Logo of Saudi Enaya Cooperative Insurance Co.
Saudi Enaya Cooperative Insurance Co. announced that its accumulated losses shrank to 18.52% of the current capital as of September 30, 2023, from 23.12% as of June 30, 2023.
The company added in a statement on Tadawul that the accumulated losses reached SAR 42.61 million out of the company’s capital of SAR 230 million.
Saudi Enaya conducted its procedures to narrow accumulated losses by improving underwriting policies and controlling costs.
The executive management is working, in accordance with the directives of the board of directors, to improve operational efficiency and rationalize costs to boost profitability.
According to data compiled by Argaam, Saudi Enaya reported a net profit of SAR 19.6 million for the first nine months of 2023, versus a net loss of SAR 14.10 million in the year-earlier period.
In addition, net profit for Q3 2023 reached SAR 10.7 million, versus a net loss of SAR 5.70 million in the corresponding period.
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