Riyadh – Mubasher: Walaa Cooperative Insurance Company has appointed Sulaiman Abdullah Al Kadi as the new Chairman of the board for the next three years.

The listed firm also named Khalifa Abdullatif Almulhim as  Vice Chairman, respectively, according to a recent bourse filing.

The Saudi Central Bank (SAMA) approved the appointment of Al Kadi and Almulhim on 25 July.

The two officials assumed their roles for a new board term that started on 26 May 2022 and will remain in position until 25 May 2025.

During the first quarter (Q1) of 2022, Walaa Cooperative Insurance suffered net losses before Zakat of SAR 32.30 million, higher by 35.42% than SAR 23.85 million in the year-ago period.

Moreover, the loss per share rose to SAR 0.57 in Q1-22 from SAR 0.43 in Q1-21.