Riyadh – Mubasher: The ordinary general meeting (OGM) of the Saudi Industrial Development Company (SIDC) approved transferring SAE 8.09 million from the statutory reserve surplus to the accumulated losses account.

The decision was made during the assembly’s meeting on 14 June, according to a stock exchange statement on Monday.

The assembly further approved the board’s report, the auditor's report, and the financial statements for fiscal year (FY) 2019.

In the first quarter (Q1) of 2020, SIDC reported SAR 10 million in net losses after zakat and tax, versus a net profit of SAR 3 million in Q1-19.