Riyadh – Mubasher: Solidarity Saudi Takaful on Thursday reported achieving a net profit before Zakat of SAR 3.61 million ($963,000) in February 2017, extending its gains and trimming its accumulated losses, according to a bourse filing.

The company posted SAR 4.733 million in January.

Accumulated losses by the end of February 2017 amounted to SAR 278.5 million, representing 50.2% of the company’s capital of SAR 555 million, and down from SAR 282.12 million in January, the statement showed.

Operating surplus reached SAR 3.52 million last month.

On Wednesday, Solidarity’s extraordinary general meeting (EGM) approved the decision to reduce the company’s capital to SAR 250 million, bringing accumulated losses to make up 111.44% of the company’s new capital.