In a precedent of its kind in the Saudi market, the board of directors of the real estate company recommended not to distribute dividends for the fiscal year 2018.
The company justified that decision, as a result of the decrease in the retained earnings balance, to the extent that profits cannot be disbursed for the fiscal year 2018.
"This decision is a precedent in the Saudi market due to negotiations that were taking place between the company’s board of directors and the chartered accountant about," Thamer Al Saeed said. The value of the allowance announced in the company's results for the year 2018 and the reasons for the existence of this allowance.
Al-Saeed went on to say that the situation is hasty, as there have always been negotiations with the legal accountant on calculating the allowance, and the real estate company had to quench before announcing the distribution of profits in January. 2019, to ensure that she can make such a recommendation.
It is worth noting that Al-Aqaria recorded a loss of 183 million riyals at the end of last year, compared to the profits of 132 million riyals in the same period of 2017.
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