Saudi Catering to transfer surplus statutory reserve to accumulated losses account

Saudi Catering equipment

Saudi Airlines Catering Co.’s board of directors approved, on May 4, 2021, the transfer of company’s surplus statutory reserve, which exceeded 30% of the reserve amounting to SAR 107.84 million, to the accumulated losses account.

Saudi Catering will announce the decrease in its accumulated losses, as per the laws and regulations, after the external auditor’s report, the firm said in a statement to Tadawul.

According to the data available with Argaam, the company's accumulated losses at the end of Q1 2021 stood at SAR 343.8 million, representing 41.9% of the capital.

The company recorded losses of SAR 30 million in Q1 2021, compared to a profit of SAR 15.6 million in Q1 2020.