Riyadh – Mubasher: The Insurance Authority (AI) greenlighted, on 2 June, the request of Salama Cooperative Insurance Company to increase its capital by offering rights issues worth SAR 100 million.

The company’s new capital will stand at SAR 300 million following the transaction, according to a bourse filing.  

On 18 March 2024, the board members recommended the capital hike process.

In the three-month period that ended on 31 March 2024, Salama Cooperative posted 20.53% year-on-year (YoY) lower net profits after Zakat attributable to the owners at SAR 10.05 million, versus SAR 12.64 million.

Insurance revenues  dropped by 6.58%  to SAR 188.48  million in the first quarter (Q1) of 2024 from SAR 201.48 million.