Dubai – Islamic Arab Insurance Company (Salama) reduced its capital by 22.34% to AED 939.58 million from AED 1.21 billion, according to a bourse disclosure.

The capital cut aimed to write off AED 270.41 million in accumulated losses registered at the end of 2021.

Meanwhile, the DFM-listed firm cancelled 270.41 million shares in order to carry out the reduction process.

Notably, the shareholders granted their approval for the capital decrease during the ordinary general meeting (OGM) that was held on 16 January 2023.

Last year, Salama logged net profits worth AED 45.27 million, lower than AED 62.37 million in 2021.

Revenues hiked to AED 1.11 billion in 2022 from AED 1.08 billion a year earlier, while the earnings per share (EPS) declined to AED 0.02 from AED 0.04.

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