Anaam International Holding Group is likely to turn profitable next year, CEO Hassan Yamani, told Argaam in an exclusive on Monday, noting that economy was hit by the COVID-19 outbreak and Anaam is seeking to mitigate its negative impact.
“Following the capital hike, Anaam aims to acquire income-generating assets, such as hotels. It is also eying investments in the healthcare sector and olive cultivation industry,” Yamani said.
Anaam is also targeting to sell some equipment in Al-Jouf to generate capital gains. It will recognize the capital hike expenses under annual earnings, a matter that will lead to a marginal loss this year.
Last February, the company’s board of directors recommended raising capital from SAR 75 million to SAR 90 million through a rights issue.
Read: Anaam amends capital hike recommendation to SAR 90 mln through rights issue
Commenting on Q1 2020 financial results, Yamani said that Anaam trimmed net losses mainly due to improved storage performance.
The group had zero debts to banks, but owes less than SAR 9 million to some suppliers. Anaam aims to repay these debts by the end of Q3 2020.
Anaam cut net losses to SAR 500,000 in Q1 2020, from SAR 4.2 million in year-earlier period.
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