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46 Saudi listed firms suffer SR15bn losses in 2014
(MENAFN- Arab News) Forty-six companies or 27 percent listed in Saudi stock exchange (Tadawul) posted accumulated losses of SR14.9 billion by the end of 2014 compared to their capitals of SR52.6 billion according to a financial report.
Twenty-two companies of these firms have losses exceeding their capitals by more than 45 percent according to an Al-Eqtisadiah daily report.
Al-Muajjal Group was among the 22 in the list whose losses twice doubled its capital despite the fact its share at the time of listing was sold at SR70 the report said.
There are six companies whose losses nearly touched 50 percent of their capitals. Most of the above companies fall within the insurance sector. Accumulated losses of Solidarity Takaful for instance reached SR275.5 million by the end of 2014 compared to its capital of SR555 million or in other words losses represented 49.6 percent of its capital the report said.
Similarly the accumulated losses of Al-Rajhi Takaful to its capital touched 48.1 percent but if it sustains losses worth SR3.7 million during the current quarter it will raise loss/capital ratio to 50 percent.
Likewise the United Cooperative Gulf Union Buruj Insurance and Allied Insurance (ACIG) would have their loss/capital ratio reach the 50 percent mark if they sustain losses of SR3.8 million SR5.7 million SR6.3 million and SR9.1 million respectively during the current quarter the report said.
Three listed companies have their accumulated losses exceeded their capitals. Al-Muajjal Group had the highest loss/capital ratio of 241.7 percent where its losses reached SR3 billion compared to capital of SR1.25 billion. Bisha Agro Company had the second highest loss/capital ratio of 128.2 percent (SR64 million compared to SR50 million) followed by Baha Company at 123.6 percent (SR185 million compared to SR150 million) the report said.
Meanwhile two companies have their losses registered more than 75 percent of their capitals. Wiqaya Insurance had its losses reaching 98.8 percent of its capital where it registered losses of SR194 million compared to capital of SR200 million by the end of Q1 2014. Likewise the accumulated losses/capital ratio of Sanad Insurance reached 82.5 percent (SR196 million compared to SR200 million) the report said.
Eight companies' losses ranged between 50-75 percent of their capitals including Salama Insurance whose accumulated losses reached 73.6 percent of its capital followed by Wafa Insurance (68.2 percent) Amana Insurance (60.8 percent) Alalamaya Insurance (58.4 percent) Etihad Atheeb Telecom (57.8 percent) Tokio Marine (56.8 percent) Saudi Fisheries (52.3 percent) the report said.
Twenty-two companies of these firms have losses exceeding their capitals by more than 45 percent according to an Al-Eqtisadiah daily report.
Al-Muajjal Group was among the 22 in the list whose losses twice doubled its capital despite the fact its share at the time of listing was sold at SR70 the report said.
There are six companies whose losses nearly touched 50 percent of their capitals. Most of the above companies fall within the insurance sector. Accumulated losses of Solidarity Takaful for instance reached SR275.5 million by the end of 2014 compared to its capital of SR555 million or in other words losses represented 49.6 percent of its capital the report said.
Similarly the accumulated losses of Al-Rajhi Takaful to its capital touched 48.1 percent but if it sustains losses worth SR3.7 million during the current quarter it will raise loss/capital ratio to 50 percent.
Likewise the United Cooperative Gulf Union Buruj Insurance and Allied Insurance (ACIG) would have their loss/capital ratio reach the 50 percent mark if they sustain losses of SR3.8 million SR5.7 million SR6.3 million and SR9.1 million respectively during the current quarter the report said.
Three listed companies have their accumulated losses exceeded their capitals. Al-Muajjal Group had the highest loss/capital ratio of 241.7 percent where its losses reached SR3 billion compared to capital of SR1.25 billion. Bisha Agro Company had the second highest loss/capital ratio of 128.2 percent (SR64 million compared to SR50 million) followed by Baha Company at 123.6 percent (SR185 million compared to SR150 million) the report said.
Meanwhile two companies have their losses registered more than 75 percent of their capitals. Wiqaya Insurance had its losses reaching 98.8 percent of its capital where it registered losses of SR194 million compared to capital of SR200 million by the end of Q1 2014. Likewise the accumulated losses/capital ratio of Sanad Insurance reached 82.5 percent (SR196 million compared to SR200 million) the report said.
Eight companies' losses ranged between 50-75 percent of their capitals including Salama Insurance whose accumulated losses reached 73.6 percent of its capital followed by Wafa Insurance (68.2 percent) Amana Insurance (60.8 percent) Alalamaya Insurance (58.4 percent) Etihad Atheeb Telecom (57.8 percent) Tokio Marine (56.8 percent) Saudi Fisheries (52.3 percent) the report said.
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