Dubai - Mubasher: The board of Al Sagr National Insurance Company suggested on 1 March 2023 to lower the paid-up capital to AED 130 million.
The capital reduction proposal is subject to the approval of the annual general meeting (AGM), according to a bourse disclosure.
In 2022, Al Sagr Insurance reported net losses worth AED 49.98 million, down from AED 62.94 million a year earlier.
The DFM-listed firm generated revenues worth AED 633.78 million last year, up from AED 500.47 million as of 31 December 2021, according to the preliminary income statements.
The loss per share plummeted to AED 0.21 in 2022 from AED 0.27 in 2021, while the total assets increased to AED 1.13 billion from AED 1.08 billion.
