Riyadh – Mubasher: The accumulated losses of Tabuk Agricultural Development Company (TADCO) have decreased to SAR 22.01 million from SAR 90.03 million.
Upon the consolidated unaudited financial position on 3 May 2021, the accumulated losses represented 9% of the capital, according to a bourse disclosure on Thursday.
TADCO has restructured the shareholders' equity by amortising SAR 68.19 million from the accumulated losses through the full usage of statutory reserve.
Earlier this month, the company’s board nodded to offsetting the accumulated losses that represented 35.8% of the capital back then.
TADCO noted that the “reduction of the statutory reserve will not have an impact on the cash liquidity of the company, in addition to that there will be no impact on the net shareholders' equity and liabilities of the company,” according to the disclosure.
