Riyadh –  Gulf General Cooperative Insurance Company has inked a health insurance contract with Al Rashid Trading and Contracting Company at a value exceeding 5% of the insurer's 2021 revenues.

Under the agreement which was awarded and signed on 3 July 2022, the listed firm will offer medical insurance services for Al Rashid Trading, according to a bourse disclosure on Tuesday.

Gulf General expects that the deal will reflect positively on its income statements as of the third quarter (Q3) of 2022.

Meanwhile, the contract holds a one-year duration period, starting from 5 July this year.

In 2019, Gulf General sealed an agreement with Al Rashid Trading to provide health insurance services for the latter’s employees and their dependents.

During the first three months (3M) of 2022, Gulf General registered net losses before Zakat of SAR 18.07 million, lower by 22.82% than SAR 23.41 million in Q1-21.

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