Molan proposes transferring statutory reserve to mitigate accumulated loss

26/03/2024 Argaam

Molan board recommends statutory reserve transfer to retained profit/loss balance

Logo of Molan Steel Co.

Molan Steel Co.’s board of directors recommended on March 26 to transfer of the company’s entire statutory reserve of SAR 567,080 as on financial statements for Dec. 31, 2023, to the retained earnings/accumulated losses.

 

The company's accumulated losses reached SAR 1.79 million by Dec. 31, 2023, accounting for 6.72% of capital, data compiled by Argaam showed. 

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