Abu Dhabi - Mubasher: United Fidelity Insurance Company has incurred AED 23.53 million accumulated losses as of the third quarter (Q3) of 2020, representing 23.5% of the company's paid-up capital.
The accumulated losses have decreased from 26.2% of the capital when compared to the end of 2019, according to the company's disclosure to the Abu Dhabi Securities Exchange (ADX) on Sunday.
These accumulated losses were mainly driven by the losses of AED 11.3 million in 2017 and AED 9.4 million in 2018.
The company has witnessed a complete transformation and post capital restructuring and injection of AED 100 million in the mid of 2017.
The company expected to lower the losses to below 20% during the first half (H1) of 2021 if the economic situation improved post coronavirus (COVID-19) crisis.
It is noteworthy to mention that in the first quarter (Q1) of 2020, the company's net profits surged by 240% to AED 541,000, compared to AED 159,000 in the year-ago period.
