KSA – Salama decreased accumulated losses to 19.59% of capital
Tuesday, 09 22 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Salama Cooperative Insurance Company has cut its accumulated losses to less than 20% of the capital over the first half (H1) of 2020.
The company's losses now stand at SAR 48.98 million, representing 19.59% of the capital, according to a bourse statement on Sunday.
The insurer recorded a net income attributable to shareholders' equity of SAR 3.423 million in H1-20, resulting in lower losses by 6.5% when compared to the fourth quarter (Q4) of 2019.
During the January-June period, the company logged SAR 6.42 million worth of profits, against losses of SAR 49.96 million in H1-19.