SVCP Announces Reduction of Accumulated Losses to 10.35% of Capital

Saudi Vitrified Clay Pipes Company (SVCP) announced on Sunday, December 22, a reduction in its accumulated losses to SAR 15,531,431 as of September 30, 2024, representing 10.35% of its current capital as of November 30, 2024.

The company attributed this reduction to the transfer of SAR 75 million from the statutory reserve to offset accumulated losses. This transfer was approved by the General Assembly on November 5, 2024, as part of the company’s measures to improve its financial position.