Saudi's SAPTCO to offset accumulated losses

SAPTCO will use $5.88mln worth of consensual reserve

Riyadh – The shareholders of the Saudi Public Transport Company (SAPTCO) approved using SAR 22.06 million worth of consensual reserve to offset the entire accumulated losses, which represent 1.76% of the capital.

This amount is part of the total consensual reserve of SAR 42.73 million, according to a disclosure to Tadawul on Tuesday.

The equityholders also agreed to transfer the remaining consensual reserve of SAR 20.66 million to the retained earnings account.

SAPTCO’s stakeholders, in addition, gave the green light for the board’s recommendation to withhold dividends for 2020.

Last year, the company incurred net losses of SAR 377.7 million, versus net profits of SAR 33.9 million in 2019.

Source: Mubasher

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