Al Ahlia’s accumulated losses hit 37.8% of capital in FY19

Al Ahlia for Cooperative Insurance Co.’s accumulated losses stood at SAR 46.5 million, accounting for 37.8% of total capital (SAR 123 million) as of Dec. 31, 2019, the company said in a bourse filing on Tuesday.

The losses were attributed to an increase in technical reserves, net incurred claims, general and administrative expenses, as well as doubtful debt provisions.

Al Ahlia added that it expects this year’s performance and other corrective measures to curb losses and improve its financial results going forward.

Al Ahlia reported a net loss before Zakat of SAR 44.2 million for the fiscal year 2019, against a net profit of SAR 15.8 million a year earlier.