Salama Cooperative Insurance Co. reported a net loss before Zakat of SAR 54.1 million for the fiscal year 2019 from a net profit of SAR 16.3 million a year earlier.
The net loss was attributed to lower net earned premiums, and higher general and administrative expenses, partially offset by a decrease in claims incurred.
Gross Written Premium (GWP)
Net Profit Before Zakat & Tax
The company reported a net profit before Zakat of SAR 10.2 million for Q4 2019 compared to a net loss of SAR 5.8 million in Q4 2018.
Salama’s accumulated losses reached SAR 52.4 million as of December 31, 2019 representing 20.96% of capital. Procedures for listed companies with losses of 20% or more of capital will be applicable to the company.