Explanatory announcement from the Arabian Pipes Company about Arabian Pipes Co. announces its Interim Financial Results for the Period Ending on 2022-03-31 ( Three Months )
- Date: 26-May-2022
- Source: Mubasher
- Sector:Economy
- Country:Middle East
Explanatory announcement from the Arabian Pipes Company about Arabian Pipes Co. announces its Interim Financial Results for the Period Ending on 2022-03-31 ( Three Months )
| Announcement Detail
|| -Arabian pipes company would like to clarify that the accumulated losses as on March 30, 2022 amounted to by SR (84.5) MM compared to about SR (411.2) MM at the end of year 2021.On 20-2-2022 the EGA approved to decrease of the Company’s capital to reach SR 100 MM instead of SR 400 MM to reduce SR 300 MM of the accumulated losses. Also, on the same day, board of directors transferred SR 39.9 MM from the reserves to reduce the accumulated losses. On 19-04-2022 , the board of directors transferred SR 77.9 MM to from the reserves to reduce the accumulated losses., As of today, the losses is SR (6.7) MM which represent 6.7% of the capital. It is worth to mention that the company announced the details of the accumulated losses on 20-04-2022.
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