Gulf Union Alahlia's accumulated losses slip to 13.96% of capital

Logo of Gulf Union Alahlia Cooperative Insurance Co.

Gulf Union Alahlia Cooperative Insurance Co.'s accumulated losses narrowed to 13.96% of its SAR 64.05 million capital, according to a Tadawul filing today, Aug. 13.

Accumulated losses declined after generating SAR 59.68 million in net profit before Zakat for the period ended June 30, 2023, thanks to better financial performance in Q2 2023, the company said.

Gulf Union Alahlia added that the board of directors and executive management continues to work on improving operational efficiency and optimizing costs to increase its profitability.