Saudi Enaya loses SAR 17.4M in 9M 2024, SAR 15.2M in Q3

05/11/2024 Argaam Exclusive

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Saudi Enaya Cooperative Insurance Co. turned to a net loss of SAR 17.4 million in 9M 2024 from a profit of SAR 19.4 million in 9M 2023.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Gross Written Premium (GWP)	206.19	181.24	(12.1 %)
Insurance Revenues	187.68	175.80	(6.3 %)
Net Profit Before Zakat & Tax	20.77	(15.54)	(174.8 %)
Net Income	19.44	(17.44)	(189.7 %)
Average Shares	23.00	23.00	-
EPS (Riyals)	0.85	(0.76)	(189.7 %)

Insurance revenues decreased 6.33% to SAR 175.8 million, mainly due to the change in earned premiums and the provision for doubtful debts.

Enaya incurred losses from insurance services of SAR 17.3 million on the change in technical reserves.

Similarly, net investment income fell 5.63% to SAR 10.9 million, and the share of the surplus from the insurance pool (Hajj and Umrah income) sank 86.69% to SAR 518,000.

Other operating expenses widened by 1.86% to SAR 9.6 million, while gross written premiums (GWP) shrank by 12.1%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Gross Written Premium (GWP)	76.16	79.58	4.5 %
Insurance Revenues	71.41	58.81	(17.6 %)
Net Profit Before Zakat & Tax	10.90	(14.57)	(233.6 %)
Net Income	10.57	(15.17)	(243.4 %)
Average Shares	23.00	23.00	-
EPS (Riyals)	0.46	(0.66)	(243.4 %)

Item	Q2 2024	Q3 2024	Change‬
Gross Written Premium (GWP)	40.21	79.58	97.9 %
Insurance Revenues	57.29	58.81	2.7 %
Net Profit Before Zakat & Tax	1.78	(14.57)	(919.2 %)
Net Income	0.73	(15.17)	(2183.1 %)
Average Shares	23.00	23.00	-
EPS (Riyals)	0.03	(0.66)	(2183.1 %)

The insurer turned to a net loss of SAR 15.2 million in Q3 2024 from a profit of SAR 10.57 million in Q3 2023.

Sequentially, the company turned losable from a profit of SAR 0.73 million.

Insurance Operations

Item	9m 2023	9m 2024	Change‬
Gross Written Premium (GWP)	206.19	181.24	(12.1 %)
Insurance Revenues	187.68	175.80	(6.3 %)
Insurance Services Income	14.76	(17.34)	(217.5 %)
Investment Income	11.59	10.94	(5.6 %)
Net Profit of Insurance Services and Investment	26.35	(6.41)	(124.3 %)

Shareholders’ equity, with no minority interest, reached SAR 170.74 million, compared to SAR 187.4 million a year earlier.

Accumulated losses reached SAR 59.3 million at the end of 9M 2024, representing 25.77% of the company's capital.

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