Saudi's Baazeem halts setting aside retained earnings

The decision, which was taken on 16 September, was because Baazeem’s statutory reserve reached 30% of the capital

  
Saudi men inspect a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019. Image for illustrative purposes.

Saudi men inspect a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019. Image for illustrative purposes.

REUTERS/Ahmed Yosri
Riyadh – The shareholders of Baazeem Trading Company decided to suspend the process of keeping aside 10% retained earnings to create statutory reserve.

The decision, which was taken on 16 September, was because Baazeem’s statutory reserve reached 30% of the capital, according to a bourse disclosure.

It is worth noting that the listed company posted a 5% decrease in net profits to SAR 14.69 million in the first half (H1) of 2021.

Source: Mubasher

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