SAPTCO to use statutory reserve to offset accumulated losses

Losses represent 10.74% of the capital

  
A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

REUTERS/Faisal Al Nasser
Riyadh – Mubasher: The board of the Saudi Public Transport Company (SAPTCO) approved using the statutory reserve worth SAR 183.47 million to offset all of the company’s accumulated losses that represent 10.74% of the capital.

The accumulated losses have reached SAR 134.23 million as per the initial consolidated financial statements for the period ending on 30 September 2020, according to a stock exchange statement on Tuesday.

Moreover, the board agreed to use the remaining amount from the statutory reserve in amortising any losses appearing during the period ending on 31 December 2020.

In the third quarter (Q3) of 2020, SAPTCO moved to net losses of SAR 121.8 million, compared to net profits of SAR 95 million in the same quarter in 2019.

Source: Mubasher

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