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Bildco logs AED 275m accumulated losses

Bildco logs AED 275m accumulated losses
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BILDCO
BILDCO
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Abu Dhabi – Mubasher: Abu Dhabi National Company for Building Materials (Bildco) has incurred accumulated losses of AED 275.155 million as of 30 September 2021, representing 91.72% of the company's capital.

The accumulated losses are driven by the slowdown in the construction and real estate sectors and lower demands for building materials which have forced the company to cut products' selling prices.

In addition, the coronavirus (COVID-19) economic repercussions have led to the suspension of commercial movements and a sharp decline in the UAE's financial markets, affecting the company's performance and leading to a delay in its plan to achieve profits.

The company has set a plan to address the accumulated losses, including the capital increase by issuing bonds that can be converted into shares with priority rights and reduction of production costs.