| Announcement Detail |
Gulf Union Al Ahlia Cooperative Insurance Company announces a significant favorable impact in the net assets of the company, due to an increase in the value of investment held in Najm for insurance services company (Najm). The Company owns 6.9% shares in Najm for insurance services company and this was historically carried at cost, amounting to SAR 3,846,160, will now be valued at fair value estimated to be at SAR 79,406,254 for the years ended 31 December 2022, based on the independent valuation carried out by Najm following the adoption of IFRS 9 “Financial Instruments” effective January 01, 2023. The Company will be accounting for this increase in the net asset value of investment with an equivalent increase in equity as the company opted to reclassify this investment at fair value through profit and loss account after the adoption of IFRS 9. The impact of this will be reflected in the quarterly financial statement for the period ending 31st March 2023. |
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