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From: Thabet Shehata
Riyadh – Mubasher: A group of publicly traded Saudi companies are looking for a quick bailout after entering the risk circle because of accumulated losses that they have accumulated to levels beyond the capital of some companies to bring them to the brink of collapse ..
The Saudi Stock Exchange (Tadawul) divides these companies into three categories..
The second band, the orange band, includes companies with accumulated losses greater than 35% and less than 50%..
The yellow range is for companies with accumulated losses equal to or greater than 20% and less than 35%..
New companies have joined the list of companies that have accumulated losses, more than 20% of their capital, during the recent period, and others have pulled out of the list..
In total, 21 companies accumulated losses amounting to 5.6 billion riyals, representing 42.3 percent of their total capital of 13.28 billion riyals..
Real danger
In the red band, which includes companies considered to be in real danger and requiring an urgent rescue plan, four companies, led by Abdullah Abdulmohsen Al-Khodari Sons, have accumulated losses representing about twice the capital..
And announced "Al-Khodari said in February 2019 that its accumulated losses amounted to 1.1 billion riyals, representing 198.52% of the company's capital, which amounted to 557.81 million riyals..
The first chamber of commerce of the Dammam Commercial Court decided in July to open the company's financial reorganization procedure and to appoint Saleh bin Abdullah Al-Naeem as secretary..
Fawaz Al-Khodari, the company's CEO, said about the decision that the opening of the company's financial reorganization was a positive way to protect it from the regime's overthrow..
In early September, the company disclosed that the first version of the business plan and financial restructuring had been completed, one of the requirements associated with the publication of the 2018 consolidated financial statements..
The list includes Wafa Insurance, Al Sorayai group, Amiantit and Al Khodari".
Less dangerous
The less risky orange lineup includes 4 companies, led by Wafra for Industry and Development, which accumulated losses of 97.07 million riyals at the end of the second quarter of 2019, accounting for 48.54% of its capital of 200 million riyals..
The profits of the company "Wafra" to 294.39 thousand riyals, in the second quarter of this year, compared to 1.66 million riyals for the same period last year, a decrease of 82.27%.
The list includes Anaam Holding, the Saudi paper company, the Saudi fishing company and Wafra".
The beginning of the crisis
The latter, the yellow band, which includes companies that are at the beginning of the crisis, comprises 13 companies, with accumulated losses ranging from 33.75% to 20.3% of its capital..
The Tabuk agricultural company topped the list after increasing its accumulated losses to 151.86 million riyals by the end of the second quarter of 2019, representing 33.75 percent of the capital of 450 million riyals..
The company recorded losses of about 66.64 million riyals in the second quarter, a net profit of 6.66 million riyals for the same quarter of last year..
The list includes two telecommunications companies, Zain Saudi Arabia and Etihad Atheeb, as well as several insurance companies such as Medgulf, Amana Insurance and Al Ahlia, among others..
New companies
And joined 3 New companies, for the list of companies with losses greater than 20%, led by Tabuk Agricultural, alongside the company Hassan Shaker and the Tourism Projects Company "Shams".
Shaker announced that its cumulative losses reached 132.34 million rand by the end of the second quarter of 2019, approximately 21 Capital of 630 million riyals.
The Company has explained that the increase in accumulated losses is mainly due to the outflow and loss of inventories resulting from the write-down of receivables in accordance with the IPSAS requirements..
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