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The Group was informed on 1/08/2019 that its accumulated losses exceeded 70% of the share capital. On 1st / 08/2019, the Chairman and the Board of Directors were informed that the accumulated losses had risen SR 810.5 million, or 70.2% of the capital. Beyond the accumulated losses, are as follows:
The Amiantit Group began to experience losses as of June 2016 due to the cancellation of certain project awards and the slowdown in new orders, which resulted in lower sales and therefore lower sales. from production.
The decline in sales is due to lower construction and construction activities in general, particularly in Saudi Arabia, where some projects were canceled or delayed, resulting in a delay in order delivery.
Lower production led to higher raw material costs and a lower profit margin, compounded by losses of $ 150.9 million in fixed badets, consisting of provisions for inventories and bad debts. The fourth quarter of 2016 resulted in a loss of A $ 194 million and ended in 2016 with a loss of A $ 250.795 million.
Negative results for 2017 continued due to a decline in profit margins of 91.546 million SAR for the whole of 2017. The losses recorded in 2017 are mainly due to a sharp drop in the figure. business, which amounted to 547 million SAR, against 1.16 billion SAR for 2016.
In 2018, the Company had exceptional provisions, a reduction in the value of property, plant and equipment of SAR 97.1 million and provisions for debt in accordance with IFRS 9 and provisions for inventories. Which affected the results of the group. The total losses for 2018 amounted to 230,285 million SAR.
In 2019, normal losses in the first quarter were AUD 41 million, while second quarter losses in the same year amounted to RS 46 million. This is attributed to continued pressure on profit margin and lower sales. The decrease in the second quarter results of 2019 is explained by the response to the requirements of international accounting standards, which resulted in a total loss of SAR 215.9 million and the total losses on this basis. 2019 in 2019, or 303 million RS.
In this regard, the company "will apply the procedures and instructions of companies whose shares are quoted on the market and whose accumulated losses represent at least 20% of their capital" issued by the Board of the Capital Market Authority. pursuant to resolution 4 / 4-2013 of 15/01/1435 H corresponding to 18/11/2018 and amended by resolution of the Board of the Capital Market Authority No. 1-77-2018 and the 15/11/1439 H corresponding to the 18/07/2018.
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