Publishing the monthly unaudited financial statements was one of procedures required by the Capital Market Authority (CMA) for Saudi listed companies with accumulated losses exceeding 50% of their capitals.
According to a study conducted by Argaam; 10 Saudi Companies reported an increase in their accumulated losses by the end of October 2014 compared to December 2013 and only one company (SALAMA Insurance) reported a decline of accumulated losses while Atheeb’s accumulated losses remained unchanged as shown in the following table:
|
Companies accumulated losses |
||||
|
October 2014 |
December 2013 |
December 2012 |
Capital |
Company |
|
%223 |
%188 |
%178 |
1250.0 |
Al Mojil Group |
|
%129 |
%128 |
%124 |
50.0 |
Bisha Agriculture |
|
%123 |
%121 |
%71 |
150.0 |
Al Baha Investment and Development Company |
|
%82 |
%68 |
%53 |
200.0 |
Sanad insurance and reinsurance Cooperative Company |
|
%74 |
%68 |
%17 |
200.0 |
Arabia Insurance Cooperative Company |
|
%73 |
%72 |
%65 |
100.0 |
Wafa Insurance |
|
%71 |
%75 |
%33 |
100.0 |
Salama Cooperative Insurance Company |
|
%65 |
%37 |
%34 |
320.0 |
Amana Cooperative Insurance |
|
%60 |
%44 |
%32 |
200.0 |
Al Alamiya for Cooperative Insurance Company |
|
%56 |
%56 |
%41 |
1575.0 |
Etihad Atheeb Telecommunication Company |
|
%52 |
%41 |
%24 |
200.0 |
Alinma Tokio Marine Company |
|
%51 |
%44 |
%35 |
535.4 |
Saudi Fisheries Company |
The study indicated that all previously mentioned companies reported a net loss for the ten months ended October 31, 2014 except for Atheeb due to realizing a gain from selling a property and Salama Insurance due to the increase of net underwritten premiums.
Al Mojil Group reported the greatest net loss by the end of October reaching SAR 451m or SAR 3.61/share because of the decline of contracts’ revenue and the increase of provisions compared to the same period last year.
|
Net income for the first 10 months of 2014 |
||
|
EPS |
January 01 until October 31, 2014 |
Company |
|
( 3.61 ) |
( 451.2 ) |
Al Mojil Group |
|
( 0.13 ) |
( 0.7 ) |
Bisha Agriculture |
|
( 0.23 ) |
( 3.4 ) |
Al Baha Investment and Development Company |
|
( 1.32 ) |
( 26.4 ) |
Sanad insurance and reinsurance Cooperative Company |
|
( 0.54 ) |
( 10.8 ) |
Arabia Insurance Cooperative Company |
|
( 0.15 ) |
( 1.5 ) |
Wafa Insurance |
|
0.52 |
5.2 |
Salama Cooperative Insurance Company |
|
( 2.80 ) |
( 89.6 ) |
Amana Cooperative Insurance |
|
( 1.57 ) |
( 31.4 ) |
Al Alamiya for Cooperative Insurance Company |
|
0.06 |
9.6 |
Etihad Atheeb Telecommunication Company |
|
( 0.19 ) |
( 3.9 ) |
Alinma Tokio Marine Company |
|
( 0.71 ) |
( 38.0 ) |
Saudi Fisheries Company |
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}