Shareholders of Arabian Pipes Company have approved the board’s recommendation to use an amount of SAR 70.8 million of reserves to offset its accumulated losses for the full-year 2018 during the meeting held on 20 June.
The company will use a total of 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 filing to the Saudi Stock Exchange (Tadawul) on Sunday.
Shareholders also approved the financial statements for 2018, in addition to discharging the current board member from liability for the fiscal year 2018.
Moreover, the company’s shareholders have agreed upon the board’s proposal for equipment pledge to secure a loan from the Saudi Industrial Development Fund (SIDF).
It is worth noting that Arabian Pipes has turned profitable during the first quarter of 2019, achieving SAR 8.1 million.