Saudi Enaya Cooperative Insurance Co. announces its Annual Financial Results for the Period Ended on 2023-12-31
- Date: 18-Mar-2024
- Source: Mubasher
- Sector:Financial Services
- Country:Saudi Arabia
Saudi Enaya Cooperative Insurance Co. announces its Annual Financial Results for the Period Ended on 2023-12-31
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is
|| "Net profit/(Loss) before zakat and income tax attributable to shareholders for the current year amounted to SR 20,684K, compared to SR (4,909K) during the previous year, an increase of 521.35%.
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Net profit/(Loss) after zakat and income tax attributable to shareholders for the current year amounted to SR 20,222K, compared to SR (6,355K) during the previous year, an increase of 418.21%, which was due to the following main reasons:
• Net insurance service result for the current year amounted to SR 14,685K, compared to SR (6,851K) during the previous year, an increase of 314.35%, which was principally driven by business growth.
• Net investment result for the current year amounted to SR 15,614K, compared to SR 4,976K during the previous year, an increase of 213.79%, which was principally driven by increase in investment deposit and interest rate.
These favorable movements were partially offset by the following:
• Other operating expenses for the current year amounted to SR 14,625K compared to SR 10,333K during the previous year, an increase of 41.54%, arising from increased expenditure to support business growth.
• Other income for the current year amounted