Amiantit reduces accumulated losses to 34.93% of capital

Logo of Saudi Arabian Amiantit Co.

Saudi Arabian Amiantit Co. announced that its accumulated losses declined to 34.93% of capital, or SAR 99 million, as on Feb. 27, 2022, according to a bourse filing.

The company announced that accumulated losses, after the capital reduction, represented 0.15% of adjusted share capital, due to the calculation of the accumulated losses for the third quarter of 2021 after the capital reduction to SAR146,499. This was divided into the adjusted share capital SAR 99 million.

The decline in accumulated losses is attributed to capital reduction by SAR 221 million, based on the approval of the extraordinary general meeting.

The below is the auditor’s report on the company’s financial position after reduction in its accumulated losses: