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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Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2015	(10.65)	13.6 %	(1.14)	(9.79)	14.8 %
Q2 2015	(10.92)	11.9 %	(1.17)	(10.07)	11.0 %
Q3 2015	(21.25)	(243.2 %)	(2.27)	(20.48)	(290.4 %)
Q4 2015	(8.43)	50.8 %	(0.90)	(11.67)	31.9 %
2015	(51.25)	(6.6 %)	(5.47)	(52.00)	(15.1 %)
Q1 2016	(11.07)	(3.9 %)	(1.18)	(9.57)	2.2 %
Q2 2016	(6.11)	44.0 %	(0.65)	(5.51)	45.2 %
Q3 2016	(6.46)	69.6 %	(0.69)	(6.26)	69.4 %
Q4 2016	(4.88)	42.1 %	(0.52)	(4.48)	61.6 %
2016	(28.52)	44.3 %	(3.04)	(25.82)	50.3 %
Q1 2017	(7.26)	34.4 %	(0.77)	(6.56)	31.5 %
Q2 2017	(4.08)	33.3 %	(0.43)	(3.48)	36.9 %
Q3 2017	0.13	102.0 %	0.01	0.73	111.6 %
Q4 2017	(5.62)	(15.1 %)	(0.60)	(5.22)	(16.4 %)
2017	(16.82)	41.0 %	(1.80)	(14.52)	43.8 %
Q1 2018	(103.94)	(1,332.4 %)	(11.09)	(103.34)	(1,476.2 %)
Q2 2018	22.82	660.1 %	2.44	23.42	774.1 %
Q3 2018	3.11	2328.1 %	0.33	3.71	409.3 %
Q4 2018	(16.23)	(189.0 %)	(1.73)	(15.63)	(199.7 %)
2018	(94.24)	(460.3 %)	(10.06)	(91.84)	(532.5 %)
Q1 2019	(18.21)	82.5 %	(1.30)	(17.61)	83.0 %
Q2 2019	(28.31)	(224.0 %)	(2.01)	(27.71)	(218.3 %)
Q3 2019	(33.46)	(1176.6 %)	(2.38)	(32.86)	(986.2 %)
Q4 2019	(26.18)	(61.3 %)	(1.77)	(23.18)	(48.3 %)
2019	(106.15)	(12.6 %)	(7.16)	(101.35)	(10.4 %)
Q1 2020	(10.85)	40.4 %	(0.73)	(10.25)	41.8 %
Q2 2020	(2.37)	91.6 %	(0.16)	(1.77)	93.6 %
Q3 2020	(10.70)	68.0 %	(0.72)	(10.10)	69.3 %
Q4 2020	(4.49)	82.8 %	(0.30)	(9.79)	57.8 %
2020	(28.41)	73.2 %	(1.92)	(31.91)	68.5 %
Q1 2021	(21.89)	(101.6 %)	(1.48)	(21.14)	(106.1 %)
Q2 2021	(9.31)	(293.1 %)	(0.63)	(8.56)	(384.0 %)
Q3 2021	(13.58)	(26.9 %)	(0.92)	(12.83)	(27.0 %)
Q4 2021	(17.20)	(283.0 %)	(1.16)	(15.46)	(57.9 %)
2021	(61.97)	(118.1 %)	(4.18)	(57.99)	(81.7 %)
Q1 2022	(9.07)	58.6 %	(0.61)	(8.32)	60.6 %
Q2 2022	0.67	107.2 %	0.05	0.42	104.9 %
Q3 2022	(5.68)	58.2 %	(0.38)	(5.68)	55.8 %
Q4 2022	7.72	144.9 %	0.34	8.67	156.1 %
2022	(6.36)	89.7 %	(0.28)	(4.91)	91.5 %
Q1 2023	4.45	149.1 %	0.19	5.20	162.5 %
Q2 2023	4.42	559.3 %	0.19	4.67	1011.2 %
Q3 2023	10.57	286.3 %	0.46	10.90	292.0 %
Q4 2023	0.78	(89.9 %)	0.03	(0.08)	(100.9 %)
2023	20.22	418.2 %	0.88	20.68	521.3 %
Q1 2024	(3.00)	(167.5 %)	(0.13)	(2.75)	(153.0 %)
Q2 2024	0.73	(83.5 %)	0.03	1.78	(61.9 %)
Q3 2024	(15.17)	(243.4 %)	(0.66)	(14.57)	(233.6 %)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	(48.06)	48.5 %	(5.13)	(45.18)	45.9 %
2015	(51.25)	(6.6 %)	(5.47)	(52.00)	(15.1 %)
2016	(28.52)	44.3 %	(3.04)	(25.82)	50.3 %
2017	(16.82)	41.0 %	(1.80)	(14.52)	43.8 %
2018	(94.24)	(460.3 %)	(10.06)	(91.84)	(532.5 %)
2019	(106.15)	(12.6 %)	(7.16)	(101.35)	(10.4 %)
2020	(28.41)	73.2 %	(1.92)	(31.91)	68.5 %
2021	(61.97)	(118.1 %)	(4.18)	(57.99)	(81.7 %)
2022	(6.36)	89.7 %	(0.28)	(4.91)	91.5 %
2023	20.22	418.2 %	0.88	20.68	521.3 %

