Gulf Insurance Announces Decrease of its Accumulated Losses to 20.70 % of Capital

The Gulf General Cooperative Insurance Company announced on Wednesday a decrease in its accumulated losses from 42.13% to 20.70% of the capital, after reaching SR103,505 thousand.

The reason for the decrease in the percentage of accumulated losses from the capital is due to the company raising its capital from SR200 million to 500 million riyals through offering rights issue, which led to a decrease in the percentage of accumulated losses from the capital from 42.13% on June 30, 2021 to 20.7% on September 30, 2021.