Riyadh – Mubasher: United Cooperative Assurance Co announced that its accumulated losses reached SAR 128.12 million, representing 26.15% of capital.

The company attributed the high accumulated losses to higher technical provisions, adding to higher doubtful debts, according to a bourse filing on Wednesday.

United Assurance noted that it will apply a number of procedures and instructions issued by the Capital Market Authority (CMA) concerning the listed companies of which accumulated losses reached 20% or more of capital.

Moreover, the Saudi-listed firm pinpointed that it will announce fixing its financial situation as per the set procedures by the CMA, which will be applied as of 22 April.

The firm posted net profits of SAR 99.77 million in 2016 against net losses of SAR 52.98 million in the previous year.