Saudi Airlines Catering to transfer $29mln to accumulated losses

Saudi Airlines Catering will transfer the 30% surplus of statutory reserve

  
Saudi airline. Image courtesy Dubai Media Office Twitter handle. Imgae used for illustrative purpose

Saudi airline. Image courtesy Dubai Media Office Twitter handle. Imgae used for illustrative purpose

Riyadh –  The board of Saudi Airlines Catering Company approved to transfer the 30% surplus of the company’s statutory reserve to the accumulated losses balance.

The company will be adding SAR 107.83 million to the accumulated losses account, which will later be decreased upon the external auditor report, according to a bourse filing on Wednesday.

Until the third quarter (Q3) of 2020, Saudi Airlines Catering incurred net losses of SAR 106.5 million, against net profits of SAR 142 million in the prior-year quarter.

Source: Mubasher

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