SAICO Announces Elimination of All Accumulated Losses

Saudi Arabian Cooperative Insurance Company (SAICO) announced on Thursday that it has successfully reduced its accumulated losses to zero percent of its capital. The company attributed this positive development to the utilization of SAR 39,090,000 from its total statutory reserve of SAR 43,693,000 to offset its accumulated losses, as per the results disclosed during the Extraordinary General Assembly held on 30/06/1446 (31/12/2024). This is in line with the external auditor’s report dated 22/01/2025.

In a statement released today on “Tadawul,” SAICO emphasized that the use of the statutory reserve will not affect its financial obligations.

This decision follows the approval from the Extraordinary General Assembly, which authorized the use of SAR 39,090,000 from the statutory reserve to clear the accumulated losses. These losses represent 13.03% of the company’s capital of SAR 300 million, based on the interim financial statements for the period ending September 30, 2024.