Riyadh – Mubasher: The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MedGulf) issued a corrective disclosure regarding the elimination of its accumulated losses to 0% of capital.
The company clarified that the financial position reflecting this change is dated 29 June 2026, rather than the 31 March 2026 date previously referenced in an auditor’s report.
The reduction in losses followed an extraordinary general meeting (EGM) on 29 June, where shareholders approved the use of SAR 224.97 million from the company’s share premium account.
This amount was utilized to extinguish accumulated losses totaling SAR 77.82 million, as recorded in the interim financial statements for the period ended 31 March 2026.
MedGulf confirmed that this update will be formally disclosed within its interim financial statements for the second quarter (Q2) of 2026.
The company stated there is no financial impact resulting from this clarification, as the adjustment is limited to correcting the reporting date without any changes to previously announced financial figures. This announcement follows the company's initial disclosure made on 12 July.
