According to the company’s results for the Saudi market (Tadawul) today, last year’s losses amounted to 101.35 million riyals, compared to losses of about 91.84 million riyals in 2018.

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The company said in the statement that the increase in losses during the comparison periods is due to a decrease in the net earned premiums by 145,479 thousand riyals, which represents 59.6%, accompanied by a decrease in the total costs and expenses Subscription of 143,433 thousand riyals, or 50%.

The allowance for doubtful debts increased by 10,084 thousand riyals, and the investment income increased by 3,527 thousand riyals, an increase of 89.5%.

After the end of the year, on January 18, 2020, the company’s board of directors recommended reducing the company’s capital by 150 million riyals through compensation with accumulated losses.