Solidarity says losses drop below 50%

Solidarity Saudi Takaful Co.’s accumulated losses have dropped below 50 percent as it made a SAR 25 million profit, or 10 percent of its capital, mainly due to its capital cut, the company said in a statement to Tadawul Thursday.

The company reduced its capital on March 8, 2017 to SAR 250 million from SAR 555 million (extinguishing one share for every 1.82 outstanding shares).

The capital reduction will not affect the company’s liabilities, the statement said.