‬
Gross Written Premium (GWP)	61.45	40.21	(34.6 %)
Insurance Revenues	59.70	57.29	(4.0 %)
Net Profit Before Zakat & Tax	(2.75)	1.78	164.6 %
Net Income	(3.00)	0.73	124.2 %
Average Shares	23.00	23.00	-
EPS (Riyals)	(0.13)	0.03	124.2 %

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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