Riyadh - Mubasher: The accumulated losses of Amana Cooperative Insurance Company shrank to SAR 194.95 million at the end of the first half (H1) of 2022, accounting for 45.34% of the capital.

The lower accumulated losses followed a capital raise to SAR 430 million from SAR 130 million through a rights issue, according to a bourse disclosure.

Last May, Amana’s shareholders greenlighted the 230.70% capital hike, in a bid to back the company’s future plans and boost its solvency margin position.

During the January-June 2022 period, the insurer logged net losses before Zakat worth SAR 31.38 million, down 50.10% from SAR 62.89 million in the year-ago period.

Furthermore, the loss per share plummeted to SAR 2.43 in H1-22 from SAR 4.65 in H1-21.