The company said in a statement to the Saudi market (Tadawul), that the Board recommended the use of the full statutory reserve balance of 8.1 million riyals to cover part of the accumulated losses of (sincerity) amounting to 25.85 million riyals as at the end of 2019.
She explained that those losses represent a percentage of (6.46%) of the capital, so that the total accumulated losses remaining amount amounting to 17.76 million riyals, representing a ratio (4.44%) of the head Money.
The company stated that the decision will be presented to the ordinary general assembly of shareholders (sincerity) to vote on it, and any substantial development, if any, will be announced at the time.
The company's losses in the past year were 39.2 million riyals, compared to losses of 30 million riyals in 2018, an increase of 30.7% on an annual basis.