Insurance Operations Performance (M)

Compared With The

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
Q1 2015	9.67	(52.9 %)	-	-	-	-
Q2 2015	26.59	459.3 %	-	-	-	-
Q3 2015	25.66	762.3 %	-	-	-	-
Q4 2015	9.01	105.3 %	-	-	-	-
2015	70.93	117.1 %	-	-	-	-
Q1 2016	30.98	220.2 %	-	-	-	-
Q2 2016	36.95	39.0 %	-	-	-	-
Q3 2016	21.37	(16.7 %)	-	-	-	-
Q4 2016	39.53	338.8 %	-	-	-	-
2016	128.83	81.6 %	-	-	-	-
Q1 2017	49.00	58.2 %	-	-	-	-
Q2 2017	66.25	79.3 %	-	-	-	-
Q3 2017	59.43	178.0 %	-	-	-	-
Q4 2017	100.15	153.4 %	-	-	-	-
2017	274.82	113.3 %	-	-	-	-
Q1 2018	87.19	78.0 %	-	-	-	-
Q2 2018	50.67	(23.5 %)	-	-	-	-
Q3 2018	(1.59)	(102.7 %)	-	-	-	-
Q4 2018	1.95	(98.1 %)	-	-	-	-
2018	138.22	(49.7 %)	-	-	-	-
Q1 2019	25.20	(71.1 %)	-	-	-	-
Q2 2019	39.04	(23.0 %)	-	-	-	-
Q3 2019	53.77	3481.9 %	-	-	-	-
Q4 2019	36.02	1744.1 %	-	-	-	-
2019	154.03	11.4 %	-	-	-	-
Q1 2020	60.98	142.0 %	-	-	-	-
Q2 2020	26.06	(33.3 %)	-	-	-	-
Q3 2020	46.29	(13.9 %)	-	-	-	-
Q4 2020	32.54	(9.6 %)	-	-	-	-
2020	165.87	7.7 %	-	-	-	-
Q1 2021	45.07	(26.1 %)	-	-	-	-
Q2 2021	46.80	79.6 %	-	-	-	-
Q3 2021	72.96	57.6 %	-	-	-	-
Q4 2021	53.67	64.9 %	-	-	-	-
2021	218.50	31.7 %	-	-	-	-
Q1 2022	54.30	20.5 %	(7.87)	-	(6.76)	-
Q2 2022	42.27	(9.7 %)	(0.44)	-	(0.03)	-
Q3 2022	76.77	5.2 %	(8.29)	-	(6.68)	-
Q4 2022	54.13	0.9 %	9.76	-	11.60	-
2022	227.47	4.1 %	(6.85)	-	(1.88)	-
Q1 2023	71.62	31.9 %	3.03	138.5 %	6.77	200.2 %
Q2 2023	58.41	38.2 %	1.01	327.9 %	4.90	14948.5 %
Q3 2023	76.16	(0.8 %)	10.72	229.3 %	14.68	319.8 %
Q4 2023	43.84	(19.0 %)	(0.08)	(100.8 %)	3.95	(66.0 %)
2023	250.03	9.9 %	14.69	314.3 %	30.30	1715.9 %
Q1 2024	61.45	(14.2 %)	(5.17)	(270.6 %)	(1.24)	(118.3 %)
Q2 2024	40.21	(31.2 %)	2.39	135.8 %	5.86	19.5 %
Q3 2024	79.58	4.5 %	(14.56)	(235.8 %)	(11.02)	(175.1 %)

