Saudi Industrial Services Co.’s (SISCO) 76 percent owned affiliate, LogiPoint, has booked a SAR 13.5 million provision for doubtful debt representing the total accounts receivables due from a client who has been granted a financial restructuring procedures ruling by the court, SISCO said in a bourse statement.
SISCO’s Q3 2019 net profit is expected to drop by SAR 10.3 million as a result of this provision while cash flows are not expected to be affected, the statement added.
LogiPoint, however, is currently taking all regulatory and legal procedures to collect this debt through the bankruptcy secretary appointed by the commercial court in Jeddah.
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