Walaa reports higher investment value in Najm

09/04/2023 Argaam
Logo ofWalaa Cooperative Insurance Co.

Logo of Walaa Cooperative Insurance Co.

Walaa Cooperative Insurance Co. (Walaa) announced a higher value of investment in Najm for Insurance Services Co., which resulted in a material positive impact of 7% on the company’s net assets, according to a statement to Tadawul.  

 

Walaa said it owns 6.90% of Najm shares, which has been so far measured at cost amounting to SAR 5.1 million. However, Walaa will now recognize this equity at fair value of SAR 79.41 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. 

 

Walaa also indicated that it would recognize this higher value of investment at fair value through other comprehensive income (FVTOCI), which will appear in Q1 2023 financials. 

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