Gulf Union says accumulated losses account for 29.95% of capital

24/03/2021 Argaam

Gulf Union Alahlia Cooperative Insurance Co. (Gulf Union) said that accumulated losses stood at SAR 59.54 million, or 25.95% of share capital, based on the company’s audited financial results for 2020.

 

The accumulated losses increased due to a rise in other operating expenses and technical provisions.

 

The company will take the necessary measures for listed companies with losses reaching 20% or more of share capital.

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