Riyadh – Mubasher: Saudi Steel Pipe Company (SSP) announced the implementation and compliance with the rules and regulations related to listed companies whose accumulated losses reached 20% or more of the company’s share capital.
The Kingdom-based company has adjusted its financial position by full absorption of its accumulated losses of SAR 126.79 million by the end of 31 December 2018, according to a filing to the Saudi Stock Exchange (Tadawul) on Monday.
The company’s total loss represented 24.86% of its share capital of SAR 510 million.
“The reason for full absorption of accumulated losses is the result of the transfer of an amount of SAR 126,793,725 from (Share Premium Account) to ‘Retained Earnings / Loss Account’ as approved by the ordinary general assembly,” the statement highlighted.
Accordingly, the recorded accumulated losses as of 31 December 2018 have become nil, SPP noted.
In 2018, SSP’s losses after zakat and tax amounted to SAR 166.66 million.
