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RIYADH: The Kingdom’s insurance sector closed the financial year 2020 on a high note with the aggregate net profit of local insurance firms, except for the Saudi Indian Company for Cooperative Insurance, rising to SR1.443 billion ($0.38 billion) in Q4, an increase of 47 percent year-on-year, according to data compiled by the financial news service Argaam. There were 13 insurers recording higher profits in 2020, led by the Mediterranean and Gulf Insurance and Reinsurance Co., which surged 1,081 percent, the Saudi Arabian Cooperative Insurance Co., which increased 545 percent, and the Gulf General Cooperative Insurance Co. which saw net income up 397 percent. The sector finished out the tough year on a high note mainly thanks to government support. ....
Solidarity, Aljazira Takaful merger takes effect as creditor objection period ends 28/02/2021 Argaam Logo of Solidarity and Aljazira Takaful The creditor objection period for the merger between Solidarity Saudi Takaful Co. (Solidarity) and Aljazira Takaful Taawuni Co. ended Feb. 26, 2021, without any outstanding objections from Solidarity’s creditors.
The company said in a statement to Tadawul that it has received two separate objections from creditors pertaining to existing claims previously filed against the company, and is currently awaiting final judgement from a court in Saudi Arabia.
Solidarity’s ultimate liability pertaining to these two claims is still subject to a final judgement from the court; however, these potential liabilities and/or debts are not currently due and are deferred debt for the purpose of the provisions of Article 193 of the Companies Law. ....
Here are a few things you need to know as Saudi stocks start trading on Sunday. 1) National Shipping Company of Saudi Arabia (Bahri) reported a net profit after Zakat and tax of SAR 1.571 billion for the fiscal year 2020. 2) The ownership of the entire share capital in Refan Company for Operation & Maintenance Limited was transferred to National Company for Learning and Education (NCLE). 3) Arabian Centres Co.’s board of directors approved the receipt of all dues from FAS Holding Co. for Hotels (a related party) at a total of SAR 350.3 million as on Sept. 30, 2020. 4) The Capital Market Authority (CMA) approved Halwani Bros. Co.’s request for capital increase through bonus share distribution. ....
Here are a few things you need to know as Saudi stocks start trading on Tuesday. 1) National Gas and Industrialization Co. (GASCO) said its share in the cash dividends of its subsidiary, National Industrial Gases Co., is SR50.4 million ($13.44 million). 2) Raydan Food Co. opened a franchise branch in Yanbu Industrial City on Dec. 28, 2020. 3) Saudi Electricity Co.’s (SEC) shareholders approved the plan for the SR3.35 billion dividend owed to Saudi Arabian Oil Co. (Saudi Aramco) since SEC’s inception until 2017. 4) Naseej International Trading Co.’s accumulated losses dropped to zero after shareholders agreed at the extraordinary general meeting (EGM) to cut capital. ....