Addendum Announcement from Al-Baha Investment and Development Co. in regards to Annual Financial Results for the Period Ending on 31 December 2020
| Element List | Explanation |
|---|---|
| Introduction | Al-Baha Investment and Development Company would like to clarify to its esteemed shareholders that the accumulated losses as on 31 December 2020 AD amounted to an amount of 69,300,223 Saudi riyals, which is equivalent to 39.15% of the company's capital of 177,000,000 Saudi riyals, and the date of reaching these losses was 31 December 2020 according to The consolidated financial results for the year ended 31 December 2020 where the main reasons for these accumulated losses are as follows
Increase the provision made for compensation for losses resulting from the exchange of assets with Al-Sata'a Modern Company by an amount of 17,300,559 Saudi riyals, after confirming the judgment from the Court of Appeal.
Record a decrease in the value of investment properties and a loss in the value of goodwill for subsidiary companies, amounting to 9,408,230 Saudi riyals, due to the repercussions of the new Corona virus (Covid 19) pandemic and its direct impact on the real estate and leasing sector.
Recording of an expected credit loss of SAR 3,201,760
The procedures and instructions for companies whose shares are listed in the Saudi Stock Exchange will be implemented, whose accumulated losses amounted to 35 % or more of their capital. |
| Date of Posting the Previous Announcement of Development on Tadawul's Website | 2021-04-22 Corresponding to 1442-09-10 |
| URL of the Previous Announcement | Click Here |
| Change on the Development | There is no |
| Financial Impact on the change | There is no |
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