Naseej accumulated losses reach 38.32% of capital

Logo of Naseej International Trading Co.

Naseej International Trading Co. said its accumulated losses reached SAR 41.76 million, or 38.32 % of capital, based on the in-house financial results for August 2024, which were closed on Sept. 9.

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The losses were mainly attributed to the decrease in production quantity, which led to lower sales, higher costs of goods manufactured, and a plunge in gross profits, Naseej said in a statement to Tadawul.

The company incurred non-recurring expenses related to the previous capital raise and the finance cost resulting from extending the maturity of loans, which were partially compensated by reducing operating expenses.

The company is working to find the best solutions to reduce accumulated losses and take the necessary procedures through increasing sales volume, reducing expenses, and acquisition of Etmam Arabia Construction Co.

Procedures and instructions related to Tadawul-listed companies whose accumulated losses reach 20% or more of capital will be applied.