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Saudi Enaya turns to profit of SAR 20.2M in 2023; Q4 at SAR 780,000
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.
Financials (M)
| 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 | 23.00 | 23.00 | - |
| Earnings Per Share before unusual items | (0.28) | 0.88 | 418.2 % |
| EPS (Riyals) | (0.28) | 0.88 | 418.2 % |
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.
Current Quarter Comparison (M)
| 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 | 23.00 | 23.00 | - |
| Earnings Per Share before unusual items | 0.34 | 0.03 | (89.9 %) |
| EPS (Riyals) | 0.34 | 0.03 | (89.9 %) |
Insurance Operations
| 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:
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Share Price
Saudi Enaya Cooperative Insurance Co. (ENAYA)
| Current | |
| Market Cap (M) | 243.80 |
| Shares Outstanding (M) | 23.00 |
| EPS ( Riyal) (TTM) | (1.16) |
| Book Value (BV) ( Riyal) | 7.13 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | Neg |
| P/E (TTM) | NEG |
| Price/Book | 1.49 |
| Return on Average Assets (%) (TTM) | (9.00 ) |
| Return on Average Equity (%) (TTM) | (15.09 ) |
| Return on Market Cap (%) | (9.19 ) |
Financial results (Million)
| Period | Net Income | Change | EPS(Riyal) | Net Profit Before Zakat & Tax | Change |
|---|---|---|---|---|---|
| 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 % |
Insurance Operations Performance (M)
| Period | Gross Written Premium (GWP) | Change | Insurance Services Income | Change | Net Profit of Insurance Services and Investment | Change |
|---|---|---|---|---|---|---|
| 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 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E |
|---|---|---|
| Q1 2023 | 30.41 | 30.41 |
| Q2 2023 | 23.02 | 23.02 |
| Q3 2023 | 10.76 | 10.76 |
| Q4 2023 | 17.40 | 17.40 |
Business Segments - Gross Premium Written (Million)
Q4 2023
| Period | Corporate | SME & Other |
|---|---|---|
| Q1 2023 | 25.29 | 46.33 |
| Q2 2023 | 13.43 | 44.98 |
| Q3 2023 | 31.44 | 44.75 |
| Q4 2023 | 3.56 | 40.25 |
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