According to Arabia Net, the company explained in a statement that the reason for the decrease in losses during the current quarter, compared with the same quarter of the previous year, is due to the improvement in the net underwriting losses, The provision for doubtful debts reflected a decrease in investment income.
On a quarterly basis, the company's losses decreased by 55.76% compared to the previous quarter's losses of 23.18 million riyals.
The accumulated losses of the company amounted to 167.78 million riyals at the end of the first quarter of 2020, representing 55.93% of the capital of 300 million riyals.
The company's losses before Zakat during 2019 increased by 10.36% to 101.35 million riyals, compared to 91.84 million riyals for the previous year.
