Riyadh – Mubasher: The ordinary general assembly meeting (OGM) of the Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) has approved using part of the company’s statuary reserves to offset losses.
SAR 120 million of the reserve will be directed towards offsetting part of the company’s accumulated losses, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Thursday.
It is worth noting that the insurance firm turned profitable and achieved SAR 19.18 million net profits before Zakat in 2019, against losses of SAR 204.53 million in 2018.
