ACIG reduces accumulated losses to 16.84% of capital

20/05/2024 Argaam

ACIG reduces accumulated losses to 16.84% of capital

Logo of Allied Cooperative Insurance Group (ACIG) 

Allied Cooperative Insurance Group's (ACIG) reduced accumulated losses to SAR 49 million, or 16.84% of its capital.

 

According to a statement to Tadawul, the decrease in accumulated losses was due to the company’s improved financial performance in 2023 and Q1 2024, as well as the increase in insurance revenue and net investment returns.

 

The company, represented by the board of directors and executive management, continues to work to raise operational efficiency and improve costs to increase its profitability, the statement pointed out.

 

According to data available on Argaam, ACIG profits soared to SAR 25 million in the first quarter of 2024, up from SAR 3.5 million in Q1 2023.

 

To view the auditor’s report showing the company’s financial position after reducing its accumulated losses, visit:

Auditor’s Report

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