Amana awarded SAR 30 mln insurance services contract

23/12/2018 Argaam

Amana Cooperative Insurance Co. was awarded a SAR 30.3 million contract by El Seif Engineering Contracting and RDB EL SEIF Company Ltd, the insurer said in a bourse filing.

 

Under the one-year agreement, the Saudi insurer will provide health insurance services to the employees of both companies and their dependents.

 

The contract will begin as of Jan. 15, 2019.

 

The relevant financial impact will appear on earnings of FY19 earnings. The contract’s value is forecast to exceed 5 percent of the company’s gross revenue, as per financial statements for FY17.

 

El Seif owns a 50 percent of Gulf Amanah Insurance Co., and the latter owns an 18.38 percent stake in Amana Cooperative Insurance Co.

 

The deal is pending the approval of the upcoming general meeting.

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