Naseej International reports accumulated losses reaching 38.32% of capital

Naseej International Trading Company announced on Tuesday that its accumulated losses have reached SAR 41.76 million, equivalent to 38.32% of its capital, according to in-house financial results for August 2024, closed on September 9, 2024.

The company attributed the losses to a decrease in production volumes, which increased manufacturing costs and led to lower gross profits, as well as reduced sales. Additionally, non-recurring expenses from a previous capital raise and finance costs from extending loan maturities contributed to the losses, though partially offset by a reduction in operating expenses.

Naseej is implementing measures to address the losses, including efforts to boost sales, cut expenses, and acquire ETMAM Company.

The company noted that it will adhere to the regulations applicable to listed companies on the Saudi Capital Market whose accumulated losses exceed 20% of capital.