SVCP reduces accumulated losses to 10.35% of capital

Logo of Saudi Vitrified Clay Pipes Co. (SVCP)

Saudi Vitrified Clay Pipes Co. (SVCP) cut its accumulated losses from 62% of capital as of Sept. 30, 2024, to 10.35% of the current capital as of Nov. 30.

In a statement to Tadawul, SVCP explained that it reduced its accumulated losses by transferring SAR 75 million from the statutory reserve.

According to data available on Argaam, SVCP shareholders approved the transfer of the statutory reserve balance of SAR 75 million, as per 2023 financial statements, during an extraordinary general meeting (EGM) in November.

The transfer aimed to offset the company’s accumulated losses of SAR 35.25 million, which represent 23% of its capital, based on the interim financial statements for the period ended June 30, 2024.

The company’s accumulated losses had amounted to SAR 92.54 million by the end of the first nine months of 2024, representing 61.67% of capital.