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	32.68	(34.3 %)	-	-	-	-
2015	70.93	117.1 %	-	-	-	-
2016	128.83	81.6 %	-	-	-	-
2017	274.82	113.3 %	-	-	-	-
2018	138.22	(49.7 %)	-	-	-	-
2019	154.03	11.4 %	-	-	-	-
2020	165.87	7.7 %	-	-	-	-
2021	218.50	31.7 %	-	-	-	-
2022	227.47	4.1 %	(6.85)	-	(1.88)	-
2023	250.03	9.9 %	14.69	314.3 %	30.30	1715.9 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2015	9.37	(4.95)	(4.95)	25.71
Q2 2015	9.37	(4.79)	(4.79)	24.54
Q3 2015	9.37	(6.40)	(6.40)	22.28
Q4 2015	9.37	(5.47)	(5.47)	21.38
Q1 2016	9.37	(5.51)	(5.51)	20.20
Q2 2016	9.37	(5.00)	(5.00)	19.54
Q3 2016	9.37	(3.42)	(3.42)	18.85
Q4 2016	9.37	(3.04)	(3.04)	18.33
Q1 2017	9.37	(2.64)	(2.64)	17.56
Q2 2017	9.37	(2.42)	(2.42)	17.12
Q3 2017	9.37	(1.72)	(1.72)	17.14
Q4 2017	9.37	(1.80)	(1.80)	16.54
Q1 2018	9.37	(12.11)	(12.11)	5.44
Q2 2018	9.37	(9.24)	(9.24)	7.88
Q3 2018	9.37	(8.93)	(8.93)	8.21
Q4 2018	9.37	(10.06)	(10.06)	5.90
Q1 2019	14.05	(0.61)	(0.61)	16.87
Q2 2019	14.05	(4.24)	(4.24)	14.86
Q3 2019	14.05	(6.85)	(6.85)	12.48
Q4 2019	14.82	(7.16)	(7.16)	10.06
Q1 2020	14.82	(6.67)	(6.67)	9.33
Q2 2020	14.82	(4.92)	(4.92)	9.17
Q3 2020	14.82	(3.38)	(3.38)	8.45
Q4 2020	14.82	(1.92)	(1.92)	8.15
Q1 2021	14.82	(2.66)	(2.66)	6.67
Q2 2021	14.82	(3.13)	(3.13)	6.04
Q3 2021	14.82	(3.32)	(3.32)	5.12
Q4 2021	14.82	(4.18)	(4.18)	3.96
Q1 2022	14.82	(3.32)	(3.32)	3.10
Q2 2022	14.82	(2.64)	(2.64)	3.16
Q3 2022	14.82	(2.11)	(2.11)	2.78
Q4 2022	23.00	(0.28)	(0.28)	7.39
Q1 2023	23.00	0.31	0.31	7.59
Q2 2023	23.00	0.47	0.47	7.78
Q3 2023	23.00	1.18	1.18	8.24
Q4 2023	23.00	0.88	0.88	8.29
Q1 2024	23.00	0.56	0.56	8.16
Q2 2024	23.00	0.39	0.39	8.19
Q3 2024	23.00	(0.72)	(0.72)	7.54

