Riyadh – Saudi Enaya Cooperative Insurance Company has been awarded and signed an insurance contract with Dr. Soliman Abdel Kader Fakeeh Hospital Company (Fakeeh Care Group) on 12 July 2024.
Saudi Enaya received a confirmation to provide health insurance coverage to Fakeeh Care employees and their families for one year starting 14 July 2024, according to a bourse disclosure.
“The contract value exceeds 5% of total revenue as per latest audited financial statements for the year 2023,” Saudi Enaya stated. It added that the agreement was made in the ordinary course of business and did not grant any preferential benefits.
Meanwhile, the health insurance contract is expected to have a positive impact on Saudi Enaya’s financial results for 2024.
According to the latest financial results of Fakeeh Care, the company generated net profits worth SAR 60.70 million during the first quarter (Q1) of 2024 while its revenues amounted to SAR 680.33 million.
Meanwhile, Saudi Enaya shifted to net losses after Zakat at SAR 3 million in Q1-24 against net profits worth SAR 4.45 million in Q1-23.
In March this year, the Saudi Exchange (Tadawul) as well as the Capital Market Authority (CMA) approved Fakeeh Care’s application for the listing of its initial public offering (IPO) shares on the Main Market.
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