Saudi Enaya eyes cost optimization to turn a profit
Wednesday, 11 11 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Saudi Enaya Cooperative Insurance Co. is seeking to optimize and reduce costs as it looks to boost its financial performance and turn to profitability, CEO Sultan Abdul Raouf told Argaam in a telephone interview.
“Enaya’s financial performance demonstrated positive improvement in the second and third quarters,” Abdul Raouf said, expecting that continuous improvement will contribute to trimming losses.
Moreover, Enaya had appointed an external auditor to drive cost optimization.
Replying to a question about a possible merger with Amana Cooperative Insurance, Abdul Raouf said, “Talks are moving seriously between the two parties, but they are still in a preliminary stage.”
In case the merger is finalized, the move will affect the capital increase of the merged entity, enhancing its competitiveness in the healthcare sector.