Al Alamiya posts accumulated losses above 57% of capital

Al Alamiya for Cooperative Insurance said its accumulated losses hit SAR 114.2 million, 57.1 percent of its capital, due to the accumulated negative impact of potential claims and the spending on the startup operation of the company.

The company said it will comply with the Capital Market Authority’s rules applicable to firms, whose accumulated losses reach 50 percent or above as follows:

• Announcing to the public at the end of every month the financial statements compiled by the company’s management.

• Advising the public on its planned measures to lower accumulated losses to below 50 percent of capital.

The company’s second quarter losses reached SAR 9.8 million compared to SAR 7.9 million in the same period of last year, it announced.