Riyadh – Mubasher: Accumulated losses of Arabian Pipes Company declined to SAR 20.9 million, representing 5.25% of the company’s total capital.

The general assembly of the company has approved the board’s proposal to use SAR 39.4 million of statutory reserve and SAR 31.4 million of the general reserve to offset accumulated losses for the year ended 31 December 2018, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

It is worth mentioning that Arabian Pipes succumbed to losses during the full-year 2018, recording SAR 122.6 million.