Saudi Amiantit to use $35mln of statutory reserve to offset accumulated losses

Amiantit saw its net loss increasing to $103mln in FY 2020 from $90mln in the previous year

  
A Saudi man stands in front of a screen as another inspects stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019. Image for illustrative purposes.

A Saudi man stands in front of a screen as another inspects stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019. Image for illustrative purposes.

REUTERS/Ahmed Yosri

Saudi Arabian Amiantit Co’s board of directors has approved utilizing the remaining of the statutory reserve, amounting to 132.18 million Saudi riyals ($35 million) to partially offset the company’s accumulated losses of 205.5 million Saudi riyals.

Accordingly, Amiantit’s accumulated losses would reduce to 73.32 million Saudi riyals, amounting to 22.91 percent of share capital, the company said in a bourse filing Sunday. Earlier, the company said accumulated losses reached 64.22 percent of capital.

Last week Amiantit, which makes pipes for the local market, said its net loss widened to 389.4 million Saudi riyals in FY 2020 from 338.5 million Saudi riyals in the previous year on lower sales.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

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© ZAWYA 2021


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