By Mohammed Abu Meleeh
Riyadh-Mubasher Mohammad Al Mojil Group (MMG) has recorded earnings of SAR 24.9 million in February, the first time the company records monthly earnings since the start of releasing administrative financials in July 2014.
MMG narrowed its accumulated losses for the first time in 19 months as they reached 285% of the SAR 1.25 billion capital.
Over the 19-month period, the group’s accumulated losses increased by more than 80%. In July 2014, they reached SAR 3.56 billion, or 206% of capital. At the end of January 2016, the accumulated losses increased to SAR 3.56 billion, or 287% of capital.
The group announced its plan to adjust status in October 2014.
According to market regulations, the companies whose accumulated losses exceed 50% of capital are required to release their financials on a monthly basis.
Translated by Abdul Maguid Aboshahla
