Riyadh –  Saudi Enaya Cooperative Insurance Company achieved a net profit before Zakat of SAR 20.76 million in the first nine months (9M) of 2023, compared with a net loss of SAR 13.57 million in 9M-22.

Earnings per share (EPS) reached SAR 0.85 during January-September 2023, against a loss per share of SAR 0.94 in the same period last year, according to the interim financial results.

The net written premiums (NWP) jumped by 18.95% year-on-year (YoY) to SAR 206.18 million from SAR 173.34 million.

Income Statements during Q3-23

In the third quarter (Q3) of 2023, the Saudi company also shifted to net profits before Zakat of SAR 10.89 million, versus a net loss of SAR 5.67 million.

The NWP edged down by 0.80% to SAR 76.15 million during July-September 2023 when compared with SAR 76.77 million in the corresponding period a year earlier.

On a quarterly basis, the Q3-23 net profits before Zakat rose by 133.53% from SAR 4.66 million in Q2-23, while the NWP grew by 30.39% from SAR 58.40 million.

Accumulated Losses

The company’s accumulated losses as of 30 September 2023 amounted to SAR 42.60 million, which represents 18.52% of the company’s SAR 230 million capital.

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