Salama Cooperative Insurance Co. Announces the Decrease of its Accumulated Losses to 33.81 % of the Capital
| Element List | Explanation |
|---|---|
| Introduction | Salama cooperative insurance company announces the decrease of its accumulated losses to 33.81% of the capital. |
| Date of accumulated losses decrease | 2023-09-30 Corresponding to 1445-03-15 |
| Amount of the Accumulated Losses | The accumulated losses currently amount to (33,813) thousands Saudi riyals which represent 33.81% of the capital. |
| Measures Taken by the Company to Decrease Accumulated Losses | The main reasons for the decrease in accumulated losses are due to better financial performance of the company during Q3 2023 and transitional benefits for the implementation of IFRS 17.
And the company represented by the Board of Directors and Executive Management continues to work on improving operational efficiency and optimizing costs to increase its profitability.
We attached the auditor's report to the shareholders including the statement of financial position. |
| Auditor's Report showing the Financial Position of the Company after the Decrease of the Accumulated Losses |  |
| Additional Information | The procedures and instructions of listed companies in the Saudi stock market, whose accumulated losses amounted to 20% to 35% of their capital, will continue to be applied. |
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