Riyadh - Mubasher: Al Ahlia Cooperative Insurance announced that its accumulated losses reached SAR 56.9 million, representing 35.6% of capital.
The company attributed the losses to higher technical provisions, adding to an increase in claims’ reserve and doubtful debts’ provision.
Higher administrative and general expenses also contributed to the rise of the accumulated losses, according to a bourse filing on Wednesday.
Al Ahlia noted that it will apply a number of procedures and instructions issued by the capital Market Authority (CMA) concerning the listed companies of which accumulated losses reached 20% or more of capital.
