News Middle East29 Jul 2019

Saudi Arabia:Shareholders reject 2018 financial statements

29 Jul 2019

Shareholders of Salama Cooperative Insurance have failed to approve the company's audited financial statements and audit report for the fiscal year 2018 during a general annual meeting held on 25 July, the company said in a statement to the stock exchange.

Shareholders also failed to approve the board report, board remuneration, and related party transactions for 2018.

The general assembly, however, approved the formation of the audit committee and elected board members for the upcoming three-year term.

Salama posted a net profit before zakat of SAR16.3m ($4.4m) for 2018, a plunge of 75% or around SAR49m from 2017 on a 16% increase in net claims incurred to SAR578.8m.

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