Dubai - Mubasher: Unikai Foods has incurred AED 21.31 million accumulated losses by the end of the first half (H1) of 2020, representing 65.8% of the company's capital.
The accumulated losses are driven by a general slowdown and competitive market conditions witnessed by the company in 2018, according to the company's disclosure to the Dubai Financial Market (DFM) on Monday.
To address the accumulated losses, the company's management has controlled its expenses amid lower revenues due to the coronavirus (COVID-19) pandemic.
The management has also been focusing to reduce its operating expenses in terms of fleet and outsource manpower.
It is noteworthy to mention that in 2019, the company turned to profitability to record AED 515 million net profits, against AED 20.39 million net losses in 2018.
