Tabuk Agricultural says accumulated losses drop to 10.2% of capital

Logo of Tabuk Agricultural Development Co. (TADCO)

Tabuk Agricultural Development Co. (TADCO) said that accumulated losses dropped from 39.1%, on June 30, 2023, to 10.2% of its SAR 391.77 million capital as of Sept. 30, 2023.

In a statement to Tadawul, the company said accumulated losses currently stand at SAR 39.91 million.

TADCO evaluated its investment in Horizon Food Co. (a subsidiary until Sept. 2, 2023, and currently an associate) at fair value on the date of losing control (Sept. 3, 2023) based on IFRS 10 “Consolidated Financial Statements” and the accounting treatment related to losing control.