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8311

Governance: B

ENAYA

11.16 SAR / Share

As of: May 28, 2026

— P/E Ratio Trailing 12 Months

1.6x P/B Ratio Price to Book Value

— Dividend Yield Annual Dividend / Share

256.68M SAR Market Cap Total Valuation

1.00 Beta Systematic Risk Index

-22.6% Net Margin Net Profit / Revenue

The Story

ENAYA demonstrates technical underwriting discipline with a sub-100% combined ratio, yet struggles to translate this operational efficiency into positive bottom-line returns for shareholders.

Source: Q1 2026 (2026-05-12)

Value Creation -13.3% Excess Return on Capital (Spread between ROIC/ROE and Cost of Capital)

Cash Flow Payback — Estimated years of operating cash flows required to cover Enterprise Value

Performance & Distributions

Dividend Yield Trailing annual dividends paid relative to share price

—

Sustainable Growth Rate Rate at which company can grow internally using reinvested profits

+2.1%

Payout Ratio Percent of net profits distributed as dividends

—

Net Margin Net profit margin generated from total operational revenue

-22.6%

ROE Return on Equity

-4.6%

Market Pricing Multiples

P/E Ratio Market value compared to corporate net earnings

—

P/B Ratio Market capitalization compared to corporate book value

1.6x

Combined Ratio Operating multiple reflecting core operational leverage

93.8%

Loss Ratio Asset pricing multiple relative to total topline revenue

—

Growth Story

ENAYA's top-line performance is characterized by an Insurance Revenue of SAR 146M against a Gross Written Premium (GWP) of SAR 55M, highlighting the transitional dynamics of premium recognition under IFRS 17. However, the company's sustainable growth trajectory is constrained, as evidenced by a negative sustainable ROE of -2.29% and a modest sustainable growth rate of 2.08%. Without a positive retention-driven capital accumulation cycle, expanding market penetration in the competitive Saudi insurance sector remains a structural challenge.

Profitability Dynamics

From an underwriting standpoint, ENAYA shows discipline with a Combined Ratio of 93.84%, indicating that core insurance operations are technically profitable. However, this operational efficiency does not flow through to the bottom line, as evidenced by a Net Income of SAR -7M and an ROE of -4.58%. This negative return fails to clear the Cost of Equity (Ke) hurdle of 8.70%, pointing to a significant value destruction gap. The drag likely stems from corporate overhead or limited yield on its SAR 35M investment asset base, which fails to offset non-underwriting costs.

Risk & Capital Structure

Beta Systematic market risk indicator relative to the TASI index

1.00

Cost of Equity Minimum required rate of return demanded by shareholders

8.7%

Combined Ratio Underwriting cost efficiency margin (Claims + Expenses) / NEP

93.8%

Loss Ratio Net claims incurred relative to net earned premiums

—

Expense Ratio Acquisition and general admin costs relative to net earned premiums

—

Retention Ratio Proportion of gross written premium retained by company

92.3%

Risk Factors

ENAYA's balance sheet risk profile is anchored by Total Assets of SAR 255M and Total Equity of SAR 157M, providing a buffer against its Insurance Contract Liabilities of SAR 74M. While the equity cushion appears substantial relative to liabilities, the ongoing net losses pose a persistent threat of capital erosion. In the stringent SAMA regulatory environment, maintaining solvency margins is paramount, and ENAYA's ability to sustain its capital adequacy depends heavily on reversing the net income deficit to prevent further depletion of its equity base.

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