Riyadh – Mubasher: Gulf General Cooperative Insurance Company has been awarded a contract to provide insurance services for the vehicle fleet with Al Wefaq Transport Solutions Company.
The one-year contract’s value is more than 10% of the company's total revenues for the fiscal year (FY) 2021, according to a bourse filing on Monday.
Gulf General signed the contract on Wednesday, 25 May, and started providing its insurance services the day after.
Meanwhile, the Saudi listed company expects that the project will reflect positively on its financials, starting from the second quarter (Q2) of 2022.
It is worth noting that during the first quarter (Q1) of 2022, the insurer registered net losses before Zakat of SAR 18.07 million, down 22.82% from SAR 23.41 million in Q1-21.
