Riyadh – Mubasher: Saudi Indian Company for Cooperative Insurance Company (Wafa Insurance) continued to trim its accumulated losses after recording a net profit of SAR 6.64 million ($1.77 million) in March 2016.
Accumulated losses reached SAR 120 million ($32 million) by the end of March, nearly 58.5% of the company’s paid-up capital, according to a bourse filing.
The company is capitalised at SAR 205 million ($54.67 million) distributed across 20.5 million shares with a nominal value of SAR 10 ($2.67).
Wafa Insurance earlier posted a net profit of SAR 6.3 million ($1.68) in February.
