Saudi Enaya shifts to profitability in 2023

Saudi Enaya shifts to profitability in 2023

Riyadh – Mubasher: Saudi Enaya Cooperative Insurance Company turned to profitability during the full year 2023, recording a net profit after Zakat attributable to shareholders of SAR 20.22 million, compared to a net loss of SAR 6.35 million a year earlier.

Insurance revenues surged 10.55% year-on-year (YoY) to SAR 250.88 million last year from SAR 226.93 million, according to the annual financial results.

The company recorded earnings per share (EPS) of SAR 0.88 in the 12-month period that ended on 31 December 2023, versus a loss per share of SAR 0.47 in 2022.

The gross written premiums (GWP) jumped 9.91% YoY to SAR 250.02 million last year from SAR 227.47 million.

In the first nine months (9M) of 2023, Saudi Enaya posted a net profit before Zakat of SAR 20.76, compared with a net loss of SAR 13.57 million in 9M-22.

Saudi Enaya shifts to profitability in 2023