Saudi Cable Company announced a decrease in its accumulated losses by (69.4%) as a result of the capital reduction. This is equivalent to 89.6% of the company's capital after the reduction.
Saudi Cables said in a statement to Tadawul today, Thursday, that in accordance with the company's capital restructuring plan and accumulated losses, the company has reduced the capital from 262.311 million riyals to 66.792 million riyals.
Saudi Cables explained that the reduction came based on the approval of the Extraordinary General Assembly held on Monday, 25 July 2022.
Accordingly, the accumulated losses as on March 31, 2022, amounting to 195.582 million riyals, were amortized by 74% of the capital at that time (262.311 million riyals), to become 59.815 million riyals, or 89.6% of the current capital (66.792 million).
Thus, the capital of Saudi Cables decreased from 262.311 million riyals to 66.792 million riyals, with a decrease in accumulated losses from 195.582 million riyals to 59.815 million riyals as on July 31, 2022.
The auditor’s report also indicated that on the date of the extraordinary general assembly’s decision corresponding to July 25, 2022, the company’s losses amounted to 255.398 million riyals, or 97.4% of the capital before amortization, to become 59.815 million riyals, or 89.6% of the capital after amortization.
The losses of Saudi Cables rose 131.9% in the second quarter of this year to reach 44.489 million riyals, compared to losses of 19.186 million riyals in the same period of 2021.
Saudi Cables incurred losses of 81,644 by the end of the first half of this year, reaching 81.644 million riyals, compared to losses of 55.068 million riyals in the same period of the previous year.
