Riyadh – Mubasher: Saudi Enaya Cooperative Insurance Company swung to net losses after Zakat valued at SAR 25.05 million for the second quarter (Q2) of 2026, compared to net profit of SAR 169,000 in the same period last year.
The company attributed the downturn to a 15.76% decline in insurance revenue, which fell to SAR 41.31 million, and a 43.31% surge in insurance service expenses to SAR 64.20 million.
In the first half (H1) of 2026, the insurer recorded a net loss of SAR 25.01 million, compared to a net profit of SAR 682,000 in the prior-year period.
Insurance revenue for H1-26 dropped by 30.32% to SAR 73.10 million. The company noted that while gross written premiums rose 158.60% to SAR 142.76 million, a significant portion was deferred as unearned premiums.
External auditors issued an unmodified opinion with an emphasis of matter regarding material uncertainty over the company's ability to continue as a going concern.
Accumulated losses reached SAR 100.29 million as of 30 June 2026, representing 43.61% of the company's share capital.
Saudi Enaya is currently pursuing a capital restructuring plan involving a capital reduction and a rights issue to address solvency requirements. Loss per share for the six-month period stood at SAR 1.09.
