Logo ofSaudi Vitrified Clay Pipes Co. (SVCP)
Saudi Vitrified Clay Pipes Co. (SVCP) cut its accumulated losses from 62% of its capital as of Sept. 30 to 10.35% of its current capital as of Nov. 30. 
In a statement to Tadawul, SVCP explained that it reduced its accumulated losses by transferring SAR 75 million from the statutory reserve.
According to data available on Argaam, SVCP shareholders approved the transfer of the statutory reserve balance of SAR 75 million, as per the annual financial statements for the year ended Dec. 31, 2023, during an extraordinary general meeting (EGM) in November.
The transfer aimed to offset the company’s accumulated losses of SAR 35.25 million, which represent 23% of its capital, based on the interim financial statements for the period ended June 30, 2024.
The company’s accumulated losses had amounted to SAR 92.54 million by the end of the first nine months of 2024, representing 61.67% of its capital.
Logo ofSaudi Vitrified Clay Pipes Co. (SVCP)
Saudi Vitrified Clay Pipes Co. (SVCP) cut its accumulated losses from 62% of its capital as of Sept. 30 to 10.35% of its current capital as of Nov. 30.
In a statement to Tadawul, SVCP explained that it reduced its accumulated losses by transferring SAR 75 million from the statutory reserve.
According to data available on Argaam, SVCP shareholders approved the transfer of the statutory reserve balance of SAR 75 million, as per the annual financial statements for the year ended Dec. 31, 2023, during an extraordinary general meeting (EGM) in November.
The transfer aimed to offset the company’s accumulated losses of SAR 35.25 million, which represent 23% of its capital, based on the interim financial statements for the period ended June 30, 2024.
The company’s accumulated losses had amounted to SAR 92.54 million by the end of the first nine months of 2024, representing 61.67% of its capital.
