Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) turned to losses before Zakat worth SAR 5 million during the first nine months of 2021, against profits of SAR 42.87 million in the same period last year.
The loss per share stood at SAR 0.16 at the end of September 2021, versus earnings per share of SAR 0.41 in the year-ago period, according to the initial financial results on Sunday.
MedGulf unveiled that its accumulated losses at the end of September this year reached SAR 11.32 million, representing 1.62% of the SAR 700 million capital.
In the third quarter (Q3) of 2021, the insurance firm suffered net losses of SAR 23.38 million against profits worth SAR 7.59 million in Q3-20.
In a recent disclosure to the Saudi Exchange (Tadawul), MedGulf announced that its shareholders approved to increase the capital to SAR 1.05 billion distributed over 105 million shares, compared to SAR 700 million and 70 million shares prior to the hike.
The company aims to endorse the expansion of its business activities and enhance solvency margin.
