Salama cuts accumulated losses to 15.9% of capital

Logo of Salama Cooperative Insurance Co.

Salama Cooperative Insurance Co.'s accumulated losses decreased to SAR 31.8 million representing 15.9% of capital as of Dec. 7, 2023.

The company said the lower losses were mainly due to a capital hike from SAR 100 million to SAR 200 million, according to a Tadawul statement.

Salama’s board of directors and executive management said that they continue to work on improving operational efficiency and optimizing costs to increase profitability.

To view the auditor's report after the shrink in accumulated losses, please follow the link below.