Alinma Tokio Marine company announces that its accumulated losses exceeded 35% amounted SAR 107,807 thousand and reached 35.9% of its capital of SAR 300 million.
Date of Realization of the Loss
2021-09-30 Corresponding to 1443-02-23
Amount of the Accumulated Losses
SAR 107,807 Thousand
Percentage of the Accumulated Losses out of the Capital (%)
35.9 %
Major Reasons Leading to the Losses
Lower written premiums compared to the amount of operational, general, and administrative expenses.
Measures to be Taken by the Company in Regard to Such Losses
The company is currently focusing on profitable businesses, which will have a positive impact on the company's results, and will focus more on the collection, which will decrease the doubtful debts provision in addition to reviewing expenses. We expect to improve outcomes in the coming periods along with many other operational corrections.
Application of the Procedures and Instructions
Procedures and Instructions Applicable to Companies Listed in Saudi Capital Market Whose Accumulated Losses Reaches 35% or more out of the Capital Thereof will be Applied
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