SAICO fully offsets accumulated losses

Logo of Saudi Arabian Cooperative Insurance Co. (SAICO) 

Saudi Arabian Cooperative Insurance Co. (SAICO) announced in a statement to Tadawul that it reduced its accumulated losses to 0% of capital.

According to a statement on Tadawul, SAICO utilized SAR 39.09 million from its SAR 43.69 million statutory reserve to offset accumulated losses. This action was approved by shareholders during the extraordinary general assembly on Dec. 31, 2024. It was subsequently confirmed by the external auditor on Jan. 22.

For more news on listed companies

The company emphasized that utilizing its statutory reserve does not affect its financial liabilities.

SAICO’s shareholders approved on Dec. 30, 2024, using a part of its statutory reserve balance of SAR 43.69 million to fully offset its accumulated losses, Argaam earlier reported.