MEDGULF reports higher value of investment in Najm

09/04/2023 Argaam
Logo ofMediterranean and Gulf Insurance and Reinsurance Co.

Logo of Mediterranean and Gulf Insurance and Reinsurance Co.

Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) reported a significant favorable impact on net assets, driven by an increase in the value of investment held in Najm for Insurance Services Co.

 

In a statement to Tadawul, the company said it owns 689,655 shares in Najm, which was historically carried at cost of SAR 1.9 million.

 

MEDGULF will now recognize this rise at fair value of SAR 39.7 million for the year ended on Dec. 31, 2022.

 

This recognition is based on the independent valuation carried out by Najm following the adoption of IFRS 9 (financial instruments) effective Jan. 1, 2023.

 

The insurance services provider will recognize this increase in the net asset value of investments through other comprehensive income.

 

The impact of this will be reflected on the financial statements for Q1 2023, the company concluded.

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