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	9.37	(5.13)	(5.13)	26.85
2015	9.37	(5.47)	(5.47)	21.38
2016	9.37	(3.04)	(3.04)	18.33
2017	9.37	(1.80)	(1.80)	16.54
2018	9.37	(10.06)	(10.06)	5.90
2019	14.82	(7.16)	(7.16)	10.06
2020	14.82	(1.92)	(1.92)	8.15
2021	14.82	(4.18)	(4.18)	3.96
2022	23.00	(0.28)	(0.28)	7.39
2023	23.00	0.88	0.88	8.29

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E
Q1 2015	NEG	NEG
Q2 2015	NEG	NEG
Q3 2015	NEG	NEG
Q4 2015	NEG	NEG
Q1 2016	NEG	NEG
Q2 2016	NEG	NEG
Q3 2016	NEG	NEG
Q4 2016	NEG	NEG
Q1 2017	NEG	NEG
Q2 2017	NEG	NEG
Q3 2017	NEG	NEG
Q4 2017	NEG	NEG
Q1 2018	NEG	NEG
Q2 2018	NEG	NEG
Q3 2018	NEG	NEG
Q4 2018	NEG	NEG
Q1 2019	NEG	NEG
Q2 2019	NEG	NEG
Q3 2019	NEG	NEG
Q4 2019	NEG	NEG
Q1 2020	NEG	NEG
Q2 2020	NEG	NEG
Q3 2020	NEG	NEG
Q4 2020	NEG	NEG
Q1 2021	NEG	NEG
Q2 2021	NEG	NEG
Q3 2021	NEG	NEG
Q4 2021	NEG	NEG
Q1 2022	NEG	NEG
Q2 2022	NEG	NEG
Q3 2022	NEG	NEG
Q4 2022	NEG	NEG
Q1 2023	30.41	30.41
Q2 2023	23.02	23.02
Q3 2023	10.76	10.76
Q4 2023	17.40	17.40
Q1 2024	31.49	31.49
Q2 2024	40.08	40.08
Q3 2024	NEG	NEG

Period	P/E	Adjusted P/E
2014	NEG	NEG
2015	NEG	NEG
2016	NEG	NEG
2017	NEG	NEG
2018	NEG	NEG
2019	NEG	NEG
2020	NEG	NEG
2021	NEG	NEG
2022	NEG	NEG
2023	17.40	17.40

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Corporate	SME & Other
Q1 2022	9.17	45.13
Q2 2022	8.75	33.52
Q3 2022	32.46	44.31
Q4 2022	2.54	51.60
Q1 2023	25.29	46.33
Q2 2023	13.43	44.98
Q3 2023	31.44	44.75
Q4 2023	3.56	40.25
Q1 2024	27.40	34.05
Q2 2024	14.94	25.27
Q3 2024	43.73	35.85

Period	Corporate	SME & Other
2022	52.92	174.55
2023	73.72	176.31

Financial Ratios

	Current
Market Cap (M)	314.18
Shares Outstanding (M)	23.00
EPS ( Riyal) (TTM)	(0.72)
Book Value (BV) ( Riyal)	7.54
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/Book	1.81
Return on Average Assets (%) (TTM)	(5.23 )
Return on Average Equity (%) (TTM)	(9.18 )
Return on Market Cap (%)	(4.48 )

Saudi Enaya Cooperative Insurance Co. (ENAYA)

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

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Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million)

Revenue by Business Segment (Latest) 2024 Q3

Financial Ratios

Share Price

Saudi Enaya Cooperative Insurance Co. (ENAYA)

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

View other reports

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million) Q3 2024

Revenue by Business Segment (Latest) 2024 Q3

Financial Ratios

Share Price

Saudi Enaya Cooperative Insurance Co. (ENAYA)

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Business Segments - Gross Premium Written (Million)