Red Sea International Co. has announced that its accumulated losses have dropped to zero, following a SAR 298 million capital reduction.
According to a market filing, the Saudi construction company reduced its capital from SAR 600 million to SAR 302 million by canceling approximately 30 million shares. The transaction’s main goal was to wipe out accumulated losses, which, as of the end of June, totaled over 58% of the capital, or SAR 346 million.
The Saudi construction company reduced its capital from SAR 600 million to SAR 302 million
Most recently, Red Sea International reported that its net loss widened by 7% to SAR 67 million in its financial results for the first half of 2022.