TADCO to use SAR 68 mln in statutory reserve to offset accumulated losses

Logo of TADCO

Tabuk Agricultural Development Co.’s (TADCO) board of directors approved, on May 3, 2021, utilizing SAR 68.02 million from the statutory reserve to partially offset the company’s accumulated losses, according to the consolidated financial statements approved by the external auditor as of Dec. 31, 2020.

The accumulated losses stand at SAR 86.5 million, representing 35.8% of the capital, bringing the total remaining accumulated losses of the company to SAR 18.53 million, the firm said in a statement to Tadawul.

TADCO said it would announce the accumulated losses reduction after the chartered accountant’s report.