Riyadh – Mubasher: Saudi Indian Company for Cooperative Insurance (Wafa Insurance) on Monday announced that the accumulated losses exceeded 50% of its capital for the first quarter of 2018.

Net losses amounted to SAR 70.12 million in Q1-18, representing 57.57% of the company’s SAR 112 million capital.

The company's losses were attributed to low sales and a sharp increase in operating expenses, according to a filing to the Saudi Stock Exchange (Tadawul).

In the same vein, Wafa’s board recommended decreasing the company’s capital by 18.03% to offset accumulated losses.

By the end of Sunday’s session, Wafa Insurance’s stock declined 2.87% at SAR 13.52.