Wafrah fully reduces accumulated losses after capital cut

Wafrah for Industry & Development Co. (Wafrah) said in a bourse statement that accumulated losses dropped to 0% of capital as on April 8, 2020 following a capital cut.

Wafrah's shareholders approved in April a 61.4% capital cut to SAR 77.17 million from SAR 200 million to offset accumulated losses, through writing off 12.28 million shares.

Wafrah reported net earnings of SAR 1.3 million in Q1 2020, compared to SAR 529,000 in a year-earlier period, Argaam reported.