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Tabuk Agricultural Development Co. (TADCO) said its accumulated losses fell to SAR 22.02 million from SAR 90.04 million as of May 3, 2021, representing 5.6% of capital.
The decline in losses was attributed to restructuring of the shareholders' equity in the company by amortizing SAR 68.02 million from the accumulated losses through the full usage of statutory reserve, the company said in a bourse statement.
Thereby the losses to capital ratio decreased from 35.8% to 5.6%.
The reduction of the statutory reserve will not have an impact on the cash liquidity , net shareholders' equity and liabilities of the company.
In April, shareholders of TADCO approved utilizing SAR 68.02 million from the statutory reserve to partially offset the company’s accumulated losses, according to data compiled by Argaam.
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