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Riyadh – The accumulated losses of Al Jouf Cement Company plunged to SAR 113,599 as at the end of 2021, accounting for 0.01% of the capital.
The lower accumulated losses followed a 23.98% capital cut to SAR 1.08 billion from SAR 1.43 billion by cancelling 34.30 million ordinary shares, according to a bourse filing.
Meanwhile, the number of shares currently stands at 108.70 million shares, compared to 143 million shares prior to the decrease.
Last August, Al Jouf Cement’s shareholders approved the capital reduction to offset accumulated losses worth SAR 343 million, which represented 23.98% of the capital as of 31 December 2021.
In the January-June 2022 period, the Saudi listed firm registered net profits after Zakat and tax of SAR 1.81 million, an annual drop of 92.92% from SAR 25.68 million.
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