AlBaha Investment and Development Co. has reduced its accumulated losses to SAR 27.8 million, or 15.72 percent of its capital, the company said in a bourse statement on Thursday.

 

The narrowed losses were attributed to offsetting SAR 118 million in accumulated losses and cutting capital to SAR 177 million.

 

The capital reduction will have no impact on AlBaha’s liabilities, the statement added.

 

In a separate statement on Thursday, AlBaha said its accumulated losses dropped by SAR 39.3 million due to the implementation of the International Financial Reporting Standards (IFRS) on financial statements as of Jan. 1, 2016.

 

The reduction was attributed to transferring an unconditional government grant – in the form of a plot of land - to the balance of accumulated losses, the company said, adding that there will be no change in total shareholders’ equity.

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