Gulf Union Al Ahlia Cooperative Insurance Co. Announces the Decrease of its Accumulated Losses to 13.96% of the Share Capital
| Element List | Explanation |
|---|---|
| Introduction | Gulf Union Al Ahlia Cooperative Insurance Co. Announces the Decrease of its Accumulated Losses to 13.96% of the Share Capital as at 30/06/2023, as a result of achieving profits (before zakat) amounting to 59,676 thousand riyals for the period ending on 30/06/2023
Attached is the auditor's report which indicate the decrease of the accumulated losses to 13.96% of the share capital. |
| Date of accumulated losses decrease | 2023-06-30 Corresponding to 1444-12-12 |
| Amount of the Accumulated Losses | 64,050,837 SR |
| Measures Taken by the Company to Decrease Accumulated Losses | The reason for the decrease in the company’s accumulated losses is achieving profits (before zakat) amounting to 59,676 thousand riyals for the period ending on 30/06/2023 due to better financial performance of the company during Q2 2023
And the company represented by the Board of Directors and Executive Management continue to work on improving operational efficiency and optimizing costs to increase its profitability. |
| Auditor's Report showing the Financial Position of the Company after the Decrease of the Accumulated Losses |  |
| Additional Information | We attached the auditor's report to the shareholders which indicate the decrease of the accumulated losses to 13.96% of the share capital including the statement of financial position |
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