Saudi Arabian Amiantit Co. Announces the Decrease of its Accumulated Losses to 0 % of the Capital

Saudi Arabian Amiantit Co. Announces the Decrease of its Accumulated Losses to 0 % of the Capital

19 February 2024 09:00 AM

Element List

Explanation

Introduction

Saudi Arabian Amiantit is pleased to announce to its valued shareholders that its accumulated losses have decreased to 0% of the capital.

Date of accumulated losses decrease

2024-02-14 Corresponding to 1445-08-04

Amount of the Accumulated Losses

0

Percentage of the Accumulated Losses out of the Capital (%)

0 %

Measures Taken by the Company to Decrease Accumulated Losses

Recording accounting profits amounting to SAR 482.5 million as a result of the completion of the procedures for transferring the ownership of a subsidiary to Alinma Bank and the company was relieved of all its obligations towards Alinma Bank amounting to SAR 572.7 million.

The external auditor’s report clarifying the financial position of the company



Additional Information

With reference to the attached auditor's report, by recording accounting profits amounting to SAR 482.5 million, the Company has fully absorbed its entire accumulated losses of SAR 216.3 million as at 14/02/2024G and has booked amounting to SAR 266.2 million as retained earnings as of that date. In reference to what was stated in the auditor's report on the annual