The Saudi Pharmaceutical Industries and Medical Appliances Corporation announced that its accumulated losses have decreased to 19.13% of the capital.
The company said in a statement to the Saudi market (Tadawul) today, Tuesday, that, as stated in the company's announcement on the stock exchange website on August 12th, about the initial financial results for the period ending As of June 30, 2020, the percentage of accumulated losses of capital reached 19.13%, compared to 25.03% as on December 31, 2019.
noting that the realization of the accumulated losses resulted from taking provisions and depreciating losses in the value of goodwill and trade receivables and previous years' adjustments as a result of the corrective measures taken by the company during 2019. < / p>
The company achieved net profit for shareholders after excluding minority rights for the first six months of the current year amounting to 70.87 million riyals, as a result of improved sales and reduced production costs due to increased production efficiency As well as improved operating profit as a result of reducing operating expenses.
and Al-Dawa'iyah clarified that work is still underway to improve performance and raise operational efficiency to achieve more profits for the shareholders of the company.
(Amazon Fun Knowledge)
