Fawaz Alhokair amortizes all accumulated losses after capital cut

Logo of Fawaz Abdulaziz Alhokair Co.

Fawaz Abdulaziz Alhokair Co. amortized all of its accumulated losses on June 29, bringing their value to 0% of capital. 
 

In a bourse filing today, Aug. 16, Fawaz Alhokair said this followed a capital cut to SAR 1.15 billion by amortizing SAR 952.34 million in accumulated losses. 
 

On June 29, the company's shareholders approved the board of directors’ recommendation to reduce capital to SAR 1.15 billion from SAR 2.1 billion to offset the accumulated losses, according to Argaam's data. 
 

Fawaz Alhokair posted a SAR 38 million profit in FY 2021/2022, which ended last March, against a SAR 1.108 billion loss in the prior-year period.