The Board of Directors of the Saudi Public Transport Company (SAPTCO) approved the use of the statutory reserve amounting to 183.47 million riyals to offset all accumulated losses.
According to Arabiya Net, the company clarified in a statement that the accumulated losses amounted to about 134.23 million riyals, representing 10.74%, according to the consolidated financial statements approved by the external auditor For the period ending September 30, 2020.
and indicated that it was also approved to use the remainder of the statutory reserve for what may arise from losses during the fiscal year ending on December 31, 2020.
The financial results of the Saudi Public Transport Company - SAPTCO, in the third quarter of 2020, revealed its transformation into losses, a net loss of 121.75 million riyals, compared to a net profit of about 95 For the third quarter of last year.
In addition, (SAPTCO) announced, yesterday, Monday, the issuance of the Royal Decree No. 21505 appointing the president and members of government representatives in the company's board of directors for a period of 3 years for its session. The next session that will start on 1 Rajab 1442 AH in the next session of the Council.
SAPTCO said, in a statement on the Saudi Stock Exchange website Tadawul, that the decision included the appointment of Khalid bin Saleh Al-Mudayfer - a non-executive member, and Zayed bin Abdulrahman Al-Tuwayan - A non-executive member, Abdulaziz bin Musaed Al-Musaed - a non-executive member, and Abdullah bin Ibrahim Al-Saleh - a non-executive member.
