Logo of Al Alamiya for Cooperative Insurance Co.
Al Alamiya for Cooperative Insurance Co. announced that its accumulated losses shrank to SAR 67.27 million, or 16.82% of capital, as of March 31, 2023, the company said in a statement to Tadawul.
Al Alamiya attributed the decline in losses to better financial performance during Q1 2023 and transitional benefits for the implementation of the International Financial Reporting Standards (IFRS) 17.
The company’s board of directors and executive management continue to work on improving operational efficiency and optimizing costs to increase profitability.
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