Tabuk Agricultural announces decrease of its accumulated losses to 10.2% of capital

Tabuk Agricultural announced on Thursday the decrease in its accumulated losses. The Accumulated losses decreased from 39.1% as of 30 June 2023 AD to 10.2% as of 30 September 2023 AD of the current capital, amounting to 391,767,000 Saudi Riyals.

The company said today on Tadawul that it evaluated its investment in Horizon Food Company – (a subsidiary company until 02 September 2023 and currently an associate company) – at fair value on the date of losing control – (03 September 2023) – in accordance with International Financial Reporting Standard No. (10) “Consolidated Financial Statements” and the accounting treatment for losing control over a subsidiary.

This comes with reference to the announcement of Tabuk Agricultural Development Company “the Company” issued on the Tadawul website on 09 November 2023 regarding the interim condensed financial results for the period ending on 30 September 2023 (nine months).