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.
| 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.
| 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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