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.
| 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 | 14.82 | 23.00 | 55.2 % |
| EPS (Riyals) | (0.43) | 0.88 | 305.1 % |
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.
| 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 | 14.82 | 23.00 | 55.2 % |
| EPS (Riyals) | 0.52 | 0.03 | (93.5 %) |
| 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:
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}