Al Sagr reports higher value of investment in Najm

09/04/2023 Argaam
Logo ofAl Sagr Cooperative Insurance Co.

Logo of Al Sagr Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co. reported an increase in the value of investment held in Najm for Insurance Services Co. (a closed joint stock company).

 

In a statement to Tadawul, Al Sagr said it owned 3.45% of Najm shares, which has been so far measured at cost amounting to SAR 1.92 million. However, the insurer will now recognize this equity at fair value at SAR 39.70 million for the year ended Dec. 31, 2022.

 

This recognition is based on Najm independent valuation, under IFRS 9 Financial Instruments, as of Jan. 1, 2023.

 

The relevant impact will be reflected on the company’s Q1 2023 financial statements.

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