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Medgulf’s stock plunges to 19M low as Q2 losses surge

Medgulf’s stock plunges to 19M low as Q2 losses surge
By 11:14 am Saudi time, Medgulf’s stock plunged 9.96%
MEDGULF
8030
80.45% 24.00 10.70

Riyadh – Mubasher: Mediterranean & Gulf Insurance and Reinsurance Company’s (MedGulf) stock on Sunday dropped at its fastest rate in 15 months or since 23 May 2016, after the company reported widening its losses in the second quarter of 2017.

By 11:14 am Saudi time, Medgulf’s stock plunged 9.96% to reach SAR 13.74, its lowest level in 19 months. Turnover amounted to SAR 1.97 million.

Earlier on Sunday, Medgulf said its net losses before zakat surged 2,020% to SAR 417.32 million in Q2-17, from SAR 19.68 million in the year-ago period.

Medgulf attributed the sharp increase in losses to lower net underwriting results by 60.5%, while doubtful debt provisions rose SAR 358 million, and a written off discontinued ERP system amounted to SAR 26 million, the insurance company said in a bourse filing.