Riyadh – Mubasher: Wafrah for Industry and Development Company reported a 7.32% decline in annual net losses for last year.

Net losses after zakat and tax amounted to SAR 24.56 million for 2019, down from SAR 26.5 million in 2018, as shown by the company’s financial results.

The decline in losses was attributed to a 3.35% increase in sales, as well as higher revenues and lower provisions, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

Meanwhile, Wafrah’s board of directors has recommended decreasing the company’s capital by 61.4%, after accumulated losses reached 61% of capital at around SAR 122.83 million by the end of last year.

Accordingly, the company’s capital will be reduced from SAR 200 million to SAR 77.17 million through the cancellation of 12.283 million shares.