Al Jouf Cement says accumulated losses reach 0.01% of capital

08/09/2022 Argaam

Logo of Al Jouf Cement Co.

Al Jouf Cement Co.’s accumulated losses decreased to 0.01% of capital by writing off 99.97% of accumulated losses as of Dec. 31, 2021, amounting to SAR 343 million, or 23.99% of the company’s capital, according to a bourse filing today, Sept. 8.

 
The company’s accumulated losses after the decrease stand at nearly SAR 113,599.
 
Al Jouf Cement ascribed the decrease in accumulated losses to the reduction of its capital by SAR 343 million through the cancellation of 34.3 million shares to write off 99.97% of accumulated losses based on the approval of the company’s extraordinary general assembly held on August 29, 2022.
 

The company’s current capital stands at SAR 1.087 billion after the reduction, according to Argaam’s data.

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