Riyadh - Mubasher: Al Alamiya for Cooperative Insurance Company accepted the resignation of Khalid Jaafar Allagany from his position as the firm’s CEO on 11 September 2022.
Allagany submitted his resignation, which will take effect on 11 December 2022, due to personal reasons, according to a bourse filing.
Meanwhile, the insurer noted that it will disclose any further developments regarding the appointment of a new CEO in due course.
Last January, Al Alamiya named Abdulaziz bin Hasan and Tariq Al Naeem as the board’s Chairman and Vice Chairman, respectively.
In the first half (H1) of 2022, the Saudi listed firm turned to net losses before Zakat worth SAR 20.44 million, compared to a net profit of SAR 825,000 in H1-21.
The loss per share stood at SAR 0.58 during January-June 2022, versus SAR 0.07 in the year-ago period.
Furthermore, the accumulated losses amounted to SAR 59.92 million as of H1-22, accounting for 14.98% of the SAR 400 million capital.
