Financial Results : Saudi Enaya reports SAR 513,000 net profit in Q1 2025

Saudi Enaya reports SAR 513,000 net profit in Q1 2025

11/05/2025 Argaam Exclusive

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Saudi Enaya Cooperative Insurance Co. recorded a net profit of SAR 513,000 in Q1 2025, against a net loss of SAR 3 million in Q1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Gross Written Premium (GWP) 61.45 32.17 (47.7 %)
Insurance Revenues 59.70 55.86 (6.4 %)
Net Profit Before Zakat & Tax (2.75) 0.62 122.4 %
Net Income (3.00) 0.51 117.1 %
Average Shares 23.00 23.00 -
Earnings Per Share before unusual items (0.13) 0.02 117.1 %
EPS (Riyal) (0.13) 0.02 117.1 %

The improved results were primarily due to a 154.70% year-on-year (YoY) surge in insurance service results, driven by a decrease in claims incurred and technical reserves.

 

However, this was offset by a 6.42% YoY decline in insurance revenue, mainly due to a reduction in gross written premiums (GWP), and a drop in other income to zero during the first quarter, compared to SAR 1.28 million in Q1 2024.

 

Sequentially, the insurer turned to a profit from a SAR 9.32 million loss in Q4 2024.

 

Insurance Operations

Item 3m 2024 3m 2025 Change‬
Gross Written Premium (GWP) 61.45 32.17 (47.6 %)
Insurance Revenues 59.70 55.86 (6.4 %)
Insurance Services Income (5.17) 2.83 154.7 %
Investment Income 3.93 2.31 (41.2 %)
Net Profit of Insurance Services and Investment (1.24) 5.13 513.7 %

Total shareholders’ equity, no minority interest, declined to SAR 161.92 million as of March 31, 2025, compared to SAR 185.17 million a year earlier.

 

Accumulated losses reached SAR 68.07 million by the end of the current period, representing 29.58% of the company's capital.

 

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