Saudi Enaya’s accumulated losses down to 32% of capital

Logo of Saudi Enaya Cooperative Insurance Co.

Saudi Enaya Cooperative Insurance Co. announced that its accumulated losses, as of Nov. 6, 2022, decreased to 32% of capital, after taking into account the capital top-up of SAR 130 million.

The drop was attributed to the increase in Saudi Enaya’s capital from SAR 100 million to SAR 230 million. This was after the amortization of SAR 50 million of accumulated losses by cutting capital from SAR 150 million to SAR 100 million following the extraordinary general assembly’s approval on Oct. 18.

In a statement to the Saudi Exchange (Tadawul), Saudi Enaya said accumulated losses now stand at SAR 73.8 million.

The auditor's report dated today, Nov. 17, was relied upon to calculate the decrease in accumulated losses to capital.

Procedures applied to Saudi-listed companies with cumulative losses amounting to 20% or more of their capital will continue to be imposed, with reference to the announcement published on the Tadawul website on March 30.