Amana Cooperative Insurance Company said its accumulated losses hit SAR 87.1 million by end of the first nine months of 2014, compared to SAR 22 million in the same period of last year.
The company’s losses had reached up to around 46 percent of capital in June 2014, but its financial position has worsened further.
As per Saudi stock market rules, firms facing losses of over 50 percent of capital are required to disclose financial performance on a monthly basis and set up a plan to rectify their position.
Amana has not announced results for the financial period ended on September 30, and its stock was suspended as a result.
|
Accumulated losses of Amana Cooperative Insurance |
|
|
September 2014 |
|
|
Capital (million riyals) |
320 |
|
Accumulated losses (million riyals) |
207.2 |
|
Percentage, accumulated losses of capital (million riyals) |
%64.8 |
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