The Gulf Company's losses fell 68%, reaching AED 15.05 million in the first quarter of 2021, compared to losses of about 46.5 million dirhams in the same quarter of 2020.
According to Arabic, the company said in a statement that its accumulated losses amounted to 1.69 billion dirhams by the end of the first quarter of 2021, accounting for 94.19% of the capital.
The losses achieved were a result of a decrease in assets due to market challenges in the UAE, as well as the cost of funding for the company during previous years.
The procedures taken to address the accumulated losses were to discuss the Board of Directors' continuity in its activity and rescheduled their full debt with banks and disposal of some investments that do not exceed the company and some unprofitable companies, as well as focusing on investments after the study and updated investments All existing projects.
