Salama Cooperative Insurance Saudi Arabia reduced its accumulated losses to 19.59% of the capital, equivalent to 48.98 million riyals by the end of June 30, 2020.
According to Arabiya Net, the company said in a statement that it achieved net income attributable to shareholders' equity for the first six months of 2020 amounting to 3.4 million riyals, which led to a decrease Reported losses by 6.5% as of December 31, 2019.
The Salama Cooperative Insurance Company announced the registration of a quarterly net profit before zakat and tax amounted to 29,491 million riyals during the second quarter, compared to recording losses of 35,379 million riyals for The same period as the previous year.
The company recorded profits of 6.4 million riyals during the first half ending on 30 June 2020, compared to recording losses of 49 million riyals during the same period of the previous year.
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The company clarified in a statement to Tadawul that the reason for the profits in the current period compared to the net losses in the same period of the previous year is due to the decrease in net claims incurred by 58%, and the decrease In general and administrative expenses by 46%, which was partly offset by a decrease in net earned premiums by 56%.
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