Salama narrows accumulated losses to 33.81% of capital

05/11/2023 Argaam

Salama narrows accumulated losses to 33.81% of capital

Logo of Salama Cooperative Insurance Co.

Salama Cooperative Insurance Co.'s accumulated losses decreased to SAR 33,813, or 33.81% of capital, according to a statement to Tadawul today, Nov. 5.

 

This was mainly attributed to better financial performance in Q3 2023 and transitional benefits from the implementation of IFRS 17 for insurance contracts.

 

The board of directors and executive management continue to work on improving operational efficiency and optimizing costs to increase the company's profitability, Salama added.

 

Procedures related to Tadawul-listed companies with accumulated losses of 20% or more of capital will apply.

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