Zamil cuts accumulated losses to 5.53% of capital

Logo of Zamil Industrial Investment Co.

Zamil Industrial Investment Co.'s accumulated losses decreased from SAR 169.3 million (28.2% of capital) on June 30, 2023, to SAR 33.2 million (5.53% of SAR 600 million capital) by Sept. 30, 2023.

The company used SAR 180 million from its statutory reserve to reduce its SAR 169.3 million accumulated losses, as decided by its shareholders on Sept. 28, 2023, the company said in a Tadawul statement.

Zamil Industrial’s losses rose to SAR 231.1 million by the end of Sept. 2023, up from SAR 78.5 million in the same period in 2022, with Q3 2023 losses at SAR 33.2 million.