Logo of Al Alamiya for Cooperative Insurance Co.
Al Alamiya for Cooperative Insurance Co. announced a significant favourable impact in its net assets, due to an increase in the investments held in Najm for Insurance Services Co.
In a statement to Tadawul, Al Alamiya said it owns 3.45% of Najm shares, which has been so far measured at a cost amounting to SAR 1.9 million. However, Al Alamiya will now recognize this equity at a fair value of SAR 37.78 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.
Al Alamiya will recognize this increase in the net asset value of investments through other comprehensive income.
This will be reflected in the quarterly financial statements for the period ended March 31, 2023.
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