Saudi Arabian Amiantit Company announced that its accumulated losses have decreased to 43.42% of the capital.
The company said in a statement to the Saudi market (Tadawul) today, Monday, that it is sympathetic to the company’s announcement on 27 August of its Board of Directors’s decision to reduce part of the statutory reserve to extinguish part From the accumulated losses of less than 50% of the capital, the company announces a decrease in its accumulated losses to 149.588 million riyals.
The company stated that the losses represent a proportion of 43.42% of the capital, according to the chartered accountant's report issued on September 6.
As for the measures taken by the company to reduce its accumulated losses, they were represented in reducing the statutory reserve by 30.2% to extinguish part of the accumulated losses by transferring the amount of 57.296 million riyals from the statutory reserve of the company, amounting to 189.472. One million riyals to extinguish part of the accumulated losses of the company, which totaled 206.884 million riyals, so that the accumulated losses would be 149.588 million riyals only.
The company recorded losses of 188.59 million riyals in the first half of this year, compared to losses of 296.12 million riyals for the same period in 2019, with a decrease in losses by 36.3% .
(Amazon Fun Knowledge)
