|11 November, 2019

Saudi Enaya incurs loss in Q3

Saudi Enaya Cooperative Insurance Company (Saudi Enaya) announced turning to losses during the third quarter of 2019.

Riyadh – Mubasher: Saudi Enaya Cooperative Insurance Company (Saudi Enaya) announced turning to losses during the third quarter of 2019.

The Saudi firm suffered net losses of SAR 32.86 million in the July-September period, versus net profit of SAR 3.7 million in the corresponding period a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

Gross written premiums (GWP) stood at SAR 53.772 million in Q3-19 from SAR -1.590 million in the year-ago period.

Quarter-on-quarter, the company’s net losses widened from SAR 27.705 million in Q2-19.

As for the first nine months of 2019, Saudi Enaya suffered net losses of SAR 78.176 million, compared to SAR 76.205 million in the corresponding period a year earlier.

GWP dropped to SAR 118.012 million in the January-September period from SAR 136.271 million a year earlier.

Source: Mubasher

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